Final Expense Insurance | Get Coverage You Can Trust

Introduction

The loss of a loved one is a tragic event in an individual’s life. Although it can be painful and sorrowful, death is an inevitable reality of life. Humans prepare for their daily lives, but they seldom think of their deaths. However, we must keep our deaths in perspective whenever we are planning for our lives. Getting prepared for this eventual reality can start with the final expense insurance plan.

The final expense insurance is essential because of its obvious benefits to a person and their family members. When a person dies, they have to be given proper burial and cremation. These funeral services and costly which is why a final expense insurance is required. This insurance will cover all funeral costs and relieve the family of any financial burden. Final expense is a solution to your concerns about finances.

Continue reading this article to know in detail about final expense insurance and why it is essential for you and your family’s financial security.

What is Final Expense Insurance?

Final expense insurance is also called end-of-life insurance, burial insurance, funeral insurance, or whole-life insurance. This insurance is meant to provide coverage for medical costs and other expenses when a person is sick or bedridden. Importantly, it covers all costs and services related to burial and funeral ceremonies. Final expense services may include embalming, cremation, and memorial services, among others.

One of the pros of final expense insurance is that it has probably the easiest approval rates. You need not wait for days and months to get approved for this insurance plan. Once you apply, your insurance provider will gather some necessary information about your health. You are not required to go through a full-fledged medical exam. In a few days, you will get the news of your approval.

Moreover, final expense insurance comes with a significant death benefit. It means the death of an insured person, even if tragic, can bring sizeable monetary compensation. In some reports, it is estimated that the death benefit ranges from $2,000 to $35,000. Although money cannot be a replacement for an individual, it can certainly ease the burden and help you grieve in peace. The family members and loved ones of the person who died are relieved of any financial burden as a result of the final expense insurance plan.

Benefits of Final Expense Insurance

Final expense insurance plans come with huge benefits. Some of these advantages are as follows.

Financial Relief and Security

One of the biggest advantages of a final expense insurance plan is that it brings significant financial relief to the family of the deceased. An individual’s death can bring tremendous sorrow and grief to the family. In these tragic times, any financial help is welcome and final expense insurance coverage is of great help.

This is because all the funeral costs and services are covered under the insurance plan. None of the family members or loved ones is required to pay any penny out of their packets. It brings significant financial relief for everyone involved and each person can grieve in peace. This is why a final expense plan can also be called family protection insurance or even financial security insurance.

Besides, these insurance plans also cover the costs of any outstanding credit card balance of the deceased. Or if the person had to pay any loan or mortgage to someone. Most of the time, a final expense insurance plan provides enough money to cover all these costs.

It shows that a final expense plan can bring tremendous financial relief to the family members and loved ones of the deceased. Everyone can grieve this loss in peace and pray for the peace of the

High Approval Rates

Another benefit of final expense insurance is that its coverage plans have high approval rates. An individual seeking this plan will not go through a medical exam or any detailed procedures. They will have to complete an application form containing several questions related to their current health.

These questions are necessary to determine the type of magnitude of insurance required. For example, a healthy and fit person will have to pay lesser monthly premiums because he can potentially live longer. On the other hand, a senior citizen above 60 years of age with some health condition might need to pay more amount. This is simply because they are more vulnerable to health issues and even death.

Nevertheless, even if you are relatively young or old, you have a high chance of getting final expense insurance. Just that an increase in age will subsequently lead to an increase in the amount of monthly premiums.

Affordable Costs

Another notable advantage of financial expense insurance is that these coverage plans are available at affordable rates. A fixed monthly premium will have to be paid to enjoy all the benefits it brings.

For most people, the fixed monthly costs may be between $50 to $70. However, these costs may rise depending on the age, gender, and health situation of the applicant. For example, males might have to pay more than their female counterparts. Senior citizens will need to pay more than younger and fitter individuals. People with health conditions might have to pay more than those with healthier conditions.

Nonetheless, the costs are not as high for final expense insurance that they feel as a burden. For every person, an insurance provider specially designs an insurance plan according to their financial condition, health situation, age, and gender.

Fixed Premiums

One another benefit of a final expense insurance plan is that it will not expire as long as you keep paying its premiums regularly. In the case of regular payments, these premiums will remain fixed. Since these premiums are to be paid every month, you are required to make timely payments. In so doing, you will not face any problems and your insurance will be maintained smoothly.

However, if you are not able to pay your premium for a month or two, your insurance details might change. For example, you might have to pay arrears and your insurance might not remain fixed. For a return to normal fixed payments, you are required to pay regularly.

Cash Value

A significant benefit of final expense insurance is that these plans have significant cash value. This means a person availing of this insurance can take a loan whenever they want. For example, if one needs money for a property loan, one can ask their final expense insurance provider.

This is a great help when a person needs money and they do not know what to do. In this situation, they can approach their insurance provider and ask for the amount of cash they need. If that amount is covered under insurance, they will promptly acquire it and address the problem they are facing. It is for this reason that the final expense insurance is beneficial.

Reasons You Should Consider Final Expense Insurance Coverage

No one would deny the efficacy of better financial planning and final expense insurance is just a part of it. We prepare for life every day but we all know life meets death one day and we need to prepare for death too. Here are some reasons you should consider final expense insurance coverage.

Financial Assistance and Security for the Family

We try to provide for our families all our lives. We would not want them to be burdened with the expenses of our burial and other associated rituals. A small payout for your family and bereaved loved ones on your farewell would be a great help to them. You would want your funeral proceedings to be performed smoothly, without any glitches and hiccups. Therefore, some safe money for the final expense is very vital. Death with dignity is as important as life with grace.

Funeral Costs and Medical Bills

You should consider final expense insurance coverage because it covers your medical bills when you are ill. Moreover, these plans provide for all of your funeral costs in the unfortunate event of your death.

Personal Loan and Estate Tax

Another reason why you should consider a final expense insurance plan is that you can take out a personal loan whenever you need it. It may be for your debt settlement, for your kids’ education or any other reason. Whenever you need urgent cash, you can take out a loan from your final expense insurance provider. Besides, you can also take this loan if you are required to pay your estate taxes.

In short, there are a lot of reasons why you should consider opting for a final expense insurance plan.

Costs of Final Expense Insurance

People often wonder about the costs of final expense coverage. As mentioned above, these plans can be subscribed to at affordable rates.

On average, you have to pay between dollar $70 to $120 per month for your final expense insurance. After your agreement with the insurance provider, you will have to pay a fixed premium every month. But if you are not able to pay regularly, then these costs might fluctuate and you might have to pay extra money. However, the cost of final expense insurance is not the same for everyone.

Across ages and genders, the cost varies. Insurance premiums are usually higher for men and elderly people, especially the ones with health issues. Women live longer than men and have health issues particularly pertaining to maternity. Despite that, men pay more for insurance because of the financial autonomy they enjoy, and also because of their higher chances to encounter injuries and accidental death.

It is not very convincing why men have to pay higher amounts for final expense insurance. However, there is a logical explanation for why elderly people have to pay more for their final expense insurance. Elderly people are more likely to get sick and have health issues. Death seems like a natural course of action for people over 60 or 70 years of age.

The insurers ask questions about health issues to assess the quality of life an individual has. This also helps them calculate the probability of a person dying from a disease. This explains why people in older age with health issues have to pay higher premiums.

Choosing the Best Final Expense Insurance Coverage

Opting for final expense insurance should not be complicated, but it entails several things you should consider. So, you can take sufficient time before you make this all-important decision of your life. You will need time to assess all the available options and choose what works best for you.

Here are a few things you can consider before you choose the best final expense insurance coverage.

Visiting Multiple Insurance Coverers to Get the Best Value

Visiting several insurance providers to get the best value should be the first thing you consider before opting for final expense insurance. You can assess what different providers have to offer and what will work best for you. You can compare insurance plans offered by these providers and get the best value.

In today’s digitalized world, many insurance providers will have their own websites and social media pages. You can thoroughly analyse these online platforms and gain as much information as possible. The more you know about them, the more chances of you getting the best options for yourself.

A lot of final expense insurance providers give numerous discounts on their plans. When you visit multiple providers, you will know who is offering the most discount. In so doing, you will be able to select the most appropriate deal for yourself.

Taking Opinions from the Already Insured

Another thing you can do before opting for final expense insurance is to take the opinions of those individuals who are already insured. A cursory look at your extended family members and friends groups will enable you to find people using final expense insurance plans. You can approach these individuals and learn of their experiences. You will certainly get valuable information that can help you make the best choice for yourself.

Keeping Your Finances in Focus

After visiting multiple insurance providers and taking the opinions of already insured individuals, one thing you need to focus on is your finances. You can only buy final expense insurance if your financial situation allows you to. Financial assessments will make you realize how much you can spend on your insurance. This is important because you have to determine whether you will be able to pay regular monthly premiums.

Failure to meet your fixed monthly premiums might require you to pay extra money or an expiration of your insurance plan. Even if you are well-off, it is advisable to go for affordable final expense insurance plans.

Conclusion

In short, the final expense insurance plan covers the costs of your medical bills and all funeral services. To have these costs covered under an insurance plan is a great help to the family members of the deceased.

There are various reasons you should choose final expenses insurance. Such a plan can provide for your medical bills, funeral costs, estate taxes, and personal loans, among others. However, you need to choose the best coverage option for you. For that, you can visit multiple insurance providers, take opinions from the already insured, and keep your finances in focus. In this way, you will decide what is best for you.

In this article, we have explained final expense insurance and why is it essential for financial security. Besides we have also discussed and compared several insurance plans so that one can get the best option and safeguard their family.