Are you looking for a good final expense life insurance company? Or perhaps you’ve never even heard of a final expense life insurance company, and don’t know what they do? A final expense life insurance company is important for making sure that your loved ones are put in a financially difficult position if you passed away.
Your final expense life insurance company covers things like any medical bills that you might have left behind, and your burial costs. It’s an unfortunate fact that when a person passes away, their loved ones must come up with thousands of dollars to cover their burial expenses, since even a no-frills funeral costs thousands of dollars. If you have coverage with a final expense life insurance company, your loved ones do not have to worry about this while the grieve and say goodbye to you.
If this is a new concept to you, we’ve put together a list of frequently asked questions, to bring you up to speed.
Frequently Asked Questions on Final Expense Life Insurance
What exactly is final expense life insurance?
Your final expense life insurance plan will offer a set amount of money to your beneficiaries upon your death. This money will cover expenses for your burial and funeral.
You might be thinking that final expense life insurance sounds a lot like life insurance. You’re right to an extent. The purpose of final expense life insurance is to provide a more cost effective protection to people who can not afford the high monthly premiums of life insurance. You might also hear terms like “funeral insurance” or “burial insurance.” These insurance plans are basically interchangeable with final expense life insurance.
Why is final expense life insurance worth the monthly cost?
When a person is in poor health, they’re often rejected by conventional insurance plans. This doesn’t mean that they won’t need the protection that life insurance offers, it just means that it’s unavailable to them. Other people who need life insurance aren’t able to get it because the cost is high (especially if they’re elderly or in poor health). Final expense life insurance is an alternative that costs less than convention life insurance, and is available for people who do not qualify for conventional life insurance plans.
Anyone who is unable to get life insurance should consider final expense life insurance. The average funeral costs about $7,000. Your loved ones may not have that amount of money laying around if you pass away.
What is a good limit for final expense life insurance?
The monthly premium you’re subject to depends on the pre-set value of the final expense life insurance when you pass away. Determining the right coverage for your final expense life insurance depends on the costs you anticipate having after you pass away. If you only want coverage for a simple funeral service, you might only need the lowest coverage. If you are likely to have high medical bills and anticipate grander funeral arrangements, you might want a higher coverage.
No, when you pass away, the predetermined value of your final expense life insurance will be given to your beneficiaries to use as they choose. Most commonly, the money is used to pay for your funeral arrangements and burial, but your loved ones might choose to it on your unpaid debt, their own process of celebrating your life, or any other way they decide is best.
How does a person get final expense life insurance?
When you decide that final expense life insurance is the best option for you, you should contact several life insurance companies to get quotes. Make sure to pay attention to the coverage as well as the monthly premium, to find a life insurance company who offers the best payout to your loved ones when you pass away, as well as the lowest premiums now.
Death is a difficult subject to approach. No one wants to talk about or think about dying, but taking the steps to make sure you have final expense life insurance is a good way to make sure that your loved ones are left holding the bag when you eventually pass away.
