What is Final Expense Insurance?
Final Expense insurance is a basic issue life insurance policy that covers people until they reach 100 years old. It is a simplified form of whole life insurance with a large acceptance rate and no health/medical exams. It is also referred to as easy issue permanent coverage. Regardless of your health, you can get coverage!
As an inexpensive insurance choice, final expense coverage can be used to cover the funeral and burial costs of the policy holder, as well as any other additional costs such as medical bills, debts, etc... Most people who do not want to place a hardship or burden their families with these expenses will sign up for final expense life insurance polices.
An important advantage of final expense premiums is that they are fixed, which means they remain the same even if your health deteriorates. You lock in your premium and it never goes up.
Contact us to learn more about the right final expense coverage for you.
"I've already paid for my funeral with the funeral home"
It's smart to plan ahead. We all know that it's an inevitable part of life so it helps ease the burden on our family if we take steps to pay for it ahead of time. Keep in mind, however, that funeral director is a salesman and it's his job to sell your family more products and services. Additionally, a final expense life insurance policy isn't just for funeral and burial. We often leave debt and bills behind that could otherwise be a burden on our family. Final expense life insurance helps pay those medical bills and debts that are left in the wake of your passing.
"I have a policy through the funeral home."
If you purchased a life insurance policy at the funeral home, it's commendable that you were thinking ahead and want to take the financial burden off your family. Our only caution to you is this...most pre-need life insurance policies sold by funeral homes name the funeral home as the beneficiary to your policy. They tell you that if there's any money left over, that will go to the family. Sounds great, right? The problem, however, is that there is rarely any money left over. The funeral home usually spends every dime and they spend it on what THEY want to spend it on. Shouldn't the entire amount go to your family so they can determine where it needs to be used?
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