Final Expense Insurance

Unfortunately, death is a finite component of life. With a family member’s passing, there comes a lot of stress, anxiety and obvious sadness placed upon their loved ones left behind. The last thing you wish for your loved ones is the additional financial stressors that go along with funeral costs. According to the Federal Trade Commission, the average funeral ranges in costs anywhere from around $6,000 to up to as much as $10,000. It is important to plan for these unfortunate circumstances of burial and funeral costs in advance with a Final Expense Insurance policy.

Types of Final Expense Insurance:

When it comes to final expense insurance, there are in fact varieties of options that provide much needed flexibility for differing needs. The basic purpose of the varying options is to provide for funeral costs in advance, so that there are no financial burdens placed upon surviving family members. At times, Final Expense Insurance can be called by many other names, such as Funeral Insurance, Burial Insurance, or Pre-Needs Insurance. There are also specific types of specialty forms of this type of coverage that are similar but referred to as Graded Benefit Life Insurance and Easy Issue Insurance. These Final Expense Insurance policies can be purchased as term or whole life policies, which allows either for coverage to last a pre-determined period or for the remaining years of life of the insured individual. Though physical examinations are not required, health questions may however be asked. With the purchase of a whole life type of policy, it will build up a cash value over time that may be borrowed. However, with the borrowing of the accumulated sum, the face value of the given policy decreases unless the amount is repaid with interest.

Significance and Essential Considerations:

A Final Expense Insurance policy provides the coverage for three very necessities. These necessities include the coffin, the plot in which the deceased is to be placed, and the clothing chosen for the burial of the deceased loved one. For these reasons, it is essential to explore the other considerations and functions of the various final expense coverage‚Äôs. Be sure that your chosen policy of coverage does not have implications for inflation or out-of-state issues that may void out a policy’s umbrella of coverage. Final Expense Insurance is an important way to potentially prepare your beloved family members for the aftermath of your passing. Though it is an unfortunate truth, it is necessary in order to keep your loved ones from a heavy financial burden in their time of grief.

Posted by on Oct 21 2013. Filed under Blog. You can follow any responses to this entry through the RSS 2.0. Both comments and pings are currently closed.

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