What you Should Know About Final Expense Insurance

When choosing Final Expense Insurance, there are two important factors to consider. One is, “Who will make your final plans first?” and “Then how will those plans be funded?” These might seem like simple questions, but often many of us do not ask ourselves or think seriously about them.

By doing nothing at all, another person will have to handle your final arrangements. In most states at your death, lineage will decide who has the right of disposition. If there are no legal descendants to handle this task, then in most states, townships and/or counties will come in and do the final disposition done. This is usually a direct burial or cremation as chosen by the government body who is handling the case. One can avoid this possibility by choosing a family member or friend with this duty and having the legal documents necessary to carry out your burial. Make sure your chosen administrators will have access to final expense funds. Bad situations can be avoided by making sure to preplan your funeral. By designating the beneficiary this will allow you to have specific funeral and burial expense funds that are in the control of your chosen administrator.

Also, you will want to give thought to the funding aspect of your burial arrangements. You will want to ask yourself if the your current funding (insurance, savings, etc.) will be sufficient and available when that time comes? Will your present insurance be needed to settle other expenses that could include medical bills, estate taxes, etc.? Will your present insurance or savings keep pace with funeral inflation costs? If you answered no to any of these questions, then you might wish to think about additional insurance that is designed specifically for your final expenses. Final Expense insurance policies can be made in small amounts to help with your existing insurance or larger amounts to cover total burial and funeral costs.

Does everyone need final expense insurance? No, but many families will be able to honor a loved one’s wishes because that person had a final expense insurance policy for the time of their death. Your consideration and attention you give to these matters will make a big difference for those who eventually will do your final planning.