The expenses you incur at the end of your life are often referred to as final expenses. They can often be quite extensive and if you do not take proper precaution, these debts may be passed on to your next of kin. This is what you need to know to minimize the negative impact of end of life expenses.
What Are Final Expenses?
When you are at the end of your life, health care professionals often need to use cutting-edge technology to comfortably prolong your life for as long as possible. Leading up to the point of death, you may also require highly specialized care performed in expensive health care settings. Some examples of end-of-life costs include the following:
- Memory rehabilitation and care
- In-home care
- Nursing home care
- Hospice care
- Doctor visits
- Hospital stays
- Medical interventions
The Burden Of Final Expenses
Final expenses can cause significant burden to be placed onto your loved ones in their time of need. In order to avoid leaving behind debt for your family to pay off, you may wish to consider a final expense policy. These policies are easy to acquire and generally offer a death benefit large enough to pay funeral expenses and other costs associated with your passing. If you wish to purchase a final expense policy, consider speaking with an insurance professional.
How To Get Final Expense Death Benefits
You can get a final expense policy without underwriting most of the time. This means you won’t need to undergo a medical examination and you likely cannot be turned down for any reason other than age. Some final expense policies are designed for people who need life insurance immediately. These simplified issue life insurance policies also don’t require a medical examination and can allow you to get covered in just a few days.
Final Expense Cost
Final expense insurance is relatively inexpensive, compared to other life insurance products. An example of how much you may pay for final expense insurance would be around $170 for a $25,000 payout. Simplified issue policies may be less expensive, at around $104,60 for the same payout. The money your beneficiaries receive from the death benefit can be spent on anything, but it should be enough to cover most if not all death related expenses.
Find End Of Life Coverage
Don’t wait to acquire final expense coverage. Get help finding a policy that fits your family’s unique needs. Contact the knowledgeable experts at Trusted Senior Specialists to schedule a consultation.