Life insurance provides a financial safety net for your loved ones if you’re no longer around to provide their necessities. But if you don’t have plenty of dependents as you live, there’s final expense insurance instead of a life plan. In this article, check out essential facts before considering buying final expense insurance.
What is Final Expense Insurance?
Final expense insurance, otherwise known as burial insurance, is a policy under permanent life insurance that aims to cover funeral costs. The benefits claimed from the final expense policy are often used for final medical bills, burial, or cremation expenses. Permanent life insurance has no expiration and remains in effect for as long as you pay the premium.
Contrary to the generally-known permanent life policies that require medical tests before deciding the cost of your premium, final expense insurance isn’t that complicated. You won’t get asked for an extensive background check, and you can be eligible quickly after a short interview.
Final Expense Insurance Types
You have two options to choose from final expense insurance types: guaranteed issue or simplified issue life insurance.
Guaranteed Issue Life Insurance
This final expense insurance type is obtainable without too much hassle. Just make sure you don’t have any existing illness, and you can smoothly pass through the test after a few questions. But that also makes it a costly premium as compared to whole life.
Simplified Issue Life Insurance
Simplified issue life insurance is considered a moderate risk due to its convenient feature for those who cannot qualify for a full life policy. Under this final expense type, applicants won’t be required for a medical exam and only answer a medical questionnaire.
Helping the Grieving Ones
When a family member dies, surviving individuals usually use the burial and funeral service to pay tribute and express love for the final time. In that way, the final expense insurance would be an ideal avenue to set up a fitting farewell.
Safeguarding Your Family’s Finances
It’s better to plan for your funeral than let your peers rack up funds to pay for your funeral and burial expenses. Considering that, final expense insurance is there to keep you from spending money in a disoriented state as you grieve. Remember that this policy’s beauty is that the insurer would immediately make arrangements to settle the underlying expenses.
Every policyholder must acknowledge that arranging a burial and funeral service can be challenging. With that being said, we hope that the article helped provide essential details in getting final expense insurance.
At The Medicare Space, we aim to provide comprehensive insurance policies that make your life easier. We want to help you get the insurance that fits your needs. You can get more information about our products and services by calling our agency at (866) 717-8683. Get your free quote today by CLICKING HERE.