The price of funerals is constantly rising, with recent estimates ranging between $7,000 to $10,000. Grieving family members will need space to heal that won’t be crowded out by heavy financial decisions. Here are some common questions and answers that explain how final expense insurance can help families.
Q: What is final expense insurance?
Final expense insurance is a type of life insurance policy designed to defray end-of-life costs. The policy’s purpose is to protect your loved ones from having to pay for these expenses out of their own funds, which may be tied to their own needs.
Q: Does “final expense” just refer to my funeral costs?
“Final expense” refers to any cost associated with the end of a person’s life. Part of it is the funeral cost, but it covers other expenses as well. This can include final medical costs, mortgage reduction, legal and probate fees, even floral arrangements and catering services.
Q: What is the difference between whole life insurance and final expense insurance?
Final expense insurance is, in fact, a type of whole life insurance. What makes it different from a typical whole life insurance policy?
Final expense whole life insurance:
- does not require you to have a physical exam.
- is designed for people who, because of various health reasons, can’t qualify for preferred whole life insurance.
- premiums can vary from company to company in your state; however, your agent will know which companies offer the best pricing.
Q: Do I really need final expense insurance?
There are a lot of factors that affect end-of-life costs, and even more factors that may affect whether your loved ones can handle those expenses. While final expense whole life insurance isn’t for everyone, the best way to find out whether or not it’s right for you is to talk about your specific situation with a professional final expense insurance agent.
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