Final Expense Insurance
Affordable insurance that provides financial security for your home and family should tragedy strike
Final Expense Insurance
Final Expense Insurance, also referred to as Burial Insurance, is a whole life insurance policy that is designed to pay off the expenses families face upon the death of a loved one. This type of insurance ensures your loved ones aren’t saddled with debts that can be financially troubling after you pass.
Final expenses include bills associated with medical expenses, funeral or memorial services, and the price of burial or cremation. The average burial in the United States today costs approximately $9,000, and that cost does not include funeral or final medical expenses. Protect your family from facing these expenses alone with an affordable Final Expense insurance policy.
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Final Expense Insurance
Most of us will eventually need to pay for final expense insurance. If you don’t have extra funds set aside in savings just for final expenses, your loved ones may struggle with coming up with the money needed to give you the service and burial they want after you have passed.
Leaving behind large debts can be crippling to family members. Final expense insurance enables families to properly grieve their loved ones without the burden of unplanned costs. Thankfully, final expense insurance is an affordable whole life insurance plan that offers a solution to these problems.
How does Final Expense Insurance Work?
Final expense coverage is a life insurance policy that you purchase for a specific dollar amount (“face value”). You pay premiums periodically to keep the policy in force. If you die while the policy is still active, the insurance company pays the death benefit to the funeral home or individual(s) you named as the policy beneficiary(ies).
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Frequently Asked Questions
Why do I need Universal Life Insurance?
- One major benefit of disability insurance is the paycheck protection it offers if you become disabled. You can feel safe knowing that your family will be able to continue paying the rent or mortgage even if you are out of work. Additionally, having this insurance on hand can be useful even if you get disability through your employer.
- When you purchase your own policy, you don’t have to worry about suddenly losing coverage if you leave your current employer and get a new job. And, as discussed above, buying a disability insurance policy can help you avoid the frustration and delays that can come with relying on Social Security Disability, only to find out that you are not actually disabled in the eyes of the Social Security Administration.
What are the advantages of Disability Insurance?
- Purchasing a private disability income insurance policy, or adding disability coverage to a life insurance policy, is surprisingly affordable for most people. With the ability to choose from many carriers and products, you can tailor your policy to meet your budget and needs by adjusting the amount of coverage, the length of time payments would continue after a disability, the elimination period and other optional policy features and benefits.
- Because disability insurance is a health insurance product designed to protect your income, the amount you will pay for coverage will be based on your health and lifestyle, as well as your occupation and income.
What are the advantages of Disability Insurance?
- All insurance carriers and disability policies are a little different, but qualifying for coverage may be easier than you think. Normally, there is no requirement for a physical exam.
- Your policy will explain how “disability” is defined, and whether there are any exclusions to coverage.
- In general, private disability income insurance policies say that you are considered “disabled” if you are no longer able to work in your current occupation because of your physical or mental condition.