Saving Money Prior to Checking Out
Just like taxes, death is inevitable.
In order to bring a little less worry to that time, buying final expense insurance years ahead of time can be a great decision for both the individual and their loved ones.
Final expense insurance is an option that has grown in popularity in recent years despite the fears of scams and policies that could not be used.
In most cases, there is no medical, health or physical exam required in order to obtain final expense insurance.
What you get with final expense insurance is the peace of mind in knowing that your final wishes will be carried out and that they are taken care of from a financial stand point.
Final Expense Insurance and Choices
With final expense insurance, you can select ahead of time what you want at your funeral, including the type of casket, service accessories, the type of funeral, and so on.
Once your choices are noted, the funeral director can total up all the costs and sell you an insurance policy at face value to cover your wishes. You typically receive some form of guarantee that the costs will not surpass the face value of your policy.
Burial insurance gets its name as people look at it as just enough life insurance to cover the final expenses. However, when this coverage is purchased through an insurer, it in turn is just a small whole life policy. Due to the fact that it has small face value, there typically will be only a few health questions.
Should your health be such that you are not able to get whole life burial coverage, you can still receive a graded benefit life. With the graded benefit, you are required to live two years before the entire face value is paid. If you die in the first two years, your beneficiary obtains the premium plus interest - except in the event of an accident whereupon he/she gets all of the face value.
Key features of final expense insurance include: premiums and benefits remain level, final expense insurance is whole life with cash value, easy medical underwriting, simple application, face values available to meet your requirements, double indemnity available should you die by accident, and loans can be taken against the policy.
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