Having a Final Expense Insurance policy means you are covered for your entire lifetime. It also provides those left behind the means and the ability to pay any remaining expenses or outstanding debts – you can even make bequests!
Flexibility makes Final Expense Life Insurance different from burial protection policies which can only cover the costs of burial.
Final Expense Life policies let you fit the policy coverage to your needs – you choose the amount of coverage you want.
NO MEDICAL EXAMS are needed with Final Expense Life Insurance. The policies are created as simplified issue which means you only fill out a short application and no trip to a physician is required.
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Funeral expenses vary by region and differ in rural or urban areas. Expenses can be as low as $5,000 or more than $25,000.
Some costs associated with burial include:
- Cemetary Plot
- Casket
- Headstone and Engraving
- Funeral Service
- Wake/Visitation
- Minister
- Transportation
- Legal Fees, probate costs
- Physician and Hospital bills
- Debts outstanding
- Mortgage pay-off, car loans, credit card balances
Burial expense insurance is an ideal investment for the aging population. If you are getting into the later years of your life and you are worried about providing enough financial protection for your family at the time of your death, this type of life insurance policy may be a tool to use. Although there are many forms of life insurance today, this particular type offers several key benefits you cannot find otherwise. Plus, it can be one of the most affordable insurance policies available to you.
Burial Expense Insurance Is Affordable
The goal in purchasing this form of life insurance is that the people you list as beneficiaries of the policy will use the proceeds from a death benefit to pay for your burial, final medical costs and funeral costs. It is not a policy that has a design to provide your family with thousands and thousands of dollars to live off. This is why it is so important for those that are older. Seniors will benefit from these policies because of the lower face value of them. They are just enough to pay immediate costs.
With this reduced face value comes an additional benefit that most seniors will appreciate. That is a lower cost. Most policies require much smaller premiums, which means that you can make affordable monthly payments to obtain and keep this insurance. This is considerably different form larger, traditional life insurance policies where the premiums are expensive.
Seniors Protect Loved Ones
As you both age, it can be a common thought to wonder what will happen to your spouse if you should die before they do. Will they have the money to bury you and provide for a proper funeral? Will you have the ability to provide this to them? Burial expense insurance can help you to cover those costs. This is an ideal reason to purchase these affordable policies.
Here are some important facts about this type of life insurance:
1. This type of insurance is affordable so even those on strict limited budgets may be able to afford it. 2. The policy pays out the death benefit within 24 hours (in most cases) of your death. There is no longer waiting period. 3. There is no requirement of a medical exam to obtain burial expense insurance. You may not be in perfect health and you will still qualify for this type of insurance protection. 4. The policy is available in a variety of face values so you can select the amount of coverage you need. 5. You can (and should) protect your family from financial difficulty by obtaining this type of policy.
For the average American senior citizen, having any form of life insurance is important. Burial expense insurance is a unique policy in how it is structured. It may just be an ideal choice for you and your loved ones. Get a few quotes on this policy to ensure that you can obtain it. Get it sooner rather than later to ensure you qualify and to get the lowest possible price associated with it.
Click here to learn what a suitable policy might cost you. There is no obligation.
You may not have thought about the importance of purchasing final expense life insurance, if you already have traditional life insurance. Nevertheless, you may still need both of them. Although most people find that this type of insurance is not necessary, for some it can be. This additional level of insurance will provide you with protection over the costs associated with funeral expenses, something that may not have coverage by a traditional life insurance policy. There are other things to consider, too.
Final Expenses Discussed
One of the largest differences between final expense life insurance, which is also often burial insurance, and traditional life insurance is that there is a huge difference in the costs. Specifically, the face value of most final expense policies is much lower than that of life insurance. You may purchase a traditional life insurance plan that amounts to the amount of debt you have, including mortgages, and provides for the living expenses for your family over a long period. However, many of the policies for final expenses insurance only have a face value of $10,000 to $25,000, sometimes even less. The goal of these funds is to pay for your actual funeral expenses.
Also note that this also means that the cost of final expense life insurance is much lower than the cost of a traditional policy to you. It does not pay as much and therefore does not cost as much to you.
Timing Matters
Another important aspect of this type of policy is how quickly the policy pays out. Unlike a traditional life insurance policy, which can take a few months to pay its death benefit, most of the final expense policies pay the beneficiary within 24 hours of your death. This may or may not matter to your loved ones. If your loved ones will need to have the funds from such a policy to pay for your funeral expenses, waiting months for the policy’s waiting period to expire may not be an option. If they have to wait, they may have to pay excessive fees. There is no waiting period with final expense policies.
Do You Need Both?
The goal of final expenses life insurance is to protect your family from having to pay for the costs associated with burial and those final expenses that they need to have the funds for right away. That is not to say that these funds cannot be in use for other things. For example, it may take three to six months for a traditional life insurance policy to pay out. During that time, there may be three to six months worth of mortgage payments your family needs to make.
Even if you already have life insurance, it may be important to your family’s financial future to have final expense life insurance. Consider how this type of policy could provide the protection your family needs from financial devastation. It’s fast payment may be just what they need in a difficult time like this. Click here to request a quote.