What is Final Expense?
Have you prepared for the funeral after your death and do you have money set aside to pay for it? Will your legacy include leaving behind a funeral debt? Where will the money come from? Will you have a traditional burial or a cremation? Are you prepared to live on one social security income if your spouse passes away? Is there a mortgage or monthly rental payment? Are you prepared to handle these bills for a few months until you get yourself back to a good place? Final Expense insurance was created for these reasons.
It is very expensive to live in America. Most people do not have extra money to pay unexpected debt associated with a loved one’s death. Are you leaving your children or loved ones in a bad situation? Final expense insurance will provide your loved ones with the money to take care of your funeral, and pay off any outstanding debts. It can also provide a little extra money for your spouse or loved ones until they are in a better place financially, to live without your monthly social security check. You can get ‘guaranteed state regulated life insurance’ “final expense” coverage without a medical exam even if you are on numerous medications!
Even though final expense was created and focuses on covering funeral costs, the death benefit can be used for anything! This includes the funeral expenses, medical bills, credit card debt, mortgage payments, or even a grand child’s college tuition. How the death benefit is spent, is left completely up to the beneficiary named in the whole life insurance policy. Get a free quote today.
“You can get guaranteed state regulated life insurance “final expense” coverage without a medical exam even if you are on numerous medications!”
— regina
How does Final Expense work?
Final expense is an affordable, small, whole life insurance policy that you can get without a medical exam. The price never changes for the life of the policy. The policy ranges from $5,000 - $25,000 and the primary purpose is a quick lump sum death benefit left to your loved ones to cover burial expenses. These expenses might include: transporting the body, buying a cemetery plot, casket, grave marker, cremation, as well as paying for any outstanding medical bills or debts that are not forgivable after death. Get a free quote today.
The more traditional life insurance policies called term insurance are primarily used to replace lost income when a loved one dies. These policies are usually catered toward younger working families with a mortgage payment, car payments, and raising kids. They need money to replace lost income needed for the household to continue with daily living expenses.
After seniors retire, and become empty nesters, traditional life insurance policies are usually not needed. However, seniors still need money to pay for their last illness and any lingering unforgivable debts they leave behind. No one wants to leave behind a financial funeral burden for loved ones experiencing intense grief.
According to several national articles posted in 2019, the average funeral cost for a traditional funeral service is between $8,000 and $12,000. Cremation can be a less expensive alternative. Either way, are you prepared?
Remember, there will always be “other expenses” when it comes to your “final illness”. Final Expense Insurance is a smart solution to pay for your funeral.
Most final expense policies have these features:
Whole Life Insurance - between $5,000 - $25,000 with no expiration if premiums are paid.
Low affordable cost with quick approval and an easy application.
Cash Value – insured may be able to take out a loan against their policy using the money accumulated over time.
Fixed Premiums - as long as you make payments.
Simplified Issue – usually, there is “no medical exam” required.
Final Expense for Seniors
Many of us have experienced the death of someone we loved. It was stressful dealing with the grief and juggling the funeral planning and the financial obligations and a pile of bills starring us in the face. The thought of our loved ones going through this emotional experience is heart breaking.
How do we protect our families from this financial burden?
Final Expense Insurance is the answer. The process is simple and qualifying usually requires a few minutes to answer a few health questions. The policy will be issued based on your age and your answers to the medical questions. Typically, there is no medical exam.
Several insurance companies may have added features including: child riders, accidental death and dismemberment, or support benefits for the surviving loved ones. Make sure that you review your policy because not all policies are the same.
