A final expense insurance policy may be something that is too delicate to talk about with your insurance agent. However, you must look at the people that you are going to leave behind and make sure your passing won’t affect their financial situation. For those considering purchasing final expense insurance, here are some benefits that you need to know to help you decide.
Not Dependent on Your Medical History
Final expense insurance will not be dependent on your medical history unlike other types of insurances. This is one of its edge and is why it is highly considered to be added on to your portfolio. However, your monthly premium is affected by your age and the price depends on the insurance company.
Directly Pay Funeral Homes
If you are an immediate family member of someone that passed, you shouldn’t be worrying about paying money to funeral homes to focus on arranging the memorial services. Final expense insurance plans have options to directly pay the funeral homes up to the amount of your plan’s coverage. This is a convenient way for policyholders to not bother their loved ones with financial issues when they go.
Choose A Funeral Service
By purchasing final expense insurance, your family members don’t need to worry about your funeral and everything that goes along with it. Depending on the plan that you purchase, you can choose the funeral home, the service and where you want to be buried. Talk to your insurance agent about the plans that are available to you before signing any contract.
Offsetting the Average Funeral Costs
Based on surveys, a typical funeral cost $7,000 to $10,000 depending on the types of services that you want. These costs include paying for embalming, casket, gravedigging or cremation, tombstone or urn and many more. A great benefit of getting a final expense insurance plan is that it can offset the average funeral cost of the time when you pass. This means that any overpaid premiums can be cashed out. Some insurance companies even allow your premiums to gain value.
Preparing for your passing should not be a delicate issue and should be prepared for. Keep in mind that your main reason for getting a final expense insurance plan are your loved ones that you are leaving behind. Before taking out any insurance plans, make sure to choose the best and most trusted insurance company that can help you with your needs.
At Covensure Brokerage LLC, our mission is to ensure that we protect are clients and offer them policies that they can afford. Learn more about our products and services by calling our agency at (248) 572-1580. You can also request for a free quote by CLICKING HERE.