Planning for final expenses is a big concern for many seniors who worry that their passing might put financial strain on their loved ones. If you are a senior concerned about paying for final expenses, then final expense insurance is an important service to know about. Insurance for burial is not the same as “term life insurance.” As the name implies, term insurance is only active for a certain amount of time. If you want to stay covered after it expires, you will have to renew your policy.
Final expense life insurance, on the other hand, is a type of permanent or “whole” life insurance because it does not expire as long as you pay your premiums. Keep in mind that funeral expense insurance is meant to cover final expenses, so policy payouts are usually between $5,000 to $50,000, depending on the policy you choose.
Insurance rates change often to account as technology and health systems evolve. Usually final expense companies provide you with their own rates as well as they have a unique underwriting criteria.
In many cases, what happens, is that the most affordable policy with one company may not be the most affordable policy with another. The best way to learn which policy or plan is right for you is to speak with a licensed agent who can provide you with a free quote that meets your specific needs.
Lots of final expense plans exist, but many questions need to be asked before picking the correct one. Which will protect your family the most? Which will pay your claim the fastest? Which will help your family with your funeral arrangements?
These are important questions to consider before choosing a provider, especially when it comes to protecting your family during the funeral process.