Final Expense Insurance
What is final expense life insurance?
Final Expense Insurance, also known as burial insurance, is a type of insurance that offers financial security to your family by covering different costs that may arise after your death. These expenses may comprise of funeral arrangements, as well as any legal or medical bills that require attention. Since funerals can be quite costly with an average spending of over $10,000, this coverage can assist in alleviating the financial burden left for your loved ones.
What are the benefits of purchasing a final expense insurance policy?
- Final expense insurance can be a relief to your family since it gives them the funds they may need to pay costs related to your death.
- Coverage is guaranteed and the policy will not be terminated, even if your health worsens.
- It is a great option for individuals who are not able to get any other kind of insurance due to their age or medical condition but still want to reduce the financial strain on their loved ones.
- It is reasonably priced since the coverage amount is not large.
- This type of policy builds up a cash value over time, so it can be borrowed from or used as security while you are alive.
- The premium cost will usually remain the same, which can be helpful when it comes to planning a budget.
- The death benefit is intended for final expenses, but the beneficiary can use it for what they think is appropriate - for example, a nest egg, mortgage payments, and credit card debt.