what is final expense insurance?
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What is Burial Insurance and Final Expense Life Insurance?What is Final Expense Life Insurance? Do I need a Plan? What does it cost?
These are very common questions in regards to burial insurance, also known as final expense plans. These plans are small life insurance policies that are designed specifically to handle the last expenses a person’s family must handle for them.
How it Works Burial insurance policies are permanent life insurance. This means that these policies do not have a specific time period – or term – of coverage, and, provided that premiums are paid, the policy will not expire. In addition, these policies will also include a cash value component where tax-deferred savings can be built up over time. These funds may be withdrawn or borrowed against if the policy holder opts to do so. However, it is important to note that an unpaid loan or withdrawal will go against the policy’s death benefit.
Applying for a PolicyWhen applying for final expense insurance, a medical exam is not typically required. This means that the applicant will not need to submit a blood and urine sample. This can be a relief for those who have a fear of needles, as well as for those who may have certain health related conditions.
Applicants will, however, be asked certain questions on the application for life insurance coverage. For example, the insurance company will want to know information regarding:
One premium payment option is the traditional monthly mode. Another option that funeral insurance buyers have for paying their premium is to simply pay one single lump sum. This way, the policy will immediately be paid up, with no further premium payments due.
How to Find the Best Affordable Final Expense Life Insurance Coverage Policy.When shopping for final expense insurance, it is important to first compare policies and quotes from more than just one insurer. This is because the premium that is charged for this type of coverage can vary a great deal from one insurance company to another.
Not all final expense insurance policies are the same. There are several things that you should look for when comparing burial insurance plans. Just some of the questions that you need to ask include:
The CostThe younger the age the lower the costs. If you start the process in your early 50′s the cost can be quite low while life insurance for seniors can be pretty steep. Since there is no medical exam required, those who have certain adverse health conditions can typically qualify for coverage. This means that families and loved ones can obtain the financial protection that they need pretty affordably, even if they have been turned down for other types of life insurance coverage.
Also, once an individual has obtained a burial insurance policy, their premium will usually be locked in for the life of the policy. Therefore,their costs will not go up – which can be a real advantage for those who are on a budget and / or are living on a fixed income.
If you have any additional questions regarding burial insurance, comparing life insurance quotes, or even about life insurance in general, please feel free to give us a call at 801-701-2121 and we will be happy to help. We want to ensure that you and your loved ones find the funeral insurance protection that you need in order to provide you with the peace of mind that you deserve.