While no one wants to be a downer and talk about death, it's practical that you prepare your family for your departure. Final expense insurance is a policy that provides security to your family after the insured person passes away. This insurance plan lifts the financial burden of paying for funeral services and other burial expenses from your family. Learn more about final expense plans and see if it's right for you.
What It Is and Its 3 Types
Final expense insurance by its nature is permanent life insurance, meaning it lasts your whole life. Your beneficiaries can claim it upon your death; there is no expiry for as long as you pay the premiums. It can cover medical costs, funeral costs for buying caskets or urns, flowers, and other arrangements. In most cases, the final expense plan you qualify for depends on your current health and can be grouped into three basic types.
Pros and Cons
The advantage with final expense insurance is that you get to decide who your beneficiary will be, as well as how you want the money to be spent. It’s also more affordable than traditional life insurance policies. The downside, however, is that it provides relatively low coverage but with costly premiums. Some well-known brands have unnecessarily expensive plans, so it’s better to work with independent agencies that represent various insurance companies.
Final expense insurance is an excellent way to help cover the expenses for when you pass away, especially as funeral costs continue to rise. Whether you’re in your early 20s or 50s, subscribing to a burial insurance policy is gives your loved ones a stress-free transition to focus on celebrating your memory.
At McGawion Insurance Pros, we do our best in making sure that our clients are well-protected with affordable and comprehensive policies. We make sure to go the extra mile to help you with your needs. To learn more about how we can help you, please contact our agency at (478) 449-6726 or Click Here to request a free quote.