What is Final Expense Insurance and Why Is It A Must?
Written by Kyle Moore on Jun. 14th 2022
Final Expense Life Insurance is a whole life insurance plan simply designed to cover all the expenses associated with death. These costs are not something that can be put off until the last minute. The entire idea of Final Expense is offering peace of mind knowing your loved ones are taken care of and do not have to worry about any financial burdens. Final Expenses can include medical bills, funeral costs such as embalming, cremation, caskets, vaults, facilities charges, memorial services, and transportation. With your focus typically directed to current health care coverage costs, it’s easy to overlook the necessary pre-planning for end-of-life costs. Tie up all your loose ends so that loved ones are not left to sell their personal assets or dip into savings accounts in order to cover your funeral costs. Additionally, these plans often come with FREE member benefits that range from free will, free P.O.A, financial counseling, shopping discounts, and other benefits.
Funeral costs add up quickly and without a final expense insurance plan and many families struggle to provide coverage for the costs. This can lead to sacrificing tuition coverage, mortgage payments, and many other unplanned cuts. There is enough emotional baggage in a time of loss, you don’t need to make it more difficult on your loved ones. Planning the end of your demise can be daunting and overwhelming but you need to take care of yourself so your loved ones don’t have any financial burdens upon you leaving. Out of sight, out of mind is a phrase we typically use because taking this necessary step is easy!
Ok, ok, you are now interested and now wondering how much these plans are right? So many people THINK that insurance, in general, is expensive when in reality they are extremely affordable and necessary. These plans are affordable and do not require a medical exam, unlike other life insurance plans. Because plans are created individually, you decide how much coverage you want ranging from $1,000 - $50,000 and even Individuals with preexisting health conditions will never be turned away from a Final Expense insurance plan either, they just have a 2-year waiting period.
Now that you know the importance of these plans it is absolutely essential to work with an experienced insurance agent who can help you decide what amount is best for you and your family, depending on your planned arrangements and how much you would like to contribute to the plan on a monthly basis. It is also important to obtain a plan that will have extra protection for any future inflation related to funeral and burial expenses. I strongly recommend buying at least 30% more coverage than what you would need today.
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