A life insurance plan is almost like a security blanket that keeps your family or loved ones financially stable and secure when you are no longer around to provide for them.
In fact, the average cost of a funeral can be anywhere between $8,000 to $10,000. This cost most likely has to be covered by your family or loved ones if you have no way of paying for this or setting money back on your own. That’s why with a final expense policy, you can have these costs taken care of so your loved ones won’t have to take on the financial strain.
What Is Final Expense Insurance?
A Final Expense Insurance plan helps your bereaving family and loved ones deal with the loss rather than worry about the final expenses. It can cover expenses such as the funeral, memorial, embalming, casket, and burial/cremations costs after your death. Depending on how much the death benefit of the policy is, medical bills can even be covered. Or, if all this is covered and there’s still money left over, your beneficiaries can use the rest as they please.
After your death, the insurance offers a credit amount to the designated beneficiaries. As mentioned above, this amount is referred to as a death benefit and can range between $2,000 – $50,000.
Benefits Of A Final Expense Insurance
Final expense insurance will help people in numerous ways by offering them peace of mind. You give your family immediate access to funds for covering your final expenses.
All in all, a final expense insurance offers:
- Payment of final medical bills
- Cash value
- Fixed premiums
- Instant and easily issuance of the benefit
- No medical examinations are required for approval
- No plan expiration date
- Fast approvals for those who cannot qualify for a traditional life insurance policy because of health reasons