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Funeral costs have been increasing steadily for many years and could result in financial stress for your loved ones if you do not have any insurance coverage in place to take care of certain expenses. Fortunately, final expense insurance exists to cover end-of-life costs such as burial costs, medical bills, and funeral expenses.
Final expense insurance offers a death benefit up to $50,000, though they stay below $25,000 most of the time. This insurance coverage was initially meant to cover only end-of-life expenses, but it has been expanded to cover funeral expenses and any remaining debt owed by the policyholder or left in the beneficiary’s responsibility.
It is important to note that there are key differences between life insurance and final expense insurance. Though they cover similar benefits, there are differences between the two products. For example, many life insurance plans require applicants to undergo medical exams to qualify, while final expense providers do not require medical exams to determine eligibility. Also, the payouts from final expense insurance are often smaller than traditional life insurance policies.
While life insurance is a good option for most people with financial responsibilities, final expense insurance is designed for individuals who do not qualify for traditional life insurance but don’t want their loved ones to be burdened with end-of-life expenses, particularly funeral expenses. Reasons for not being eligible for traditional life insurance that could qualify you for final expense include poor health or old age.
People in the following categories are also suitable candidates for final expense insurance.
Need help or want more information about final expense insurance? Contact Expense Mutual today! We’ll answer any questions you may have.