Final Expense Insurance
Final expense insurance, also known as burial insurance, is a specialized type of life insurance policy that is designed to help cover the costs associated with a person’s final expenses, such as funeral expenses, cremation costs, and other end-of-life expenses. Here’s a rundown of key information about final expense insurance.
Who can get a plan?
Most individuals between the ages of 50 and 85 can qualify for a final expense insurance policy. Some policies may require a medical exam, but many plans can be purchased without the need for a medical exam or extensive underwriting.
Who may need a plan?
Final expense insurance is a good option for individuals who want to ensure that their loved ones are not burdened with the high costs associated with their final expenses. It’s particularly important for individuals who may not have a large estate or other assets that can be used to cover these costs.
What does a plan cover?
Final expense insurance policies typically provide coverage for funeral and burial costs, including things like caskets, urns, burial plots, and funeral services. Some policies may also provide coverage for outstanding medical bills, credit card debts, or other debts that may be left behind.
How much coverage do you need?
The amount of coverage you need will depend on your individual circumstances, including the cost of living in your area, the type of funeral or memorial service you prefer, and any other end-of-life expenses you may anticipate. A licensed insurance agent can help you determine how much coverage you need to adequately protect yourself and your loved ones.
What are the benefits of final expense insurance?
Final expense insurance can provide peace of mind knowing that your loved ones will not be burdened with the high costs associated with your final expenses. It can also help ensure that your final wishes are carried out, as the policy can be used to pay for specific funeral or memorial services.
In summary, final expense insurance is a good option for individuals who want to ensure that their loved ones are not burdened with the high costs associated with their final expenses. If you’re interested in learning more about final expense insurance, contact us today to find out more about plans available to you in your area!