The costs of final arrangements and funeral expenses today can reach up to $12,000 or higher, mostly depending on the person’s preferences. When someone dies and they have no final expense insurance, it will be hard for the family to pay for the funeral services. The whole family is affected and sometimes and final wishes are not carried out because there is not enough money for it.
Why Do You Need Final Expense Insurance?
A final expense policy pays for the expenses of a person’s final wishes when they die. It is beneficial to families as the final expense is permanent and has no expiration. Most insurance firms offer this life insurance policy for people who are 50 to 85 years old. The beneficiary receives the payment and no tax. You can say that it is more ideal than term insurance, wherein it is temporary and has an expiration date.
The policy amount depends on the insurer, although it usually ranges from $1000 to $40,000. If the insured dies, make sure that you know the insured’s wishes with regard to the final arrangements. By doing this, the family can choose the right death benefit. The cost of funeral is $10,000 on the average.
Are All Firms Offering the Same Final Expense Policies?
When it comes to life insurance, you do not want to end up outliving your term insurance. Also, you may find out that you are not qualified to get a new policy. Basically, a whole life policy provides a permanent plan that is renewable within your lifetime. It also means that you cannot out live it. It is not the same with term insurance that comes with its own lifespan.
There are insurance companies that offer final expense policies without asking any important questions regarding your health. They also do not require urine and blood examinations, and other medical tests.
You may think that it is a better option because there are less items in the requirements. But beware, these insurance policies cost more because the firms need to cover the risks of their no-questions asked policy. Because of this, it is better to buy your insurance to an insurance company that asks health questions and requires some medical records.
If you are a baby boomer, now is the time to think of ways to protect yourself and your family in case of your death. Get final expense insurance today. At Covensure Brokerage, 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.