Why Do I Need Final Expense?

Think of final expense insurance as a smaller life insurance policy that is easier to receive. It’s specifically designed to cover end-of-life expenses, such as funeral costs. It allows your loved ones financial protection at the end of your life, and it’s much easier to qualify for than traditional life insurance policies.

Final Expense Policy Costs

Final expense policies are smaller than other life insurance policies. This makes them more affordable. They typically range from $2,000 to $50,000. The monthly cost depends on many factors but generally depends on the size of the policy and the age at which you purchase it. 

How Final Expense Policies Work

Final expense policies work like any other life insurance policy. You purchase the plan from an insurance company, pay the monthly premium for the rest of your life, and then your loved ones get the death benefit – the policy amount – after you pass. 

Who Should Get a Final Expense Policy?

Final expense policies are great options for two groups of people: people who want to protect their loved ones but cannot afford a traditional life insurance policy and people who cannot qualify for a traditional life insurance policy. 

Let’s compare life insurance policies and final expense policies. A life insurance policy is a more comprehensive policy that people often buy when they are younger to cover any future loss of income for their family associated with their death. The costs of life insurance policies vary based on many different factors. 

Many life insurance policies require buyers to see their physician. They are then sorted into different categories of risk. Some people who are deemed too high-risk are denied. Others deemed acceptable but still risky may have to pay for more expensive policies than what they initially budgeted for. Additionally, if a client waits too long, the monthly premium for a life insurance policy may be prohibitive. 

On the hand, final expense policies are smaller and less expensive. They also do not require someone to be in a specific state of health. Final expense policies will accept everyone. Final expense insurance is right for you if you cannot qualify for or afford a traditional life insurance policy.

Is Final Expense the Right Choice?

Final expense insurance may be your best option if you’ve had difficulty qualifying for a life insurance policy. Contact us today to learn more about final expense and why it may meet your coverage needs!

We are committed to helping you realize your health and financial goals by making you aware of all your options so that you can make the best choice for yourself and your family.

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