TOP 5 THINGS TO KNOW ABOUT FINAL EXPENSE INSURANCE
- Final expense coverage provides a life insurance death benefit that can help cover the costs of your funeral or memorial service and cremation and/or burial expenses
- Policies can also be designed to cover final medical expenses, valid debts, and tax obligations
- When you buy final expense insurance, you don’t need to worry about saving money in a separate account to pay for your final expenses
- You can have peace of mind knowing your loved ones won’t need to worry about how to come up with money to pay your final expenses at a time when they are grieving
- Final expense insurance is whole life insurance coverage, designed to provide protection for your lifetime, as long as premium payments are made to keep the policy in force
WHY DO I NEED FINAL EXPENSE INSURANCE?
The one thing that’s a certainty is that each of us is eventually going to need to pay for final expense insurance. If you don’t have extra funds set aside in savings just for this purpose, your loved ones may struggle with coming up with the money needed to give you the service and burial they want after you have passed.
Leaving behind large debts can be crippling to family members. Final expense insurance enables families to properly grieve their loved ones without the burden of unplanned costs. Thankfully, final expense insurance is an affordable whole life insurance plan that offers a solution to these problems.
HOW DOES FINAL EXPENSE INSURANCE WORK?
Final expense coverage is a life insurance policy that you purchase for a specific dollar amount (“face value”). You pay premiums periodically to keep the policy in force. If you die while the policy is still active, the insurance company pays the death benefit to the funeral home or individual(s) you named as the policy beneficiary(ies).