Can I Have Final Expense With Another Life Insurance Policy?

Final expense insurance is a cost-effective way to cover funeral expenses, which will only rise as time progresses. It’s easy to qualify for, too, especially for those who have issues qualifying for other types of life insurance. However, even those who have life insurance can benefit from final expense insurance. The good news is, you can have final expense insurance alongside another life insurance policy.

Why Do I Need Final Expense As A Secondary Policy?

Traditional life insurance can provide life-changing wealth to your loved ones after you pass away. This has seemingly unlimited uses, and one of the best parts is that it isn’t subject to taxes, either. Your loved ones have free reign over the benefits it can provide, and potentially pay off all debts with it.

Final expense has a smaller death benefit, topping out around $50,000. The policy’s death benefit can be as low as $2,000. This is typically used for covering funerals, which can be up to $12,000.

The benefit is that your loved ones can use the funds from your final expense policy without having to cover the funeral costs themselves. It also allows them to enjoy the entirety of the funds disbursed from your traditional life insurance policy.

How Does Final Expense Protect My Loved Ones?

If you have a mortgage or you’re applying for a loan, you’re required to have a type of collateral. A life insurance policy can work as a form of collateral, but if you’re using a traditional life insurance policy for this, you’re putting a lot on the table.

Instead, you can get a final expense policy almost immediately and use that as collateral. That’s because final expense has a shorter medical underwriting process than most policies, as it doesn’t require a medical exam. Policies either limit medical underwriting to medical questions (simplified issue), or may be assigned with no underwriting at all (guaranteed issue).

This way, you’re making a smaller sacrifice instead of leaving life-changing money on the table.

What Other Use May Final Expense Have?

Final expense insurance is a worthwhile policy simply for the sake of expanding upon the death benefit your other policy is already providing. If you were to try to adjust the death benefit of your current life insurance policy, your premiums would have to be adjusted, and there’s no telling how much of a monthly rate increase that will be.

Adding final expense to your existing policy doesn’t require any negotiation. It has no effect on your current life insurance policy. Or, it could also be a good idea because you have a life insurance policy that won’t let you adjust the death benefit.

Add Your Final Expense Policy Today

At Expense Mutual, you can get easy and affordable final expense insurance quickly. Whatever you may need final expense for, we’ll make sure you get the best policy with the lowest costs. You and your loved ones deserve security and peace of mind. Call us today at 470-761-4652.

Give Your Loved Ones Peace Of Mind​

At Expense Mutual we want you to be able to take care of the ones who mean the most to you. Call us today at 888-280-2825.