When someone passes away, there are often significant end of life expenses that must be dealt with by the next of kin. If you plan ahead, you can minimize the financial burden left for your family after your passing. Final expense insurance is one option you can rely on to pay your end of life costs. This is what you need to know about final expense insurance.
What Is Final Expense Insurance
Final expense insurance is an end of life insurance product that provides beneficiaries with a death benefit once the policyholder dies. They function much like traditional life insurance plans, but feature significantly smaller payouts. Because of the lower death benefit payouts, final expense insurance policies also have lower costs in most cases.
Final Expense Death Benefits
Final expense insurance does not offer death benefits that are as substantial as traditional whole life insurance policies. Instead, beneficiaries will receive a payment ranging from $5,000 to $50,000 in most cases. The amount to be dispersed is decided by the policyholder at the time of enrolling in the policy.
Final Expense Insurance Protects Your Loved Ones
When your family receives the death benefit, the funds can be used to pay for anything that they need. This includes end of life costs, such as burials, cremations, and funeral home viewings. Remaining medical bills can also be paid using final expense insurance benefits payments. When planning your estate, ensure that you collect a reasonable estimate of how much your end of life expenses are likely to be. This will allow you to choose a final expense policy that covers the costs fully.
Final Expense and Whole Life Insurance
Even if you have a whole life insurance policy, final expense insurance shouldn’t be written off. A final expense policy can cover your funeral and burial costs, providing an extra financial cushion for your family. Speak with an insurance agent now to determine whether final expense coverage makes sense in your situation.
Find Final Expense Insurance
If you need final expense insurance, have an insurance agent help you find a policy. The trained insurance professionals at Trusted Senior Specialists are ready for your call. Contact us now to schedule a free consultation.