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Final Expense Insurance

Benjamin Franklin once wrote, “In this world nothing can be said to be certain, except death and taxes.” However, the similarity between death and taxes doesn’t end with this certainty. Both of these occurrences require the bills that must be paid.

Final expense life insurance will provide your family with financial security immediately at the point of death. While a will may not be found until after funeral services have occurred, final expense insurance makes sure funds are allocated and available for your family when they’re needed.

Unlike traditional life insurance policies, final expense life insurance is not designed to provide your loved ones with long-term financial security. Instead, a final expense policy will leave your beneficiaries with just enough money to cover burial expenses and other end-of-life costs.

Your Final Expenses Could Be More Than You Think

The price of burials has risen dramatically over the past 10 years. The median cost of funerals increased by almost a third during that period. These costs can quickly add up and become an unexpected financial burden for those left behind.

Final expenses—which include funeral services, outstanding debts, probate fees, and more—can have a much more significant price tag. Proactively making arrangements for final expenses makes it simple for your family to access the funds they need to handle these expenses.

How Does Final Expense Insurance Work?

Final Expense Insurance is a more extensive and flexible form of life insurance. Like a savings account, this type of policy can increase in value over time, with the balance going up as you pay in. The price of your initial premium will be higher the older you are at the time of purchase, but the premium amount does not go up as you age.

These policies let you select a beneficiary, meaning, you can choose an agent who’s legally responsible for the allocation of benefits. You won’t be required to undergo a medical exam to be covered by a plan, and your coverage won’t be canceled if your health changes.

Final expense insurance can cover a number of costs. This coverage includes common final costs, such as medical bills, probate or legal fees, and other expenses that other policy types don’t cover.

The flexibility of final expense insurance extends to your choice of service providers. With this, you can allocate your funds, without being tied to a specific provider, geographic area, or plan. Final expense insurance lets you keep your options open, so you’re better able to wait until you need coverage before you use it. You will also have an accessible line of credit in case of an emergency by borrowing against the tax-deferred dividend value of your final expense policy.

Given its flexibility, final expense insurance mitigates some of the worries associated with prepaid plans or preneed contracts. Most of the concerns and limitations of those plans don’t apply to final expenses. While there are certain benefits to enrolling in final expense insurance, there are also things you should be aware of before enrolling. Contact us to learn more about this coverage plan.