Final Expense Store
Burial Insurance | Final Expense Insurance | Funeral Insurance
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Life Insurance
What is Final Expense Insurance?
What is final expense insurance? How does a final expense insurance policy work? How much coverage can I get from a final expense life insurance policy? How do I get a final expense insurance plan?
These are all some great questions to ask of your life insurance agent while you are in the beginning stages of gathering information to research which final expense insurance policy you would like to purchase, how much coverage you feel you will need, and which life insurance company you should buy your life insurance policy from.
Basically, a final expense insurance policy is designed to provide financial protection for the insured’s family in the event of the insured’s death by providing the funds necessary to cover the costs associated with funeral expenses. The amount of death benefit or coverage one can receive from this type of life insurance policy will vary from one life insurance company to another.
The typical amount of money one can expect to be able to purchase for their funeral expenses will range from $2,000 up to a policy maximum amount of $50,000. Not all burial insurance companies will write a final expense policy for as little as $2,000, and likewise, not all burial insurance companies will allow you to purchase the maximum amount of $50,000.
With the economy being what it is these days, knowing ahead of time before you pass away that your burial expenses have already been provided for can bring a tremendous amount of emotional comfort to the insured, and their family.
Needing to find the necessary funds to provide for a proper funeral, shouldn’t be a task one’s family should have to endure immediately after the passing of a loved one. Your family and friends will no doubt be dealing with the grief of your death. Having to find thousands of dollars for your burial will only add to their already stressful situation.
Having the foresight to purchase final expense insurance to provide for your own burial expenses just makes a lot of sense if you think about it for a minute. It can serve many purposes.
You and your family will already know where the money for your funeral will come from, you can even pre-plan your funeral wishes with your family, plus you can purchase coverage up and above your funeral costs to help your loved ones deal with any additional expenses that may result from your passing.
Burial insurance policies or final expense life insurance can be purchased by the insured in one of three different ways. The good news is you can purchase this coverage up to the age of 90 from some life insurance companies, and even have the ability to purchase this coverage if you have a terminal disease; such as cancer or heart disease.
The three types of burial insurance are; a fully underwritten policy, a modified policy, or a guaranteed issue plans.
Each of these three final expense life insurance policies will have different underwriting requirements the insured must meet before the burial insurance companies will issue the life insurance policy.
A fully underwritten policy will require you to undergo laboratory testing and be subjected to a Doctor’s physical.
A modified burial policy will require the insured to answer a series of medical questions, and based on your answers to those questions, a policy amount and premium payment will be determined.
A guaranteed issue funeral expense policy is just like it sounds, you are guaranteed to be issued final expense coverage. This type of life insurance policy is designed for those in declining health, or suffering from a terminal disease, or those who want the ease and convenience of receiving this type of coverage without the hassle of lab work and Doctor’s visits.
Fully underwritten plans will always be the most reasonable priced way to buy final expense insurance, and a guaranteed issue policy will always be the most expensive way to purchase final expense life insurance.
There you have it. You now know exactly what is final expense insurance, how much coverage you can purchase, and the different types of ways you can obtain burial life insurance protection for yourself, your family, and your loved ones.