Funeral costs are rising, so leaving money to pay for your burial costs is even more critical. Final expense insurance, also referred to as funeral or burial insurance, can help alleviate the burden on your family.
What Is Final Expense Life Insurance?
Final expense life insurance is a whole life insurance policy designed to pay for final expenses so your family doesn’t have to use their finances. Retirees commonly purchase the policies, but some companies offer them to people of any age.
What Are the Benefits of Final Expense Life Insurance?
In addition to easing the stress on your family, here are additional benefits of buying life insurance for final expenses.
Affordable
The policies are usually sold in smaller amounts, generally $5000 to $25,000, so the cost is typically less than other permanent insurance policies. This is beneficial if you are on a fixed income and cannot afford a larger payment.
Easy To Obtain
You only have to fill out a medical questionnaire to qualify for final expense life insurance. Generally, you do not need a medical exam and cannot be turned down.
Final expense insurance is a great option to help your loved ones pay for your funeral expenses. You and your family will have peace of mind.
