What is a Final Expense Life Insurance policy?
It is sometimes referred to as Burial insurance. It covers the costs incurred by the death of a loved one. The following are examples of some costs associated with a death:
- Funeral arrangements, such as a casket, embalming, flowers, etc.
- Burial plot, headstone, cremation, and interment
- Outstanding medical bills, credit card balances, and legal bills
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When considering end of life expenses, I suggest putting a plan in place to cover financial costs. Preparing ahead of time is key. Additionally, as an integral part of this preparation, I would recommend taking a little extra time to detail specific choices regarding burial, cremation, casket, funeral arrangements, etc.
After a loved one passes, there is enough heartache already without the family needing to worry about last minute choices, such as whether to choose a hardwood, bronze, copper, stainless steel or wood veneer casket. Here are a few additional choices that might need to be resolved:
- How much should we spend on the casket? Shouldn’t we spend as much money as possible? Does the amount that we spend reflect how much we value our loved one?
- Where would our loved one want to be buried? Is there enough room, and has it been purchased or arranged?
- Where should we have the funeral? Who should speak? What about the flowers and other details?
These are just a handful of questions that might come up. A wonderful gesture of love may be shown to your family by arranging to provide support in two areas:
- Easing Financial Costs – through Final Expense Insurance
- Relieving potentially emotional end of life decisions – By providing details for funeral arrangements, casket, burial plot, etc.
Final Expense Life Insurance has various options. Coverage amounts range between $5000 to $25,000 policies. Some policies are guaranteed issue, meaning they do not require answers to medical questions in order to qualify. Let me provide some helpful guidance.
