Final Expense Insurance Review
Why Buy Final Expense Insurance?
Final expense insurance is the name given to policies that include some manner of coverage for burial, funeral and bereavement costs. It differs from life insurance in many key ways, most notably in the relatively low cost and lack of pre-screening for health conditions. While many life insurance policies include some coverage for final expenses such as funeral and burial, a dedicated final expense policy, such as a policy from State Farm Final Expense Insurance, Foresters or Fidelity Life, gives added protection and ensures that your loved ones are protected from having to pay funeral costs and related expenses out of pocket.
Final Expense Insurance: What to Look For
When looking into a final expense insurance policy, there are many things to consider. We’ve gathered and compiled the most useful data on multiple such policies so that you can compare them and find the one that best fits your needs. The criteria we looked most closely at were the length of coverage, type of coverage, and the amount that is reimbursed on each policy.
First of all, like standard life insurance policies, final expense insurance policies can be issued for the life of the individual or on a termed basis. Term policies can be helpful in situations where the death is expected, as in the case of a terminal illness. If a term policy is chosen and the policyholder is still alive at the end of the term, however, the policy expires and no benefits are received. Whole life policies, while they do not expire, may only be obtained up to a certain age, so it is important to do your research and determine which type of policy you need and when you must purchase it.
Another consideration is what type of final expenses you plan to incur. Immediate burial plans are often the least expensive, as they do not involve a funeral home or viewing. Full-service plans include such things as a viewing, a ceremony, and either entombment or cremation of the body. Often they can include the cost of preparation of the body, as well as limousines and flowers for the funeral home. Depending on the company and the policy, even expenses such as unpaid medical bills and legal fees may be covered.
The coverage amount is determined by your needs. When assessing the costs of the funeral service, it is essential to factor every item into the assessment, to arrive at the most accurate estimate and receive the most coverage. Many funeral homes will offer packages with predetermined services, but these are often flexible and can be suited to meet your individual needs. Once a list of costs is compiled, the insurance agent of the company you choose can walk you through the process. Most applicants are accepted upon answering a brief health questionnaire, and coverage often begins immediately upon approval.
Because death is inevitable, planning for it only makes sense. The peace of mind provided by knowing your loved ones won’t suffer financially upon the event of your death is of incalculable value. There are many options to choose from, so you can be sure there’s a plan that is just right for you.