Unique Features of Final Expense Life Insurance

08 Apr

A loved one's passing is usually the most difficult experience we can ever have. But besides the emotional stress, we also have to take care of end-of-life medical costs and funeral expenses. This combination can be extremely exhausting, physically and mentally, to the surviving family. This is where final expense life insurance can make a huge difference.

But with all the different types of life insurance products that seemingly overlap in terms of coverage, what makes final expense insurance and to an extent Memphis group health insurance unique?

Focus on Life Preparedness

Regular life insurance policies typically don't include cover for funeral preparation costs. Depending on material and style, a casket alone can cost more than $10,000. This does not include flowers, transportation, preparation of the body, headstone and many more. A final expense policy allows the family to deal with and eventually resolve their grief, instead of having to worry about finances.

A Type of Whole Life Policy

In traditional whole life insurance, the death benefit and insurance premium are often the same all throughout the policy's life. Most of these policies last for the life of the policyholder, with some building cash value as well. Whole life insurance is sometimes referred to as permanent life because it has no timeframe limits as opposed to term insurance.

A More Economical Option

As it is meant for funeral costs, a final expense policy's coverage amount is often less than than that of a typical policy. On average, people spend about $10,000 - $20,000 on personal insurance, which means final expense premiums cost a lot less than more comprehensive policies.

Simple Qualification Process

Because the coverage amount is less than most types of insurance products, some final expense policies require no medical tests for qualification purposes, and are simply based on an applicant's answers to questions on their form. You can more info over at https://shawwilliamsinsurance.com/personalized-insurance/medicare/ 

So who are the people who will benefit the most from final expense insurance? First and foremost, it never expires (premiums need to be paid, of course) and it holds a cash value over time. Since the death benefit is only about $5,000 to $25,000 - significantly less than conventional insurance - it is often lighter on the budget. This makes final expense coverage a smart option for seniors who don't want to burden their families with their end-of-life expenses.

On the other hand, not just seniors will find benefit in final expense insurance. Anyone who doesn't want to leave their families financially unprepared should consider getting this policy. By asking different providers for quotes, including a final expense quote, will make it easier to find the best policy for one's needs and budget.

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