Final Expense Insurance?
Final expense insurance can protect your family from the burden of final expenses, like a funeral, burial, and even medical expenses.
Final expenses can be difficult to talk about. Yet final expenses can be a major burden to your family and loved ones and compound an already difficult time. Being prepared with final expense insurance is one way to be certain your family won’t have to dip into their savings to cover the funeral or burial costs and medical bills you may leave behind.
Is final expense insurance beneficial to you?
Here are some conditions that may indicate that final expense insurance should be considered.
Your family is grown
Later in life, your family isn’t as likely to be as dependent on your income, and you may not be carrying as much life insurance as you did when you were raising a family or paying down a mortgage. Upon your death, all your family may need is the readily available cash to pay for funeral and burial — immediate expenses that could be covered by final expense life insurance. But don’t guess; use a life insurance calculator to confirm your estimate.
You have pre-existing health conditions
Many insurance companies can issue final expense life insurance without requiring you to complete a medical exam. Final expense life insurance can be easy to qualify for and simple to understand, and won’t be terminated as long as the premiums are paid on time.
You’re looking for affordable coverage
Final expense insurance can be affordable and premiums generally will not increase over time. Although the face value (death benefit) is typically smaller than that of a traditional life insurance policy, so are the resulting premiums.