How to Find Affordable Final Expense Insurance
How to Find Affordable Final Expense Insurance
No one really likes to think about a time when their loved one won’t be around anymore, but death is an unfortunate inevitability. Dealing with the death of a loved one is an incredibly emotional time. When you add having to deal with the cost of a funeral and other end of life expenses on top of it, the stress can be unbearable. You don’t want your family left struggling to pay for your funeral while also having to grapple with their grief and support their own families. A good final expense insurance policy can help to alleviate the anxiety associated with paying for a funeral, and other end of life expenses. Here are a few tips on how to find an affordable policy.
What is Final Expense Insurance?
Final expense insurance is a type of life insurance policy. Like the name suggests, it’s a policy that’s specifically designed to help pay for the cost of a funeral, and other related costs such as a casket, burial, headstone, or cremation. With final expense insurance, your family doesn’t have to worry about paying these costs out of pocket, which can provide them with peace of mind.
Here is what Finalexpenseinsurance.com has to say, “While standard whole life insurance policies can provide funeral and burial coverage, final expense insurance policies provide coverage with lower premiums and lower benefit amounts than traditional life insurance policies.”
Estimate Your Final Expenses
One of the first things you’ll have to do in order to find affordable final expense insurance is to estimate what your final expenses will be. The average funeral today costs between $7,000 and $10,000. Of course, this figure will vary based on what kind of service you’d like to have, if you want to be buried, or if you’d prefer to be cremated. You’ll also need to consider other end of life expenses, such as medical bills and any other outstanding debts you might leave behind. In many cases, final expense insurance can also be used to cover these end of life costs as well.
Will You Leave Enough Behind to Cover Costs?
After you’ve figured out what your final expenses will be, it’s time to figure out if there will be enough in your estate to cover these costs. If you’re unsure, you can always seek the help of a financial advisor. You’ll also need to know if your family will have access to the funds in your estate right away, as funeral providers typically expect payment at the time of service. If the money isn’t available right away, it can pose some problems and cause a lot of stress. Final expense insurance will help to avoid this problem altogether, and allows you to leave the money in your estate to your family for purposes other than funeral costs.
Buy Early
Final expense insurance is typically geared toward older individuals who don’t need a traditional term life insurance policy. Even so, your age does play a factor in how much you’ll pay. The earlier you buy, the less of a risk you are. In most cases, this means that you’ll pay less. There’s also no medical exam for final expense insurance, although you are asked some medical questions. Certain types of medical issues can affect your premiums. Buying earlier, when you’re still healthy, will help you to get a lower rate than if you wait until you’re older and maybe have a few health problems. Additionally, some individuals might not qualify for final expense insurance. For instance, if you’re hospitalized or in hospice care, or you’re over a certain age, you may be denied coverage. Applying earlier helps to avoid the potential risk of getting denied.
Get Several Quotes
There are several companies that offer final expense insurance. Many big-name companies provide this type of insurance policy. There are also some companies out there that maybe you haven’t heard of. Before you settle on the first company you find, get quotes from several different ones. Even though you give the companies the same information, you’ll find that the rates vary from one to the next. When you’re shopping around, ask the companies if they offer any discounts, such as making payments annually instead of monthly. You should also find out how payments can be made. For instance, a company might charge a fee for credit card transactions. Getting several quotes will allow you to compare premium coverages and costs, allowing you to find the best deal for the least amount of money.
Final expense insurance allows you to give your family peace of mind after your death. Not having to worry about funeral costs, and other final expenses, can really help to alleviate a lot of stress during a very emotional time. A policy doesn’t have to cost a fortune though. Start early and compare rates from several different insurance companies to make sure that you get the best policy for the most affordable price.
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