Who Needs It?
No one really wants to think about end of life. But, what if you’re retired or nearing retirement and you don’t have life insurance? You may think that you’ll no longer qualify due to your age or health conditions. That’s not necessarily the case.
Final expense insurance is a form of life insurance that requires little or no underwriting, which means almost anyone can qualify. Policies are available in face amounts typically ranging from several thousand dollars up to a maximum of $50,000 or $75,000—much less than a standard life insurance policy. That’s because these policies are only intended to cover final expenses and not longer-range expenses like ongoing living costs or college and retirement funding.
Final Expense Insurance can cover a number of costs such as:
- burial and funeral costs
- medical bills
- probate or legal fees, and
- then some…
Final expense insurance allows loved ones to use the benefits for the expenses they need to pay, as opposed to just covering burial costs.
Final Expense Insurance typically comes in 2 varieties:
Immediate full benefit policies are generally available to people with no serious health concerns and pay the full face value upon your death.
Graded benefit policies are available to people with serious health concerns and provide limited benefits during the first few years.
These policies can provide the peace of mind of knowing that your survivors won’t struggle to pay for your funeral or be saddled with outstanding medical bills and other debts.
Final expense insurance makes sure funds are allocated and available for your family when they’re needed! And, like most standard life insurance policies, benefits are generally paid out to the beneficiary tax free!
Getting final expense insurance doesn’t have to be hard (or boring). We have some easy steps for you to walk through to see if final expense insurance is right for you.