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What is Final Expense Coverage?
Final Expense Coverage is specifically designed to cover the costs associated with a person’s death , such as funeral expenses, burial costs and any other outstanding debts. It is also known as burial insurance or funeral insurance. It provides a lump sum of money that can be used to cover any expenses that may arise.
Your Expenses Simplified
These policies are typically available in smaller amounts than traditional life insurance policies, usually ranging from $5,000 to $50,000. They are also usually more affordable than other types of life insurance because they are designed to provide coverage for a specific purpose and the policyholder is not required to take a medical exam prior to buying the policy.
Peace of Mind
The premiums for final expense policies are usually fixed and guaranteed, meaning they will not increase over time. This offers a conservative, low cost plan to make sure your final expenses are taken care of even if something happened tomorrow.
Tax Free Benefit
These policies generally do not require the beneficiary to pay taxes on the death benefit received. This can be beneficial for those looking to provide financial security for their loved ones after they pass away without having to worry about them having to pay taxes on the money received.
Quality, not quantity
Many final expense plans allow you to customize your coverage by adding riders that cover additional costs such as cremation expenses or medical bills associated with terminal illnesses. This can help ensure that your loved ones are taken care of financially after you pass away.
Compared to Funeral Home Pre-Planning
Final expense life insurance provides cash value to the policyholder. This means that the policyholder can access some or all of the cash value if needed before death, providing flexibility and financial protection in case of an emergency. Preplanning through a funeral home does not offer this benefit. Many plans also offer immediate coverage so that even if only one payment is made, the full coverage is in effect. Comparing this to a funeral home pre-planned program, if they full expense is not paid off, that expense will be left to the family to cover.
