What is Final Expense Insurance?
Final expense insurance, also known as burial insurance, is a type of life insurance that is specifically designed to cover outstanding expenses and funeral costs after a loved one passes away.
Unlike pre-paid funeral plans, final expense insurance can be used by the beneficiary you designate rather than being limited to specific funeral services and providers.
With the cost of an average funeral running over $10,000, a final expense policy can provide financial protection and peace of mind from not only burial expenses, but also any remaining medical costs, potential legal costs as well as other financial burdens.
Final expense policies typically have a lower face value than most insurance policies. This is because they are intended for a specific purpose of covering those final expense costs. Final expense policies typically do not require a medical exam, but premiums will be higher the older you are.
Protecting Your Family With Burial or Funeral Insurance
Purchasing final expense insurance allows you to feel more confident knowing that you are not going to leave a financial burden behind for your family when you die.
You don’t want to leave bills that can become a burden on your loved ones. Since you know that death is an eventual reality for everyone, it is natural to feel as though there is a need to protect your family after you are no longer there to care for them.
For example, as a parent you may worry that your children will not be able to afford a funeral for you in the event of your unexpected death.
Or, they may not be able to financially support themselves with you no longer there.
Additionally, you may be concerned your family members will be able to afford to live in their present home.
Whatever it takes to assume financial responsibility does not end when your life ends.
All of these things and more are common concerns that cause many people great worry.
This is where final expense insurance policies come into play.
Purchasing funeral or burial life insurance can be just what you need to get that peace of mind.
Although you may not physically be there for your loved ones, you can still help them through a difficult time by securing their financial situation with money that can be used after you are gone.
After purchasing a burial or funeral life insurance policy, make sure all your important documents are quickly accessible to those responsible. Having a solidified plan in place to pay for final expenses can be very reassuring for both you and your family.