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What is Final Expense Insurance?

Final expense insurance is a basic issue life insurance policy that covers people until they reach 100 years old. It is very much like universal life insurance and may be called graded life or final expense insurance with easy issue permanent coverage. Final expense insurance is a form of life insurance. Premiums are payable by the week or month. The premium is typically collected at the policy owner’s home or workplace. If by chance the company goes out of business, you will be stuck. Funeral associations are a better choice and thus final expense insurance is increasingly popular.

Final expense insurance is another form of insurance. Metropolitan Life, similar to many multistate insurers, have discounts for writing even whole life policies with face values that are under $15,000. Final expense insurance can be an easy issue life insurance policy. You will need to know the maximum dollar amount which you can buy life insurance. Final expense insurance may be necessary to help your family with giving the person a proper burial when you pass away. It can be never too early to start thinking about purchasing final expense insurance since one does not know the timing of ones death or departure from this world.

Final expense insurance is a name that refers to a number of inexpensive insurance choices that cover burial costs. Typically, final expense insurance means low-cost limited policies and pre-paid burial services, which technically are not a form of insurance at all. Final expense insurance is suppose to be used to cover the funeral and burial costs of the policy holder. Most people who do not want to place a hardship or burden their families with these burial and funeral costs will take out final expense insurance polices.

Final expense insurance is typically used to pay the full benefit which is paid when a persons dies. Burial premiums usually will start out with substantially higher premiums than other forms of insurance since they include cash value features. An important advantage of burial premiums is that they are fixed. This means they remain the same even if your health deteriorates. Final expense insurance can be purchased from an insurance broker or a funeral director who will write the policy which covers specific services and/or products you might feel are vital. This may include covering the casket, funeral service, visitation/viewing, hearse, digging and filling the grave, the actual cemetery plot, or burial vault or grave liner, minister, headstone and flowers. Additional costs that are often associated with the death of an individual include legal fees (probate, taxes, etc), doctor’s bills, debts like mortgage, car and credit cards.

Is Final Expense Insurance for you?

Final expense insurance can be a simple and secure means of funding your arrangements in advance. Plans can be made to your individual needs. Final expense insurance is promoted as a way to pay in advance for your funeral expenses so that your loved ones won’t have to pay for your funeral. From a money perspective, buying final expense insurance does not make sense. Before death, funeral home insurance can be obtained in the form of a burial policy.

Final Expense insurance can be less expensive when bought as part of a group. The premiums you pay are less since the insurance company spreads the risk over the entire group. Final Expense insurance is purchased in order to pay for pre-planned funeral arrangements. These policies are sold through funeral homes and other insurers. Final Expense insurance has become a very popular form of cover to take out. For the nominal amount every month you can have the cost of planning your funeral planned.

Final Expense Insurance is an insurance policy that covers any costs that are directly related to your funeral. The payer stipulates what costs are to be covered or the final expense insurance policy could pay out a lump sum.

How do I know what to buy?

Many people don’t know that it funerals can often cost more than $7,000. This usually does not include any outstanding personal debts, credit cards, or mortgages a person might have. For most people the idea of burdening their heirs with this responsibility is not the way they want to be remembered. Since this is the cast most people often buy a Final expense Insurance policy to cover any outstanding debts and funeral expenses.

When you mention insurance some of the questions that come to mind are; How do I know what to buy? Am I insurable? How much should I expect to pay? Where will I get the insurance? How do I know what to buy? To really say that you have a Final expense Insurance policy it must be a permanent policy and not a Term or Annually Renewable type of policy. Those two different types of policies serve a different purpose. In order to be considered Final expense Insurance the policy must last until at least age 100 assuming you pay the proper premiums.

Am I insurable?

While some people are still in great health later on in life, there will be some that are less fortunate. If you are in essentially good health, maybe just a little high blood pressure or a little high cholesterol then you may qualify for a Simple Issue Whole Life Insurance Policy. If that’s not the case and you have cancer or survived a stroke or heart attack, then Guaranteed Issue Life Insurance might be for you. Regardless of your current health condition you
will qualify subject to certain state and age requirements.

How much should I expect to pay?

Prices may vary widely depending on your age when you are applying as well as the death benefit in which you are seeking. Policies can range from $3,000 to $50,000 in death benefit and premiums can run from $5 to $1,000 per month.

Where will I get the insurance?

While most insurance agents can help you with this type of insurance policy there are some who will still not handle this coverage. Fortunately, there are many places to find information and get free life insurance quotes right on the internet.

Does Final Expense Insurance help with costs?

Final expense insurance might not take away the pain of a death, but it can make funeral planning management and it can help with funeral costs after a sudden loss.

Death seems pretty easy, doesn’t it? First you’re breathing and then you’re not. But when it comes down to it, after you’re headed to wherever you think you go, your family and friends are left wondering what the heck to do with you. Funeral? Memorial service? Just shove you on a pyre? With final expense insurance, you can help your loved ones know exactly what to do–and you can foot the bill too. After all, your loved ones are going to be mourning you, violently sobbing probably. They need you to help them make it through this tough time even from beyond the grave.

Before you shuffle off this mortal coil, it can help to plan your last hurrah. When you plan your funeral, you can take the time to pick out your last outfit, the casket that seems to complement your eyes, and even the songs you will have playing in the background as you’re lowered into the ground. While it might seem a little morbid, it’s something few of us ever think of. We simply believe that since we’re not going to be around, everyone else can worry and take care of our funeral stuff for us. We’re off to the deep sleep anyway.

But a loved one who is mourning the loss of you has enough on their mind and they might just screw it up, replacing your lovely Ave Maria wishes with something from Michael Bolton. Instead of placing the responsibility on the shoulders of your loved ones, you can take care of the details now and all they need to do is follow your last instructions.

Just like health insurance, burial expense insurance helps to defray the costs of your funeral and your burial. Even with inflation, you can plan for the costs of your death to be minimal, if present at all. No one wants to go to a funeral, cry, and then be handed a bill, though in a discreet and compassionate way. Funeral directors do need to be paid, after all. With a final expense insurance plan, you can ensure no one but you is paying for your death.