Final expense funeral insurance may not be at the top of your list of priority expenses. In fact, the reality of today’s economy is that it’s hard to put aside money for anything. But inevitably we will all be saddled with the expense of a funeral, the average cost of which can fall anywhere between six and ten thousand dollars. Final expense funeral insurance coverage can protect your surviving loved ones from being burdened with that cost, as well as allowing them to grieve without the added financial worries of a funeral. Let’s take a look at the benefits of, and the different policy options of final expense funeral insurance.
What is Final Expense Funeral Insurance?
Final expense funeral insurance is basically a form of insurance that will cover any expenses that occur as a result of your death. These expenses can include the cost of the funeral, your burial plot, cremation, medical bills, and even taxes. They are basically life insurance policies that that can be used to fund your final expenses by yourself, while you are still alive. The benefits of having Final Expense Funeral Insurance are:
- Easy monthly, quarterly, six month, or annual payments that never increase
- Can be purchased for your own funeral or a loved one’s
- The benefits are generally tax free
- Leftover monies from the actual funeral cost can be placed towards other bills
- No medical examination is required
- Can be purchased through a Funeral Director licensed to sell Final Expense Funeral Insurance
- Can be purchased online
Different final expense funeral insurance policies have different criteria that must be met, but each can be designed to meet a person’s own unique requirements. All of them though have certain features to ensure they meet those needs. Common important features of final expense funeral insurance policies are:
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- They are permanent policies that must continue until the time of death
- They must be affordable – Generally available in amounts under $50,000
- No-lapse guarantees – as long as you maintain your payments your policy can never expire
- Available to people of all ages
- Available to those with current health problems
- Must be held by reputable companies with a history of prompt payment
A simple Google search of “Final Expense Funeral Insurance” will avail you of a multitude of websites that offer such coverage. Once you locate a reputable supplier, you can fill in a questionnaire which will entitle you to a quote. These questions are designed to provide you with the best possible personal plan, but the quote should only be used as a guideline to possible cost. The actual purchase of your final expense funeral insurance should be made in person. Meeting with an insurance agent or licensed funeral director will enable you to ask your own questions, ensuring that you get the best final expense funeral insurance for you.
One thing to be certain of is that you only purchase final expense funeral insurance with a guarantee that premiums will not increase over time. Read the fine print carefully. Some companies have built in clauses that, although prevent then from raising your premium alone, allow them to include you in a group for which they can raise payments. There are plenty of reputable final expense funeral insurance policies that do guarantee a fixed price over time however, so if the one you’re considering does not, it’s time to select another.
The Benefits of Final Expense Funeral Insurance
A particular benefit of final expense funeral insurance is that it cannot be spent while you are alive.
Final expense funeral insurance policies also allow you to plan every detail of your funeral, from the service arrangements to burial times, and facilities costs, even the purchase of your burial plot. Imagine the relief it will give your family to know that they won’t be faced with the painful process of planning and budgeting your funeral. Purchasing final expense funeral insurance is one of the most loving things a person can do to bid their family farewell.