Final Expense Insurance 101: Things You Need To Know

​While it’s an understandable situation to grieve, mourn, or feel an overwhelming sense of loss whenever someone beloved has passed away, don’t let yourself be distracted by the costly funeral expenses it entails. Luckily, you can settle everything down when you purchase the final expense insurance policy under your belt. With that being said, check on these things to learn more about the policy.

What is Final Expense Insurance?
Final expense insurance covers the expense of your final arrangements when you passed away. Typically, it would shoulder your burial, funeral, and final medical bills in the process. It’s a whole life policy with premiums designed to remain fixed in your policy’s duration, and it also doesn’t have an expiration. It’s easy to obtain as you can immediately be approved in a week.

The good thing about final expense insurance is that you can specify your conditions to make it a custom-made coverage that would fit your financial capacity. 

Who Needs It?
While the cost of traditional life insurance typically aligns with your age and health, that isn’t the case for final expense insurance. If you failed to get a whole or term life insurance coverage earlier in your life, final expense insurance would be there to fill the gap to help people who are nearing retirement that would need this type of insurance. This also makes funeral insurance more affordable with guaranteed options.

Filing For Application
In enrolling for final expense insurance, most companies would commence applicants with their disqualifying questions until they reached queries that allowed carriers with affordable pricing levels. Usually, applicants are asked about medical and non-medical questions in the application form. Read below the general information insurers would gather:

• Height
• Weight
• Date of Birth
• Gender
• Medical History
• Occupation
• Income
• Lifestyle
• Tobacco use

Bringing Financial Protection to Your Family
It’s always a hard time when you deal with the loss of someone from your family or loved ones, but another stress would play a factor if it involved the expenses relating to their final arrangements. With the help of final expense insurance, you ensure yourself and your loved ones that every dime you worked for is secured as your insurance coverage starts to kick in to settle the burial expenses.

Conclusion
Whether you want to ensure your final expenses once you pass away or still on the stage of researching the policy, you have a more precise context of the insurance. If you have a specified concern about the policy, it’s recommended to talk to an insurance agent to assess your needs.

At The Medicare Space , we do our best in making sure that our clients are well-protected with affordable and comprehensive policies. We make sure to go the extra mile to help you with your needs. To learn more about how we can help you, please contact our agency at (866) 717-8683 or Click Here to request a free quote.