Many people think that final expense insurance only pays funeral costs, but it can cover an array of expenses. It ensures that immediate and long-term expenses will be taken care of when you pass away. A final expense insurance policy can help your loved ones pay for funeral costs, estate taxes, mortgage payments, outstanding debts, and even college funds.
Why You Need Final Expense Insurance
Coping with the loss of a loved one is hard enough. You don't want to place financial stress on the family you'll be leaving behind. Having a final expense insurance policy can give you the peace of mind of knowing your loved ones will be able to cover multiple expenses, not just a funeral. Think about who depends on you - your spouse, children, siblings, and grandchildren - and what those dependents would need to replace your income if you were to pass away.
The average funeral costs between $11,000.00 and $13,000.00.
Your policy will be able to cover the funeral home, viewing and burial, embalming, flowers, wreaths, funeral plot, headstone/grave marker, casket, and transportation. Funeral costs have risen steadily since the 1980s.
The process to purchase a final life insurance policy is easy because no medical exam is required. Eligibility is determined by answering three simple health questions. If you have health issues, you still may be eligible to qualify for a graded death benefit by answering two additional health-related questions. Depending on your age and state, you can purchase benefit amounts from by $1,000.00 increments up to $50,000.00 or more if necessary. If you are interested in adding any of these additional coverages call me, and I will enroll you in whichever of these policies you feel will be best for you.