The purchase of final expense life insurance can be a helpful tool for those who are filling in the “gaps” in their overall financial plan.
While you may have traditional life insurance in place for taking care of estate taxes, charitable giving, or as a retirement income supplement for your spouse, one thing that many people tend to overlook is the cost of their final expenses.
This is where a final expense insurance policy can be a perfect fit.
What is Final Expense Insurance?
Final expense insurance is a type of life insurance that is purchased for paying the cost of one’s funeral and other related expenses such as a headstone, burial plot, and memorial service.
In some cases, an individual may also add in an additional amount of coverage so that other debts may be covered such as final uninsured medical bills, the cost of hospice care, and/or other unexpected expenses.
Typically, the face amount of coverage that is offered on a final expense insurance policy will range between $5,000 and $50,000 – although, in some cases, an insurance carrier will offer higher amounts of coverage.
How Does Final Expense Insurance Work?
As with other types of life insurance, the beneficiary on a final expense policy will be able to receive these proceeds free of income taxation.
Therefore, they will be able to use all of the proceeds for paying off the decedent’s bills.
With this type of life insurance, family members and loved ones do not have to bear the burden of the high cost of a person’s final debts.
Today, in many areas, the cost of a funeral and related expenses can easily exceed $10,000 – an amount that a number of families just simply do not have readily available.
But final expense insurance – also known as funeral insurance or burial insurance – can provide a way for loved ones to have cash that is readily available for quickly ridding these costs so that they can concentrate on other things.
How Old Do You Have To Be For Final Expense Coverage?
In many cases, final expense life insurance is purchased by those who are in the age range of 50 to 80 years old – and many insurance companies will not provide this type of life insurance to anyone who is over the age of 85.
Yet, while many people think about this type of coverage when they are in the later stages of their lives, in many instances, an individual will not be considered to be “too young” to purchase a final expense insurance policy.
Because of the lower amount of coverage that is offered on final expense insurance, the premiums that are charged are usually not as high as those that are charged on traditional life insurance policies.
As with other types of life insurance, the younger the applicant is on a final expense policy, the lower the premium is likely to be – and vice versa.
In addition, in many cases, final expense life insurance policies have no medical examination as a part of the underwriting process.
Because of that, these policies can often be approved much faster – for example, a policyholder can often have his or her final expense policy within just a few days, or sooner, as versus weeks or months.
The application process is oftentimes much easier with final expense coverage versus with a traditional life insurance policy, too – regardless of how old or young or if the applicant is considered to be a higher risk policy.
For instance, the application for coverage on a final expense plan will usually only have just a few basic health-related questions for the applicant to answer.
Where to Get the Best Premium Quotes on Final Expense Life Insurance
When considering the purchase of a final expense life insurance policy, it is vital that you seek out an insurance agency that is independent.
Meaning, our agents are not tied specifically to sell you a policy from one carrier. We can you quotes from multiple carriers which is an added benefit to you.
If you are in the market for a final expense insurance plan, and you fall within the proper age category, then we can help you in securing the policy you want. Our work with highly regarded carriers allows us to assist you in your search and provide knowledgeable information to you as you need it.
We work efficiently so that you don’t have to worry. In most cases, with final expense insurance applications, you will also not be required to undergo a medical examination. So, when you are ready to move forward with your final expense coverage, all you need to do is use the form on this page to get started with a set of quotes.
Should you find that you still have additional questions regarding final expense insurance – or about any life insurance coverage at all – then please feel free to contact us directly. Our experts can be reached to discuss your needs and concerns.
You can call us directly, toll-free, at 888-229-7522.
We understand that the purchase of final expense insurance can be a big decision – and it can also be the biggest gift that you provide to those you leave behind.
By ensuring that your loved ones will not have to be responsible for paying the high cost of your funeral and other final debts that you may have, you are showing them how much you truly care.
So, contact us today – we’ll get you the coverage that you need and an affordable premium price today.