Can I Buy Final Expense Insurance For My Wife?

Can I Buy Final Expense Insurance For My Wife?

Final expense insurance is designed to assist family members with the financial burdens that arise after a loved one's passing. This type of coverage is also commonly called burial insurance. Companies typically offer these plans to individuals that are between the ages of 45 and 85. The person's age usually determines the amount of the monthly payment. However, it is ordinarily affordable and budget-friendly. 

The total payout of the final expense insurance policy depends on which one you choose. They are regularly available for $2,500 to $25,000. However, some insurers offer them for as much as $50,000 to $100,000. These plans are relatively simple to qualify for as there is no medical exam required. The applicant will have to answer some questions regarding smoking, age, and severe conditions. Final expense insurance helps cover costs such as...

  • Immediate Household Expenses

  • Burial Or Cremation Funeral Services

  • Medical And Legal Bills

Funerals Are Expensive These Days

Most studies indicate that funerals range between $7,000 and $10,000 in the U.S. That is not a small amount, nor one that family members can always come up with quickly. Cremation costs aren't much better as they run from $2,500 to $5,000. Therefore, people have to think outside of the box to prevent these burdens from being thrust upon their loved ones. That is where burial insurance comes into play. So, consider getting coverage today and gain peace of mind in knowing that you have done your part to handle your final expenses. 

Can A Person Purchase Final Expense Insurance For Someone Else?

Yes, it is possible for a person to buy a final expense policy for another party if they have an insurable interest in the individual. In layman's terms, insurable interest means that you would suffer financially if the person were to pass away, or you rely on the person for financial support. For example, a husband can purchase final expense insurance for his wife because he would most likely be the one covering her funeral costs. Other persons that an individual may have an insurable interest in include but are not limited to...

  • Parents

  • Children

  • Siblings

  • Other Family Members Like Grandparents, Aunts, And Uncles

  • Or Even Business Partners

Some Things To Keep In Mind

While it is possible to purchase one of these policies, the interested party must first discuss the endeavor with the other person. Why? Well, there are several different reasons why a discussion needs to take place. For one, in many cases, the individual wishing to buy the insurance must get the other party's permission. They will likely need them to sign the contract as well. Not to mention, the person being insured may need to conduct a phone interview to answer some questions.

However, in other instances, the insurance company or state might not require the insured party to be notified about the policy. So, before running right out and purchasing final expense insurance for someone else, it is a good idea to speak with a professional about the situation. They know the ins and outs of the law, and they will be more than happy to guide you through the process.

Give us a call to discuss your final expense insurance options today.

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