The chances are that at one point or another in a person's life, they will realize that death is inevitable. Of course, not many people want to think about dying, but it is impossible to keep the thoughts from creeping in every once in a while. One of the things that bother folks the most is knowing that they will no longer be caring for their surviving loved ones. They worry about financial problems arising and the family having to alter their way of life drastically.
To combat these issues, a lot of people purchase life insurance. It is a way for them to replace income after passing away to ensure that their relatives can remain living comfortably. However, unexpected bills frequently pop up, and the funeral expenses wind up costing more than anticipated, which leads to them burning through the money in a hurry. Therefore, picking the right plan and coverage is essential. Continue reading to learn some of the ins and outs associated with final expense insurance.
What Is A Final Expense?
Final expenses entail of things like burials, cremations, and funeral services. This type of coverage ensures that relatives don't have financial hardships acquiring the required funds to lay your body to rest. Today, the average price of a funeral runs $7,000 or more. The casket alone costs hundreds if not thousands of dollars. Loved ones do not have to spend the money on these services as they can use it any way they see fit, but the funds are available to help them out in this area if it is needed.
Calculate Debts Before Choosing A Policy
Final expense plans are usually intended for policyholders that are not leaving behind a lot of bills. They are designed to help families out with funeral costs and not necessarily to replace the deceased's earnings. The policy a person chooses should be large enough to pay off any debts and cover the burial or cremation fees. Failing to plan ahead can leave your relatives scrambling to find funds in a short time frame. So, avoid giving them these headaches by getting the right final expense insurance to accommodate your needs.
Is Coverage Expensive?
Monthly premium amounts will vary on a case by case basis. It depends on which company a person decides to obtain the final expense insurance from, existing medical conditions, and various other things. However, a 40 or 50-year-old person in good health should expect to pay about 20 bucks a month. Meanwhile, an individual over 65 with a previous condition may spend a few hundred dollars on the coverage monthly. Most installments are budget-friendly though, so don't make the mistake of going it alone with no insurance at all.
Speak to one of our burial insurance representatives today to find out which policy is right for you. The death benefit never decreases, premiums don't increase, and there is no medical exam requirement. Contact the office or call us at 888-994-5475 for a consultation.