Avoiding Financial Burden | Benefits of Final Expense Insurance
Overview
If you are an adult, you must have seen funerals in families. You must be familiar with the burial and funeral costs and how stressful that experience can get. In such situations, having a final expense insurance is crucial.
If you have a final expense insurance, end-of-life expense planning becomes easy. Your family will not experience any frustrating financial burden. To learn about the benefits of final expense insurance, read this guide.
What Is Final Expense Insurance?
Final expense insurance is a form of life insurance. Final expense insurance is one of the best life insurance plans as it provides coverage for a lifetime. It does not have any end date.
Final expense insurance primarily covers your burial and funeral costs. This whole life insurance aims to provide coverage for your final day. After your death, it covers your end-of-life expenses. It leaves no financial burden on your loved ones.
If you want to secure your family’s future and provide financial assistance, final expense is the best option for you. Additionally, it does not include a medical exam. This means you get approval even with serious health problems.
Burial Insurance Coverage
Burial insurance or funeral insurance gives maximum coverage. It covers funeral and burial services including:
- Cremation
- Hearse
- Casket
- Body preparation
- Transportation of the body
- Sitting arrangements
- Music
- Flowers
- Additional funeral arrangements
After your death, you may have debts or medical bills to cover. Covering your debts or other bills puts financial pressure on your loved ones. However, if you have burial insurance it will cover your extra expenses including:
- Medical bills
- Hospice care
- Residential care
- Outstanding debts
- Mortgage
- Vacations
- Travelling
Financial Protection for Funeral Costs
As you grow old, you start to think about the family’s financial security. You become responsible for providing the needs of your loved ones.
It is best if you have a few resources. Without resources, your family cannot cover your final costs. But, if you do not have resources or retirement funds, covering those funeral and burial services will be challenging.
If you do not have retirement funds, get funeral cost insurance. It is affordable and offers instant acceptance to applicants. Despite serious health problems, applicants can get this life insurance.
Thus, take responsibility and cover your final services with funeral insurance. Provide financial protection to your family and funeral costs.
Final Expense Insurance Benefits
The most difficult time for an individual in his lifetime is the death of his dear ones. During this time, a person becomes vulnerable. And, the final costs become an additional burden on families.
You can ease the financial burden with final expense insurance. Let’s discuss some key benefits of final expense insurance.
Peace of mind
Purchasing the services of final expense insurance gives you and your family peace of mind. Knowing that you have secured life insurance that will cover your final expenses gives you relief.
When you obtain burial insurance, your loved ones can grieve in peace. Besides, they can handle and manage the funeral and burial expenses with ease.
Replace income
After reaching retirement age, managing daily expenses gets difficult. Hospital, medical and other healthcare costs are rising. Covering these rising costs can be challenging, especially for seniors because of the limited retirement funds.
You can use final expense insurance to replace your income. Since burial insurance is permanent insurance, it offers coverage for a lifetime. Also, it is the best way to replace your income. You can pay medical bills, debts and other daily expenses with burial insurance.
Affordable burial insurance coverage
Burial insurance is one of the affordable life insurance plans. The premium amount is low, making the insurance accessible for everyone.
Premium is the amount that you have to pay to keep your insurance activated. This amount should be paid every month or else your insurance will be deactivated.
However, you must learn that the amount depends on your age, gender and health status. Also, the type of the plan you are selecting affects the premium amount. If your budget is low, choose a plan with a low premium amount. But if you can afford a high-coverage plan, then it is best to select such a plan.
Death benefits
The benefit size of the burial insurance is small. Although the death benefit is small, the coverage length is long.
Moreover, the death benefit is enough to cover your final-day expenses. Your loved ones can cover your funeral and burial expenses with ease. They do not have to request for a loan. The death benefit of burial insurance offers an adequate amount of money to your loved ones.
Financial security
Another benefit of burial insurance is financial protection. This insurance is best known for securing your family financially. Burial insurance helps your loved ones financially and reduces the financial burden on them.
The beneficiary receives a lump sum of money in the form of a death benefit. With this money, they cover your final services. The expensive services of burial and funeral services are covered by final expense insurance.
Immediate Assistance
Getting immediate help during a difficult time is the only thing that a person wishes for. The loss of someone close involves a lot of emotions. In such a situation, arranging a funeral is not possible. Also, the expenses of the funeral and burial services increase the pain. It disturbs your loved ones.
Arranging money for funeral services can be difficult for your family. However, if you get burial insurance, your family does not have to face such difficulty. They will receive an instant help. Your loved ones will grieve in peace without worrying about the final costs. Burial insurance will cover all final-day expenses.
Cash value
Burial insurance includes cash value. It helps you to earn interest. From this interest, you can cover any expenses you want. Furthermore, you can use the interest of cash value during your lifetime. There is an option to withdraw or borrow the money.
Furthermore, you can use this cash value to pay the premiums of your insurance. In case of any emergency, you can use this money. However, accessing this money is complex. Also, it may take some time, to provide the cash value interest. So, it is best to contact your insurance agent. The agent will suggest you the best plan.
Easy to apply
One of the concerning things for seniors is the application process. Most applicants get overwhelmed by the application process. A simple application process is their need.
Burial insurance is designed for seniors and it understands their needs. It understands that it is easier for seniors to apply when the process is simple. The application process includes:
- Select a plan
- Add personal information
- Fill out health-related questions
- Discuss the plan with the beneficiary
- Choose the beneficiary
No medical exam
One of the advantages of burial insurance is it does not include a medical exam. If you have a serious health problem, do not worry as this insurance offers coverage to such applicants. Applicants can obtain burial insurance with health issues like:
- Dementia
- Cancer
- AIDS
- Chronic obstructive pulmonary disease
- Sclerosis
- Asthma
- Kidney disease
- Heart disease
Cost of the Burial Insurance
Burial insurance is not expensive. You can afford it even with a low budget. However, you must know that the cost varies with:
- Gender
- Age
- Coverage
- Health
Men have short life expectancy and that is why they have to pay more than women. And, if you have a serious health problem you will have to pay more.
The coverage amount is also associated with the cost of the premium. If you are choosing a high coverage amount, you are going to pay more premiums. The cost goes from $30 to $200 per month.
Types of Life Insurance
Life insurance has affordable final expense plans. Two main types of burial insurance are:
- Simplified issue
- Guaranteed issue
Simplified issue
If you do not want to take a physical exam, a simplified issue is the best option for you. But if you have a pre-existing condition, you cannot obtain a simplified issue.
Guaranteed issue
If you have a pre-existing condition go for a guaranteed issue. This plan offers coverage without answering health questions and taking physical exams.
Bottom Line
Burial and funeral services are expensive and it can cost your family a fortune. You can reduce the financial burden on your loved ones by buying final expense insurance. It helps you during the most difficult time by offering a lump sum amount. With this amount, your family can cover your medical bills and other bills. Obtain funeral insurance and secure your loved ones today.
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We Are Here To Help With Your queries !
Burial insurance covers your final costs, medical bills, debts and other expenses.
One of the disadvantages of final expense insurance is it gets expensive if you get it late. You have to buy it earlier to pay less. Also, it gets expensive with the coverage amount.
The most affordable final expense plan is a simplified issue. It does not include physical exams but offers minimum coverage.