Final Expense Insurance Provides Coverage for Your Final Wishes and Protects Your Family from Overwhelming Expense
Grief, mourning, and an overwhelming sense of loss are just some of the emotions your loved ones may experience after your passing. They may also face the oppressive burden of funeral expenses, medical bills, and remaining debts. Fortunately, final expense life insurance helps to protect your family from costly and unexpected financial responsibilities, so they can focus on healing and honoring your final wishes. Read on to learn how you can continue to provide for your family’s financial well-being with final expense insurance.
What Is Final Expense Insurance?
Final expense insurance is a type of whole life insurance intended to provide coverage for end-of-life expenses. Because final expense insurance is often used to cover the cost of funerals, burials, and cremations, it is also commonly referred to as burial insurance or funeral insurance.
Whatever its name, though, one thing is certain: Final expense serves as a reminder of your love and desire to care for and protect your family.
Policies can be custom-tailored to fit your budget, with affordable options available for people of all ages and health conditions. Burial insurance serves as a viable life insurance option for those desiring a little more coverage or those who have not been able to purchase a life insurance policy due to affordability, age, or pre-existing conditions.
Final Expense Insurance Is Whole Life Insurance
Final expense insurance is a form of whole, or permanent, life insurance. As with whole life, coverage provided by a final expense insurance policy will never expire regardless of how long you live, with premiums and benefits remaining level for the duration of the policy. As you pay your premiums, your policy builds a “cash value,” which can be used as a loan, to pay your premiums, or to purchase a paid-up policy.
Who Needs Burial Insurance?
The cost of traditional life insurance policies tends to scale with your age and health. If you wait too long to buy a whole or term life policy, you may find it unaffordable—if you can even medically-qualify at all—leaving you without life insurance coverage. Final expense insurance fills this gap and is intended for pre-retirees over age 50 who either don’t have life insurance coverage or see the need for additional coverage. As a result, funeral insurance and burial policies are made to be affordable, and guaranteed options are available for people of all health conditions, including those with pre-existing conditions.
Plans Provide Between $2,000 and $40,000 of Coverage1
Final expenses include more than just the cost of honoring your final wishes. The proceeds of a burial insurance policy can be used for anything, including the cost of your last wishes, remaining debts, and medical bills, or as a final gift for your loved ones. By putting a plan into place with a sufficient amount of coverage, you can help protect your family from worrying about finances so they can focus on mourning, healing, and celebrating your life.