Why You Need A Final Expense Policy
May 3, 2018
Reviewed and Updated by Anastasia Iliou,
Did you know that final expense is completely separate from life insurance? That’s right – even if you already have life insurance, you may not be completely covered for costs you incur at the end of your life.
We know planning for the end of your life can be upsetting, so we want to make it easy for you. Final expense policies are sort of like a way to pay for your funeral in advance. You’ll pay a monthly premium, and then when you pass away your policy will pay for your burial expenses and other related bills.
Planning for Final Expense
There are two main questions you’ll need to answer before you purchase a final expense policy. You’ll need to know what type of funeral your family will hold for you, and who your beneficiary will be (the person who uses the policy after you pass away). If you only expect a small ceremony or cremation, you won’t need as much coverage as you would for a large memorial service.
Keep in mind that when you purchase final expense, you’re really helping your family. Your family members are the ones who will be paying for your funeral and final costs. Investing in a final expense policy will help them greatly.
Other Benefits
If you’re still not convinced that you need final expense, keep in mind that these types of policies, much like life insurance, build cash value. If you have a financial emergency before you pass away, you can take out the cash value of your final expense policy and use it to cover your expenses.
Additionally, you should know that when you pass away and your beneficiary uses your final expense policy, the payout is tax-free. It’s a good way to help your family at least save money on your final expenses if not cover them altogether.
Get Started with Final Expense
Ready to buy a final expense policy? Our agents are not limited to Medicare sales; they can also help you with final expense, life insurance, cancer insurance, heart attack coverage, and more.
Fill out this form to get in touch with us or give us a call at 844-431-1832.
