Final expense life insurance is designed to cover the costs associated with your death. Unlike traditional life insurance policies, these plans offer moderate death benefits that are intended to be used on your cremation or burial and funeral. If you don’t know whether or not you currently need final expense insurance, here’s what you need to know.
What Is Final Expense Insurance?
Final expense insurance is a type of life insurance. These plans offer meager death benefits that are mainly intended to be used as a solution to end-of-life expenses that may otherwise be a burden to your family. Coverage amounts tend to be rather low, ranging from $5,000 to $35,000. Though, this can be significant if you plan to have a large funeral or if you incur medical bills at your time of death.
How Final Expense Works
Final expense plans work much like any other life insurance plan. The policyholder pays premiums over time in order to maintain life coverage that provides a death benefit payment to the beneficiaries when the insured person dies. The policyholder does not have to be the person named in the insurance policy, though this is often the case.
If you stop making payments on your plan, it will expire. If this happens, you will not have coverage and no death benefit will be paid if you die. Therefore, it is incredibly important to remain up-to-date with your final expense premium payments.
Who Needs Final Expense?
Final expense insurance is ideal for people who do not have assets prepared to pay for their end-of-life expenses. End-of-life expenses is a broad term used to describe any expenses associated with someone’s death. This could be a funeral, cremation, burial, medical expenses, or anything else. If you don’t think your family will be able to pay for these costs without your help, plan ahead by getting final expense insurance or another form of life insurance if possible.
Is There An Ideal Time To Buy Final Expense Insurance?
If you plan to buy final expense insurance, it’s usually best to do so immediately. While these plans don’t automatically eliminate you if you have prior health conditions, they can have higher rates.
Finding Final Expense Insurance
There are hundreds of final expense insurance plans available in most areas. To find the right one, you need to look carefully. If you don’t feel up to the task, you can have The Memorial Insurance Group take care of it for you. When you call, you will receive a free quote on coverage in your area. Then, we’ll help you get through the application process quickly and with minimal headaches.
To get started with a free quote, give us a call or fill out the contact form on this page.