Final expense insurance is a great way to make sure that your family can remain financially secure after you have passed away. It can protect your beloved family by lightening the load of burial costs, funeral costs, debt, and even the medical expenses that may be left behind. Without any coverage, your family could fall into financial trouble in an already very difficult time for them which would only make it worse.
When you take out coverage for final expense insurance, you will be ensuring that your family have a safe and financially secure life even after you’re gone. In this small guide for beginners, you will be able to gain an understanding of final expense insurance, if it is right for you, and the reasons you may want to consider it. So, without further ado, let’s get into it!
What is final expense insurance?
Final expense insurance is not only a type of insurance but also a way to take care of your family and loved ones even when you are no longer here for them. Some people avoid talking about this stage of life completely due to the fact that it can be a hard conversation. Nobody wants to think about the end of their life let alone plan it as well as plan the aftermath.
Thinking about your family after your gone and all of the surrounding thoughts are never nice, however, while they aren’t nice to think about, they are incredibly necessary. Final expenses can become a major financial burden on your family and create one problem on top of another and so forth. That is definitely not what you want for your beloved family after you have passed away and are no longer there to help.
Being prepared for your final expenses and your funeral costs is the perfect way to make sure that your family won’t have to dip into their savings account or put themselves into debt to make sure that your final expenses are covered. When you put yourself into their shoes, you start to realise how little the sacrifice is for your family. It is well worth the consideration.
Is it right for you?
So, now we have the basics covered, we must now figure out if final expense insurance is right for you. With funeral expenses rising more and more as the years go by, it is only normal to start considering final expense insurance. It is never too soon to consider it.
Pretty much anyone can benefit greatly from a final expense insurance policy due to the fact that everyone dies sooner or later, so no one is really excluded from that.
Reasons you may want to consider final expense insurance
As said above, final expense insurance can be great for absolutely anyone, and that is completely factual. However, here are some reasons you may want to consider final expense insurance.
Affordable coverage
If you are looking to keep costs low when looking for coverage, final expense insurance is great. Final expenses are not very affordable, but luckily, final expense insurance is, and premiums will not usually see an increase over time. The death benefit is a fair bit smaller than one you would receive with a regular life insurance policy, but so are the premiums.
You have a family
If you have a family to provide for, then final expense insurance is definitely for you. However, even if your family is grown and they no longer rely on your income, your final expenses are still incredibly likely to fall on them. In the event of your death, your family will be forced to cover all of your funeral expenses and end of life costs, however, they won’t have to if you have pre-planned and purchased final expense insurance.
Don’t leave your family to dip into their savings or force them to go into debt.
You have underlying health conditions
This is a big one due to the fact that insurance is to protect your family after you die and that people can die from underlying health conditions. Many companies are able to issue final expense insurance due to the fact that you don’t usually have to undergo a medical exam. It is incredibly easy to apply for, easy to qualify for, and even easier to understand, and is a reliable form of insurance.
As long as you pay your premiums on time, you will have no problem receiving your death benefit at the end of it all.
Buying final expense insurance has so many benefits and frankly, you would be silly not to apply for it. Once you have determined what final expenses you will need to pay, you will be able to estimate costs. Once you have done that, you can figure out if final expense insurance is the right choice for you, and it likely will be.
