A big part of life always seems to be planning for the next phase of your life, whether that’s going to college, starting a family, or even the end of your life. And while no one likes to think about their final days, planning for this time is important, especially if you have loved ones who depend on you. In order to ensure that your loved ones aren’t left with a financial burden when you are gone, you’ll need some sort of life insurance – but which type of policy is right for you? You might not want or need a traditional life insurance policy, so you might be looking into final expense life insurance to cover just your final expenses. But is this type of policy a good deal?
Is Final Expense Life Insurance Right for You?
Term and whole life insurance policies will help replace your income and pay for other big expenses when you’re gone, making them great choices if you’re younger and/or have a family to take care of. But if you’re older, you might not need such a large policy. If you’re just looking to cover your funeral expenses, a final expense insurance policy, also known as burial or funeral insurance, is a great option.
If you’re wondering if a final expense policy might work for you, consider the following. These policies are:
- Designed for adults 50 to 85 years old.
- A type of permanent life insurance, so they will remain in effect for your entire life.
- Affordable because they offer lower coverage amounts, typically up to $35,000.
- Good for people with health conditions, because no medical exam is required to qualify.
Are These Policies Worth It?
If you’re older and looking for a smaller life insurance policy that will cover just your funeral costs and maybe some of your debts, a final expense life insurance policy is most likely worth it, especially since they are more affordable than traditional policies. But to really decide whether this type of policy is right for you, you should calculate the expenses that your family will be left with after your passing, which will help you to determine how big of a policy you’ll need. Consider that the average funeral costs around $10,000, and you can purchase a final expense policy that will provide up to $35,000 in benefits, meaning one of these policies should work for you if you’re not looking to replace income or pay off a house, for example.
Looking For An Affordable Plan?
It’s not easy to think about no longer being with your family, but it’s important to be prepared for that day when it comes. Your family will be going through a difficult time, and the last thing they should worry about while grieving is how they will pay for your funeral and end-of-life expenses. You can give them at least financial peace of mind with a final expense insurance policy. There are multiple affordable policies to choose from that you can fit into your monthly budget, and you won’t have to worry about passing a medical exam.
If you’re interested in providing your family the financial stability to pay for your funeral arrangements and more, a final expense life insurance policy is a great choice – but choosing an insurance policy is an important decision. You want to make sure your family is taken care of when you’re gone without getting tied to a policy that is going to be a financial burden. Fortunately, you have multiple coverage options, some with added benefits. To make the process easier, consider using online tools, or speaking with an agent. We have provided the top life insurance companies in the nation below; each offers hassle-free assistance and competitive rates. Always check multiple sites to make sure you have bargaining power and know the different advantages of each company. Make sure a hard time isn’t made harder by a financial burden, check final expense insurance rates today.