Burial Insurance
WHAT IS A FINAL EXPENSES LIFE INSURANCE PLAN?
Did you know that in the United States, funerals may cost more than $8,000? Many families are concerned about the hefty costs associated with funerals, burials, and other related services. Yes, it is a financial strain for many people. As a result, Funeral Insurance is critical for many families, particularly older individuals (mostly between 50 and 89 years old).
Funeral preparation is difficult, and when combined with sorrow and financial commitments, it creates an awful situation. Funeral Insurance, on the other hand, provides end-of-life coverage so that you are not a burden to your family or loved ones.
UNDERSTANDING FINAL EXPENSES INSURANCE
A final expense policy is a smaller permanent life insurance policy designed to assist older adults in covering funeral fees and other end-of-life expenses.
Final expense life insurance, sometimes known as "funeral insurance" or "burial insurance," generally gives a guaranteed payout to assist loved ones pay for a funeral service, burial or cremation, medical or hospital bills, or other urgent expenses following a death. Final expense insurance, like other forms of permanent insurance, will never expire as long as you pay your payments on time.
Final expense insurance is easy to qualify for, with no medical exam required. As long as you fall between the age limits of 50 to 85 years old, you can often get approved for a policy within days.
WHAT FINAL EXPENSE LIFE INSURANCE IS USED FOR
- A funeral service
- Burial or cremation
- A post-funeral gathering
- Flowers, music, obituary, or other funeral arrangements
- Medical Bills
- Nursing home or other residential care
- A nest egg for a child or grandchild’s future
- A special trip
- A donation to a charity that’s meaningful to you or the deceased
How Does Final Expense Life Insurance Work?
Final expense life insurance is distinct from other types of life insurance, which are often purchased to replace one's income and cover one's family's long-term financial obligations in the event of death.
There are two types of Final Expense Insurance:
- Simplified issue final expense insurance. Simplified issue is best for people in relatively good health who are looking for a way to cover end-of-life costs. The application includes a few health questions, but there’s no medical exam required. Coverage amounts for simplified issue typically go up to $35,000.
- Guaranteed issue final expense insurance. Guaranteed issue is for best for people whose age or health prevents them from buying other types of life insurance coverage. There are no health requirements at all with guaranteed issue, so anyone who meets the age requirements can typically qualify. Coverage amounts generally go up to $25,000.
CALL US TODAY TO LET US WALK YOU THROUGH YOUR OPTIONS TO MEET YOUR SPECIFIC NEEDS
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