Insurance companies in recent years have developed products to offer to niche markets, mainly targeted at high-end market to meet the needs of an aging population. Many companies offer policies tailored to the needs of older applicants. These are often low to every value of life insurance face moderate to allow a high citizen purchase insurance at an older age problem an opportunity to buy affordable insurance. This may also be marketed as final expense insurance, and an agent or company may suggest that the policy proceeds could be used for end of life expenses.
Political life insurance prepayments are extra limited premium life policies that, although available at almost any age, are usually purchased by older applicants. This type of insurance is designed to cover specific funeral expenses when the insured dies, the applicant designated in the contract prepaid funeral goods and services with a funeral. Death benefit of the policy is initially based on the total cost of funeral at the time of the previous agreement, and then usually grows as interest is credited. In exchange for the appointment of the policyholder of the funeral home as the primary beneficiary, the funeral home will usually ensure that the death benefit funds will cover the future cost of goods and services selected regardless of when death occurs. Excess income can go to any of the property of the insured, the designated beneficiary or to the funeral, as set out in the pre-arranged funeral contract. The buyers of these policies usually make a single premium payment equivalent to the amount funeral at the time of prior agreement, but the companies that offer these products also allow premiums to be paid over ten years.