No one likes to talk about their own death, but it’s an inevitability that comes with life. That’s why you need to be prepared, and one way you can do that is to get a life insurance policy — one that will pay for funeral costs and other final expenses when you pass away. These types of policies can give you financial security in case something happens to you. But while a standard life insurance policy can offer a lot of benefits to younger families, it’s not always the best option for seniors. A final expense insurance policy might be a better option.
What is Final Expense Insurance?
Final expense is a type of life insurance policy that’s sometimes referred to as “burial insurance” or “funeral insurance.” It’s specifically designed to cover the costs related to your funeral service and any other related expenses, and it can be used to cover any end-of life-expenses (such as outstanding debts or end-of-life medical care). Final expense has become popular in recent years, because it’s not only affordable but can also be purchased without the need for a medical exam.
Reasons to Get Final Expense Coverage
Life insurance policies are harder to get when you’re older, and it’s not just because of your age. Older people are more likely to get certain medical conditions, which can limit your ability to get coverage. And while the application for final expense insurance can come with medical questionnaires, you don’t have to worry about taking a medical exam. Because these policies are easier to get, the cost per benefit will be higher. That’s why most final expanse policies are a lot smaller.
When it comes to purchasing life insurance, your age and health play a major role in how much you pay. And the older you are, the more expense it will be. Final expense insurance policies are more affordable, because they have smaller coverage amounts. Other types of life insurance policies can help your family pay for other costs (such as mortgage payments, car payments, and other financial necessities) in addition to the cost of a funeral. They’re more suitable for younger individuals with dependent children, so they need more sophisticated life insurance policies that will cover these financial responsibilities. Final expense is only meant to cover funeral costs and other final expenses, and they have smaller death benefits (usually less than $50,000).
While death is an inevitability, it’s also sad. And many families have to deal with the costs of the funeral along with other expenses that have been left behind — all while dealing with their grief. Funerals are expensive, and the cost can be hard to deal with if your family isn’t prepared. Getting final expense coverage can be a great way for seniors to give their families that extra piece of mind, because they’ll know that the cost of your funeral will be covered.
If you’re looking for an insurance agency in Houston that can help you find the right type of final expense life insurance policy, get in touch with JWB Insurance today!
