Final expense insurance can provide peace of mind leading up to your final days of life. These plans act similarly to life insurance policies, but they are much easier to qualify for. Knowing this, you may be interested in adding in additional protection by purchasing multiple plans.
Here’s everything you need to know about buying multiple final expense policies.
What Is Final Expense?
Final expense insurance is a type of life insurance. Though, final expense plans do not offer the same level of coverage as traditional life insurance. They also only come in one form; permanent. This is in contrast to traditional life plans, which are available as term plans or permanent plans.
Final Expense Benefits
Final expense death benefits range up to $50,000, though smaller death benefits are more common. If you die while covered by a final expense plan, the insurer will pay out this amount to your beneficiaries. You can choose who receives the money and they have the option to spend it however they need to.
In some situations, it may also be possible to dictate how the money should be spent before you die. This may require you to establish a trust or sign a 3rd party as your beneficiary.
Multiple Final Expense Policies
It is possible to have multiple final expense policies. Although you will be required to pay premiums in full for any plans you buy. This could be useful depending on your situation, but few people purchase multiple plans.
An example of how multiple final expense plans could be valuable involves using each plan to pay for different end-of-life expenses. For instance, if you have significant medical bills upon death, one policy can be used to pay those off while the other could go toward paying for your funeral and burial or cremation.
This structure allows you to get all of the money you need to leave the minimal financial burden on your loved ones when you die.
Find Final Expense Insurance Today
Getting a final expense insurance plan doesn’t need to be difficult. With help from a registered insurance agent, you can find the perfect plan for your unique situation. If multiple plans are necessary, we will aid you in identifying which plans offer the maximum coverage possible within your budget.