Final Expense Insurance

The Importance of a Final Expense Policy

When you think about life insurance, you may think about protecting your family from the loss of your income, paying off your debts, or leaving a legacy for your loved ones. But there is another important aspect of life insurance that you may not have considered: covering your final expenses.

Final expenses are the costs associated with your death, such as funeral services, burial or cremation, medical bills, legal fees, and taxes. According to the National Funeral Directors Association, the average cost of a funeral in 2020 was $7,6401, and that does not include the cost of a cemetery plot, headstone, or other expenses. Depending on your location, preferences, and circumstances, your final expenses could be much higher.

If you do not have enough savings or assets to cover these costs, your family may have to pay for them out of their own pockets, or use your life insurance proceeds that were meant for other purposes. This could cause financial stress and emotional distress for your loved ones at a time when they are already grieving your loss.

That is why having a final expense policy can be a smart and caring decision. A final expense policy is a type of whole life insurance that is designed to pay for your end-of-life costs. It has the following features and benefits:

It is easy to qualify for. You do not have to take a medical exam or answer a lot of health questions. You can get approved for a policy even if you have some pre-existing conditions or health issues.

It is affordable. You can choose a coverage amount that suits your needs and budget, from $1,000 to $35,000. The premiums are fixed and will not increase over time. You can pay monthly, quarterly, or annually, depending on your preference.

It is permanent. As long as you pay your premiums, your policy will never expire or decrease in value. It will also accumulate cash value that you can access through loans or withdrawals, if needed.

It is flexible. You can name anyone as your beneficiary, and they can use the death benefit for any purpose. They can pay for your final expenses, or use the money for other needs, such as paying off debts, covering living expenses, or saving for the future. By having a final expense policy, you can ensure that your family will not have to worry about your end-of-life costs, and that they will have some financial support after you are gone. You can also have peace of mind knowing that you have taken care of this important aspect of your life planning.

If you are interested in getting a final expense policy, or learning more about it, please contact us today. We can help you find the best policy for your situation and answer any questions you may have. We are here to help you protect your family and your legacy.