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What is Final Expense Life Insurance?
While people purchase life insurance for a number of different reasons, there is one need that most everyone will have – and that is the high cost of final expenses.
Final expenses can include the cost of a person’s funeral and other related items such as their burial plot, headstone, flowers, transportation, and memorial service – and today, these items can average around $10,000.
Unfortunately, this is an amount that many families do not have readily available when a loved one passes away – and because of that, they will often have to find ways of paying off these bills by dipping into savings, selling off assets, or even putting these costs on credit.
Depending on the situation, this can put some families into deep financial trouble – and if they’ve just experienced the death of a family income earner, the situation can soon get even worse.
There is a potential solution though – and that is through the purchase of final expense life insurance. At Local Life Agents, we represent the best final expense insurance companies.
Will your loved ones have a way to pay your final expenses?
How Final Expense Insurance Works
Final expense is a type of life insurance coverage. Typically, the amount of coverage on these policies will be between $5,000 and $50,000. But, there are some insurance carriers that offer policies with higher benefits.
A final expense insurance policy is generally used for paying off the expenses that are related to a person’s funeral and other related costs. Most final expense policies will pay out the benefits quickly to the primary beneficiary. This can provide peace of mind for survivors in that they won’t have to rely on other sources.
Oftentimes, final expense life insurance is offered as a permanent form of coverage. This means that the policy provides both a death benefit, and a cash value component. It also means that once the insured has secured coverage, the policy cannot be cancelled, as long as the premiums are being paid.
How to Qualify for Final Expense Life Insurance
In many cases, qualifying for final expense insurance may be easier than obtaining regular life insurance coverage, because many final expense policies do not require that an applicant take a medical examination.
Because of this, final expense insurance could provide a way for those who are not able to qualify for other types of life insurance to obtain the coverage that they need – especially if life insurance is not available via other sources such as an employer group or association.
How Much Does Final Expense Insurance Cost?
Because final expense insurance is often sold to those who are older and / or who may have certain health conditions, the premiums on this type of coverage may be higher than those charged for comparable life insurance policies that are traditionally underwritten.
In many instances, however, just as with other types of coverage, the amount of the premium that is charged will be determined based upon the insured’s age, gender, and overall health status.
Oftentimes, working with an independent insurance agent, you will be able to obtain a much better premium price, as you can compare multiple policies and choose the plan, the benefits, and the price that works the best for you and your specific needs.
Unfortunately, the unexpected can – and does – occur. If it happens, don’t leave your loved ones with an additional financial obligation – rather, let them know that funds will be available through a final expense life insurance policy. Contact us to see which plan will be the best for you.
Don't leave your loved ones with additional debt.
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