Final Expense Life Insurance Compared

by | Dec 20, 2016 | Life Insurance

When you go online to shop for your final expense insurance policy, you will be able to look through more than just a few different policies. You will have a wide variety of policies to look through that will allow you to ensure you find the one that is perfect for your family’s needs. You do not want to purchase a policy without looking through a number of different policies first.

You will need to compare the different features that each policy will have in order to find the one that will work best for your family’s needs right now.

What is Final Expense Insurance?

Final Expense insurance or “burial” or “funeral” insurance is a life insurance policy with a low face value typically in the $5,000 to $30,000 range. A final expense policy comes in different forms either term or permanent and depending on the company may have medical or age limitations. However, with the growing demand for Final Expense Insurance has more companies adding policies to cover more people.

The major difference between Pre-Need Insurance and Final Expense is you purchase policy directly from the insurance company and as purchaser you can name anyone to be the beneficiary of the policy. The policy is purchased direct from the insurance company so there is less concern about someone embezzling funds or mishandling the policy benefit before its use.

Another benefit of Final Expense insurance is you can name anyone to be the beneficiary and change beneficiary as life situation changes, usually a family member to use money for funeral expenses or end-of-life-wishes. With Final Expense Insurance there is more freedom to cover costs besides just the funeral expense.

Plan Your Funeral Costs

Estimate Your Final Expenses

Your first step is to figure out how much you’ll need to cover your end-of-life expenses. The cost of your funeral is the first thing that comes to mind and it’s often the largest single cost. But there are other “final expenses” to consider – remaining medical bills, legal costs, living expenses, and credit card bills, to name a few.

Will You Leave Behind Enough Money

The key question is will there be enough money in your estate to cover your final expenses? You may need the help of a financial advisor to figure this out. A secondary question is–will your survivors have immediate access to the funds in your estate to pay your bills? Your money could be tied up in probate and that could be a problem since funeral providers (and cemeteries) expect payment at the time of the funeral.

Decide If You Will Need Final Expense Insurance

If you do not expect to have available funds at the end of your life to cover your final expenses then a funeral insurance policy might make sense for you. Even if you expect to leave behind enough money, you may not want your estate to be depleted by your final expenses. Having a funeral insurance policy is one way to ensure that your entire estate will be available to your family.

Find The Coverage You Want

There are many specialized policies available on the market today to help you cover your final expenses. They may be marketed as funeral insurance, burial insurance or final expense insurance. One feature these policies have in common is that the coverage is typically capped at $25,000 to $40,000, as compared to regular life insurance coverage of $50,000 or more.

  • Level – With this type of final expense insurance, you don’t have to worry about being covered; your coverage will take effect right away, and the full face value will be paid when you pass away, regardless of how soon it might occur after coverage has been purchased.
  • Graded – Graded policies are a solid option for those who aren’t in the best of health but who want as much coverage as possible. With graded coverage, there is a 24-month waiting period before the full death benefit will be paid, but the beneficiary will be paid a percentage of the benefit.
  • Modified – With a modified policy, you are subject to a waiting period that generally lasts for two years. If something happens during this time period, the beneficiary will be repaid the amount of the premiums paid along with a small percentage.

Get A Quote Online

Comparing final expense insurance policies to save money is a great way to ensure that your family is protected while keeping you from spending too much. There are different ways that you will be able to compare all of the policies that are available, but doing so online will be the most convenient way that is available to you.

You will not even have to leave the comfort of your own home to find the best policy available for your family right now.

Find an Insurance Provider

There are lots of different final expense insurance providers for you to look into, but below are some of the best. Since they offer policies to seniors between the ages of 50 and 85, they could be a great choice for you or your parents.

All of these companies provide top plans, have affordable rates and come highly recommended, but seeking quotes from each will help you find the one that is right for you.

When you go online to shop for your final expense insurance policy, you will be able to look through more than just a few different policies. You will have a wide variety of policies to look through that will allow you to ensure you find the one that is perfect for your family’s needs. You do not want to purchase a policy without looking through a number of different policies first.

You will need to compare the different features that each policy will have in order to find the one that will work best for your family’s needs right now.

What is Final Expense Insurance?

Final Expense insurance or “burial” or “funeral” insurance is a life insurance policy with a low face value typically in the $5,000 to $30,000 range. A final expense policy comes in different forms either term or permanent and depending on the company may have medical or age limitations. However, with the growing demand for Final Expense Insurance has more companies adding policies to cover more people.

The major difference between Pre-Need Insurance and Final Expense is you purchase policy directly from the insurance company and as purchaser you can name anyone to be the beneficiary of the policy. The policy is purchased direct from the insurance company so there is less concern about someone embezzling funds or mishandling the policy benefit before its use.

Another benefit of Final Expense insurance is you can name anyone to be the beneficiary and change beneficiary as life situation changes, usually a family member to use money for funeral expenses or end-of-life-wishes. With Final Expense Insurance there is more freedom to cover costs besides just the funeral expense.

Plan Your Funeral Costs

Estimate Your Final Expenses

Your first step is to figure out how much you’ll need to cover your end-of-life expenses. The cost of your funeral is the first thing that comes to mind and it’s often the largest single cost. But there are other “final expenses” to consider – remaining medical bills, legal costs, living expenses, and credit card bills, to name a few.

Will You Leave Behind Enough Money

The key question is will there be enough money in your estate to cover your final expenses? You may need the help of a financial advisor to figure this out. A secondary question is–will your survivors have immediate access to the funds in your estate to pay your bills? Your money could be tied up in probate and that could be a problem since funeral providers (and cemeteries) expect payment at the time of the funeral.

Decide If You Will Need Final Expense Insurance

If you do not expect to have available funds at the end of your life to cover your final expenses then a funeral insurance policy might make sense for you. Even if you expect to leave behind enough money, you may not want your estate to be depleted by your final expenses. Having a funeral insurance policy is one way to ensure that your entire estate will be available to your family.

Find The Coverage You Want

There are many specialized policies available on the market today to help you cover your final expenses. They may be marketed as funeral insurance, burial insurance or final expense insurance. One feature these policies have in common is that the coverage is typically capped at $25,000 to $40,000, as compared to regular life insurance coverage of $50,000 or more.

  • Level – With this type of final expense insurance, you don’t have to worry about being covered; your coverage will take effect right away, and the full face value will be paid when you pass away, regardless of how soon it might occur after coverage has been purchased.
  • Graded – Graded policies are a solid option for those who aren’t in the best of health but who want as much coverage as possible. With graded coverage, there is a 24-month waiting period before the full death benefit will be paid, but the beneficiary will be paid a percentage of the benefit.
  • Modified – With a modified policy, you are subject to a waiting period that generally lasts for two years. If something happens during this time period, the beneficiary will be repaid the amount of the premiums paid along with a small percentage.

Get A Quote Online

Comparing final expense insurance policies to save money is a great way to ensure that your family is protected while keeping you from spending too much. There are different ways that you will be able to compare all of the policies that are available, but doing so online will be the most convenient way that is available to you.

You will not even have to leave the comfort of your own home to find the best policy available for your family right now.

Find an Insurance Provider

There are lots of different final expense insurance providers for you to look into, but below are some of the best. Since they offer policies to seniors between the ages of 50 and 85, they could be a great choice for you or your parents.

All of these companies provide top plans, have affordable rates and come highly recommended, but seeking quotes from each will help you find the one that is right for you.

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