iQuanti: End-of-life expenses like funerals and burial costs can get expensive. Whether a policyholder passes away due to a terminal illness or old age, it may be difficult for loved ones to pay for their final care and expenses after their passing. Having final expense insurance can help ensure your beneficiaries can cover these costs and give you peace of mind knowing they have a layer of financial protection once you die. Let's dive deeper into how final expense insurance works, how to get it, and who needs this type of plan so you can get the right life insurance quote for your situation.
What is a final expense insurance policy?
Final expense insurance is a type of whole life insurance policy that is designed to help your loved ones cover the costs associated with your death, from medical bills to funeral expenses. With this type of policy, your beneficiaries can receive a guaranteed death benefit payout worth thousands of dollars. Just like other types of permanent life insurance, final expense insurance comes with a cash value component that will grow over time.
Final expense insurance plans don't require a medical exam, which can make it easier to get approved. And since the death benefit is smaller, these policies often come with lower premiums and are considered a more affordable life insurance option.
Who can benefit from final expense insurance?
Both seniors in good health and people with terminal illnesses may benefit from getting final expense insurance. Since these policies don't have the same barriers to entry as standard life insurance policies and don't require a medical exam, applicants with worsening health conditions can obtain them more easily.
While final expense insurance is often geared towards seniors who are concerned about burial and memorial costs, any life insurance customer can purchase final expense coverage if they fall within the policy's age limits (many policies have a maximum age limit of 85 years old). In fact, final expense insurance is a great option for customers who want the coverage of a permanent life policy without the expensive premium payments.
The bottom line
Final expense insurance is a great choice if you want to financially protect loved ones at the end of your life. With this type of policy, you can get the coverage you need at an affordable cost. Understanding how final expense insurance works and who benefits from having it can help you determine whether this option is right for your needs. If you decide to go this route, make sure to do your research and compare options to find a final expense insurance plan that's best suited for you and your loved ones.
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Original Source: Who Needs Final Expense Insurance?
