Final Expense Insurance
Final Expense Insurance
Final expense insurance is designed to help your family cover the costs associated with your death. These costs can include funeral expenses like caskets and urns, burial, cremation as well as end-of-life medical expenses. If you do not want to leave your family with the financial burdens of paying for these expenses, a Final Expense Insurance policy will help address these concerns.
Is Final Expense Insurance The Same As Life Insurance?
Yes, Final Expense Insurance is a type of life insurance policy that stays in effect as long as you continue to pay your premiums. Your beneficiaries will receive the benefit or they can sign the policy over to a funeral home to cover burial expenses. Typically the medical underwriting consists of answering health questions to determine if you qualify. No need for a physical exam or blood tests.
What is the Difference Between Final Expense Insurance and Burial Insurance?
Burial Insurance is to cover the cost of the burial and/or funeral home expenses and nothing more. Final Expense Insurance covers the cost of burial and/or funeral home expenses plus other final expenses such as court costs for probating a will, current bills or debt and taxes. Be sure to talk to a licensed agent to make sure you clearly understand these differences as it can be confusing.
How Much Is Final Expense Insurance?
The cost of final expense insurance depends on the age you are when you purchase it. Naturally the younger you are when you invest in a Plan the less you’ll pay monthly.
How Much Coverage is Available?
Final Expense Insurance is typically bought in amounts up to, but rarely exceeding $30,000.
Is Final Expense Insurance Right for You?
With any insurance policy, you should weigh the benefits and costs associated with a policy. The policy is essentially shifting the risk and financial burden from you, or your family members in this case, to the insurance company. Sure, there are other options like prepaying for your funeral, setting aside money in a fund, but Final Expense Insurance is a great option that pays when necessary.
Learn More About Final Expense Insurance
Learn more about Final Expense Insurance, what it covers and what it costs by calling an agent at our office. Our licensed staff will help you understand the benefits and costs associated with the plan you select so you can make the most informed decisions about your policy. They will also help determine whether you are eligible to invest in this type of coverage