The hardest thing we can ever face in life is usually the demise of a loved one. But aside from the emotional pain, we also have to handle the practical consequences, such as end-of-life medical expenses and funeral costs. This combination can be extremely exhausting, physically and mentally, to the surviving family. To relieve some of the pressure, final expense life insurance was created. You can learn more with the help of Memphis final expense insurance services.
But with all the different types of life insurance products that seemingly overlap in terms of coverage, what makes final expense insurance unique?
Focus on Life Preparedness
Typical life insurance policies usually don’t have specific coverage for funeral preparation costs. Depending on material and style, a casket alone can cost more than $10,000. This excludes other usual funeral costs like preparation of the body, transportation, headstone, flowers, and so on. A final expense policy allows the family to deal with and eventually resolve their grief, instead of having to worry about finances.
A Whole Life Policy
The death benefit and insurance premium in whole life insurance usually stay the same for the entire life of the policy. Most of these policies last for the life of the policyholder, with some building cash value as well. Whole life insurance is sometimes referred to as permanent life because it has no timeframe limits as opposed to term insurance. You can get these policies with the help of a reliable Covington medicare advantage service.
A More Economical Option
Since final expense insurance is intended for funeral costs, its coverage amount is generally less than that of conventional policies. People spend an average of $10,000 to $20,000 on personal insurance, making a final expense policy’s premiums less expensive than more extensive policies.
Quick, Hassle-Free Qualification
Given that the coverage amount is less than that of other insurance types, some final expense policies require no medical tests and are instead based on an applicant’s answers to questions on their form.
So who needs final expense insurance? First off, take note that final expense insurance is permanent insurance, so provided premiums are paid, it will have no expiration and it will have a cash value over time. Since the death benefit is only about $5,000 to $25,000 – significantly less than conventional insurance – it is often lighter on the budget. This makes final expense coverage a smart option for seniors who don’t want to burden their families with their end-of-life expenses.
On the other hand, final expense insurance isn’t only good for seniors. Anyone who doesn’t want to depart from this world with their families unprepared should seriously consider taking out a life insurance policy. By asking different providers for quotes, including a final expense quote, it will be easier to decide which type of coverage is best.