What is Final Expense Insurance

One common insurance product these days is final expense insurance. Individuals are using these plans to take handle their burial expenses and using some of the money to help take care of their families.

What is Final Expense Insurance

Final expense insurance plans are insurance plans that usually purchased more towards the end of life, usually with the purpose of taking care of burial expenses and leaving money for family members.

Usually people 50 and older are purchasing these plans. The final expense policy can also be used to supplement other policies. Meaning that you could have a final expense policy with other term life and whole life policies. However, final expense policies have several other advantages in comparison.

Advantages of Final Expense Policies

Usually finally expense policies are insurance policies with a less dollar amount compared to other longer term policies. For example, normal final expense policies will normally have $10,000 to $30,000 amounts in coverage. Meaning that if you die than your family will get that amount in coverage.

The advantage to having the lower amount is that some times your premiums will be lower. These policies in comparison are usually at a higher rate with similar coverage amounts on a term life or whole life policy, but having the lower coverage can save you money compared to the higher coverage amount policies.

In addition to potentially having a less monthly payment, final expense policies are more easy to get approved for. Having pre-existing conditions, health problems, and other things that would normally preclude you or make your costs on normal insurance policies here won’t have as big of impact in comparison. As a result, you may be approved for a final expense policy where you might not be able to get normal life insurance.

Why You Should Get a Final Expense Insurance Policy Now

It’s never a good idea not to plan for the worst. You should be prepared just in case and make sure that your family members and loved ones are taken care of. By getting a final expense policy you can get money to make sure that your burial expenses are covered and that your family members are taken care of.