If you have found yourself in a tough situation while harboring numerous chronic health conditions or have experienced a severe health event in recent years, you may be unable to qualify for traditional life insurance. This makes end-of-life expenses a lot more intimidating because those costs will be allocated to your family. Fortunately, final expense insurance stands as a means of acquiring life insurance that is accessible to people with adverse health history.
What Is Final Expense Insurance?
Final expense insurance is designed to cover end-of-life expenses. In exchange for premiums paid during your life, your loved ones receive a death benefit payment when you die. There are now specific requirements as to how the death benefit is to be used, though it is mostly used to pay for funerals and burial or cremation.
Size Of Final Expense Policies
Final expense policies are not designed to be used for paying off large bills after you die. Therefore, you will struggle to use such a policy to pay off a mortgage, car, or significant medical bills. While it is your beneficiaries’ choice in how they use the death benefit money, you should suggest to them that you want the funds used on your funeral, burial, or any moderate medical bills that remain after you die.
Renewing Final Expense Policies
Final expense insurance is a form of permanent life insurance. This means the policy will not expire after a length of time. Instead, these plans have the potential to lapse and end coverage when participants do not pay their premiums.
In this sense, final expense policies do not require renewal. Though, if your plan does expire due to nonpayment, you will have the option to acquire a new plan through the same insurance company or another suitable provider.
Should You Purchase Final Expense?
Whether you should buy a final expense policy depends on your specific circumstances. Remember, these are permanent plans, so even if you live for a long time, you will remain covered. This can give peace of mind to you and your family in your final days.
To get started with a free quote on final expense, call 470-761-4652.