Final Expense/ Burial Expense Life Insurance
Features of Final Expense Insurance
The final expense/burial expense requires no medical exam
It is usually issued immediately or within 48 hours
The premiums do not increase
Beneficiaries have the advantage to use the proceeds for any purpose
How it Works?
This final expense/burial expense insurance type of life insurance coverage is simply a policy that provides small benefits that are intended to ensure that costs associated with the death of the insured have some level of financial coverage.
Today, many health insurance plans are structured as highly-deductible health plans, thus there are still significant financial obligations which have to be made, the final expense insurance is often used to help protect loved ones from financial responsibility, for the insured person’s end-of-life medical expenses, as well as the costs of funeral services — a burden which is highly devastating for many after the death of their loved one.
Thus, with the final expense insurance, you provide peace of mind for your family because you can be assured that your spouse and other family members will not be cumbered with unexpected expenses during a time that is made particularly difficult by your exit.
Who can Benefit from Final Expense/Burial Expense Insurance
This final expense/burial expense insurance is a great package for people who are well over the age of 50, especially those who are in need of a policy which can be beneficial in protecting their surviving family member’s responsibility for funeral arrangements. An additional benefit is that the payout can be used by the beneficiaries as they deem fit.
However, insurance offers higher premiums and the low death benefit. This makes it possible that, with a prolonged use, you could end up paying more in premiums than the face value of the policy especially if it is started at a relatively early age (before 50 years). Thus, this type of policy is the best option for older individuals and not really intended for younger adults.