A traditional whole life insurance policy, which aims to offer financial support to the beneficiary for life, usually provides a large death benefit. Final expense insurance is a much smaller policy with a more specific intent. This type of policy is intended to be used for funeral, burial, or cremation costs. It is designed to offer peace of mind to individuals 45 and older who are approaching their final years without life insurance. It offers financial relief to those left behind, managing final wishes and putting their loved one to rest.
Who Needs Final Expense?
Final expense is appealing to individuals who have had trouble securing a life insurance policy because of chronic health conditions. While it’s true that a medical exam isn’t required in order to enroll in final expense, you may still have to answer some basic questions about your overall health. Your premiums will be determined by several factors, including age, gender, and overall health, as determined by your questionnaire.
How to Use Final Expense
Final expense insurance was designed to relieve the stress associated with funeral costs. Because of this, these policies offer a smaller death benefit than a traditional life insurance policy, typically between $2,000 and $50,000. It’s important to note that final expense may not cover every cost, but it does provide a great benefit for your loved ones, who are left responsible for covering your end-of-life expenses and other debts.
Final expense insurance is also permanent life insurance. This means if you have continuously kept up with paying your premiums, your loved ones are guaranteed to receive the death benefit after your passing. The payments will not increase, and your benefit amount will not decrease.
To find out if final expense insurance is right for you and your loved ones, contact us today. We would love to share our knowledge and help guide you through this process.
