Make Purchasing Final Expense Insurance A Breeze With This Guide
Final expense insurance is a policy that was designed with a specific purpose in mind. It is coverage that is meant to cover funeral expenses as well as short-term debts that the insured leaves behind. These plans are much more affordable than other types of insurance. Why? Well, they are intended only to cover final expenses, not things like college tuition, retirement funding, or additional ongoing living costs.
The plans have various face values, but the typical range is between $2,000 and $25,000. Final expense insurance is the ideal solution for people that don't want to leave their loved ones in a bind financially when it comes to paying for their funeral. After all, burials, funeral services, and even cremations are not cheap. So, after determining the coverage is right for you, be sure to get a policy that will cover all of your final expenses.
Costs Associated With Funerals, Cremations, And More
It is a good idea to work with a funeral home to find out exactly how much your final wishes are going to run. Prices will vary by location and according to which organization you choose. For direct cremation, individuals should expect to spend around $2,500. If someone wants a viewing or ceremony with their cremation, the cost can be upwards of $7,000. However, traditional burials are still the most common option today.
Research suggests that conventional funerals have price tags of between $7,000 and $10,000. Therefore, regardless of which route a consumer decides to go with, insurers recommend that they pick a final expense policy worth at least $10,000. Then, family members won't experience financial hardships by having to come up with thousands of dollars in a short period.
No Medical Exam Required
It is easy to qualify for final expense insurance. Candidates do not have to get poked with needles or have other unwanted tests done. Rather, they merely have to answer a questionnaire about their health, age, and habits to obtain coverage. The plans can be purchased online, through an insurance provider, or sometimes, through a funeral home. Don't be afraid to get multiple quotes though as not all policies or companies are the same.
Why Get More Than One Quote?
Of course, the most obvious reason to get more than a single quote is to ensure that you get the best deal. Nobody wants to spend a substantial sum on minimal coverage. Nor do they want to purchase something that they cannot afford and wind up losing it in the long run. Plus, it is a good idea to make sure that there is not any fine print in the contract with hidden fees. Then again, the applicant may want to be sure that the policy does not tie them down to a single funeral home either.
In other words, is it transferable in case they move out of state or just decide to go with a different organization? Hopefully, this information has given you a better understanding of what final expense insurance is all about, and it has prepared you to start researching plans. If nothing else, perhaps it will make the task a little easier anyway.
Contact our organization to get your final expense insurance quote today.