Final Expense Insurance

Final Expense Life Insurance Is a Necessity for your Estate Plan

Whether or not you have traditional life insurance, final expense life insurance is a necessity. The additional level of protection provided by final expense insurance will ensure that all costs associated with funeral expenses will be covered which is something that your traditional life insurance policy may not cover and your beneficiary may not use towards your burial and funeral expenses.

One of the biggest distinctions between final expense life insurance, which is often referred to also as burial insurance and conventional life insurance is the enormous difference in cost. The face value of the majority of final expense policies is significantly lower than that of traditional life insurance. Typically people purchase a conventional life insurance plan that covers that amounts of debt he has, including mortgages and other loans as well as providing for the living expenses for his family over an extended period of time. In contrast, most of the policies for final expense insurance have a smaller face value of $10,000 to $25,000 and can be less. The specific goal of these policies is to pay for your actual funeral and burial expenses.

Therefore this means that the overall cost of final expense / burial life insurance is significantly lower that the overall cost of a conventional policy to you.

Timing is Very Important

Another extremely important point for this type of policy is how promptly the policy pays out. Unlike a conventional insurance policy, which can take many months to pay out the death benefit, most final expense / burial insurance policies pay the beneficiary within 24 hours of your death. Typically this is very important to loved ones because the expenses begin incurring immediately and the policy is immediately available to cover these expenses. There is no waiting period and therefore no expenses are fronted while waiting for a traditional life insurance policy to fund.

Why it is Necessary to Have Both Traditional and Final Expense / Burial Life Insurance.

The primary goal of final expense / burial life insurance is to ensure that your family is protected from having to pay the costs associated with funeral, burial and final expenses that they need to pay immediately. Additionally, the final expense funds can be used for other things. For example, it may take more than six months for a conventional life insurance policy to pay out. Throughout that time, there may be six months of expensive mortgage payments for the family to make as well as other bills that need to be paid.

Even if you have traditional life insurance, final expense / burial insurance is a necessary piece that your family needs. Give us a call today at (888) 520-8021 or fill out the form today and we can explain to you how this type of insurance will protect your family from financial devastation. It's fast payment and low cost could be just what it takes to get you through a difficult time.