If you are a veteran, you have the right to acquire burial insurance after you leave the armed services. Many insurances cater to veterans specifically and have created plans made for them. Though, if you are a veteran who has the option to get final expense insurance, should you take it?
What Is Final Expense Insurance?
Final expense insurance is an alternative form of life insurance. The plans are easier to qualify for than traditional life plans, but this comes at the cost of them having much smaller death benefits. For many it is worth it though because final expense policies can give you peace of mind that lasts until your death.
How Does Final Expense Work?
Final expense plans require members to make premium payments on time in exchange for coverage that provides a death benefit to their loved ones when they pass away. If you miss too many payments, your plan may be canceled and your benefits will end. When this happens, you lose coverage completely and the death benefit will not be paid out if you die.
If you do maintain your coverage, your beneficiaries will receive the amount of money stated within the insurance contract. This money can be used how they would like, though most people instruct their beneficiaries to use the money for their burial or cremation as well as their funeral. If you do not have someone you can trust to use the money appropriately, speak with an insurance agent to set up an alternative solution.
Do Veterans Need Final Expense?
Whether you are a veteran or not, you can benefit from final expense insurance. These plans help your loved ones deal with the financial burdens associated with someone passing. Therefore, it makes sense to get covered.
Veterans are in a good position to purchase affordable final expense plans too. These plans don’t rely on health exams during the underwriting process, so it is easier to qualify if you have adverse health conditions that prevent you from getting other forms of insurance. Better yet, final expense plans can be relatively inexpensive for veterans thanks to different incentives offered by the insurance companies.
What If I Have VGLI?
If you have been in the military, you are automatically enrolled in SG life insurance. You have the option to convert into VG life insurance, but some people choose not to. If you do have VGLI, you may not need final expense insurance. Though, additional coverage wouldn’t hurt.
To learn more about your options, speak to an insurance professional today.
Final Expense Insurance That Covers Veterans
You may find it difficult to find life insurance due to conditions or injuries you incurred during your time in the armed services. Don’t worry; Expense Mutual is here to help. We can guide you through the process of finding qualifying insurance coverage that keeps your family financially well after you pass.
To find out more and get a free quote on final expense coverage, call 470-761-4652.