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Unique Features of Final Expense Life Insurance

The hardest thing we can ever face in life is usually the demise of a loved one. But on top of the emotional trauma, we also have to deal with the practical consequences, including end-of-life medical bills and funeral costs. The surviving family can find this combination mentally and even physically debilitating. This is the reason behind the creation of final expensive life insurance.

But considering the entire range of life insurance products that all seem to provide the same benefits, what are the unique features offered by final expense insurance?

Life Preparedness as the Focus

Regular life insurance policies typically don’t include cover for funeral preparation costs. Caskets alone, depending on material and style, can go as high as $10,000. This does not include flowers, transportation, preparation of the body, headstone and many more. A final expense policy allows the family to deal with and eventually resolve their grief, instead of having to worry about finances.

A Whole Life Policy

In regular whole life insurance, the death benefit and insurance premium are typically the same at any stage of the policy’s life. Such policies typically last the entire life of the policyholder and may also increase in cash value. Whole life insurance can be called permanent life because it doesn’t have timeframe limits like term insurance does.

A More Economical Option

Because it’s usually used for funeral costs, the coverage amount of final expense insurance is often lower than regular policies. On average, people spend about $10,000 – $20,000 on personal insurance, which means final expense premiums cost a lot less than more comprehensive policies.

Hassle-Free Qualification

Because the coverage amount is less than most types of insurance products, some final expense policies require no medical tests for qualification purposes, and are simply based on an applicant’s answers to questions on their form.

So who are the people who will benefit the most from final expense insurance? First of all, remember that final expense insurance is permanent insurance, meaning it has no expiration (as long as premiums are paid) and maintains a cash value over time. With its death benefit only amounting to $5,000 to $25,000, which is way less than traditional insurance, it is generally more affordable. This makes final expense coverage a smart option for seniors who don’t want to burden their families with their end-of-life expenses.

On the other hand, not only seniors will do well to secure their families with final expense insurance. Anyone who doesn’t want to depart from this world with their families unprepared should seriously consider taking out a life insurance policy. By asking different providers for quotes, including a final expense quote, will make it easier to find the best policy for one’s needs and budget.

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