If you are not able to qualify for traditional life insurance, you still have options. Final expense insurance can help older adults ease the burden of end-of-life expenses on their loved ones. These plans are smaller permanent life insurance policies designed to be used to pay off funeral costs.
Whether you can get life insurance or not, final expense is worth considering. If you are interested in a plan, here’s everything you need to know about final expense insurance.
What Is Final Expense?
Final expense insurance policies are small life insurance policies that offer a reasonable death benefit payment. The death benefit is paid to the plan’s beneficiary when the insured individual dies. The money received through the death benefit can be used on anything, but many people purchase final expense insurance to cover the cost of their funeral and burial. The money is also sometimes used to pay hospital bills and other expenses after death. It’s important to note that final expense insurance never expires unless you don’t pay your premiums.
Should You Get Final Expense?
There are many reasons to get final expense insurance. Some people purchase a policy because they can’t qualify for traditional life insurance. Others buy these policies in addition to their life insurance.
Whether you should get final expense depends on your specific circumstances. To find out if it’s the right move for you, contact an insurance agent.
What Does Final Expense Cover?
Final expense insurance covers your life. If you die while the policy is active, your beneficiaries will be provided a death benefit payment. The average death benefit is around $15,000. Though, the policies range between $2,000 to $50,000.
Is Final Expense Worth It?
Final expense is worth purchasing if you think you are at significant risk of dying in the coming years. It makes sense because final expense provides your family with the funds they’ll need to pay your end-of-life expenses. This is especially important for people who don’t have significant assets built up.
Shop For Final Expense Plans
Protect your family from unexpected expenses when you die with a final expense insurance policy. To get started with a quote, contact SBHS at (844) 657-0231.