When it comes to life insurance there are 3 categories most people fall into:
- They don’t have it because they assume that it is going to be too expensive and they can’t afford it
- They think that since they did not purchase a policy earlier it will not accumulate enough money in the event they pass on.
- If they can’t afford life insurance they definitely would not have enough money for their burial expenses
In just about every case these 3 things couldn’t be further from the truth! There are several options available for quality and affordable protection.
While many people view life insurance as a way of replacing income for loved ones when they pass on, it is not always about income, and that is why it is important to understand options such as Final Expense Life Insurance.
Funerals and burials often cost more than most people expect, and the point of life insurance is ensuring that your loved ones are taken care of when you pass away, and that their lifestyles are not drastically changed.
Unfortunately being faced with unexpected funeral and burial bills after your death could cause drastic changes.
Final Expense Insurance pays the cost of your final arrangements after your death such as burial or cremation.
This type of life insurance covers various funeral expenses so you don’t leave that financial burden to your family and friends.
It makes a difficult time a little easier for those left responsible for your final wishes.
Unlike most life insurance plans, with a Final Expense plan you can be approved without a medical exam.
Final Expense applications are simple and quick, ask very few health questions and accept reasonably healthy elderly people.
Some Guaranteed Issue Final Expense policies ask absolutely no health questions at all and accept all qualified applicants.
Final Expense policies are usually issued in amounts ranging from $5,000 to $30,000.
However some senior’s may need and qualify for a larger coverage amount.
You never know what tomorrow will bring which means you really should not wait any longer to get the life insurance protection you need.
Not having adequate coverage for your loved ones is the worst thing you could do for their future.
Working with one of our trusted agents we can help guide you through this discussion and process.
We want to help you make unfortunate circumstances as bearable as possible.
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Our next entry in this 4 part series is about Annuities, such as a 401k plan, which can help you accumulate savings for retirement.