Sooner or later, we all have to leave our loved ones behind. The key is to ensure their financial security after we pass. Final expense insurance provides both the insured and their loved ones with peace of mind and financial security if the named insured passes. No one wants to carry the burden of end-of-life expenses, and with this type of insurance, no one has to.
What Is Final Expense Insurance?
Final Expense insurance is a type of life insurance that provides funds for funeral expenses associated with the passing of the named insured. Average funeral costs range between $7,000 and $12,000 as of 2020. Many individuals do not allocate adequate funds for funeral expenses, and as a result, their families may struggle financially. Transporting remains to a funeral home, casket costs, embalming, burial, and other funeral-related costs add up quickly. This type of life insurance protects the finances of those who may need funeral services.
What Are the Benefits of Final Expense Insurance?
Final expense insurance is a safeguard that is helpful to eliminate out-of-pocket funeral expenses. There are many benefits to final expense insurance as it relates to other relevant funeral insurance coverages.
Guaranteed Death Benefit
Final expense insurance offers a guaranteed death benefit in the event of the passing of the named insured. As a form of life insurance, this insurance pays out to the beneficiary as long as premiums are met. Death benefit amounts are determined by the policyholder and the agent. Begus Insurance Group extends a helping hand to those in need of guidance regarding a final expense policy.
Throughout the life of the policy, policyholders can expect the premium of a final expense plan to remain level. Premiums are payable beyond age 100, which means that the policy does not mature nor does it terminate in the event you reach said age. The death benefit is an amount relative to funeral costs, which range from $7,000 to $12,000, policyholders can expect a relatively low and cost-effective premium.
Monthly and annual premium payments are also flexible for the benefit of the policyholder. Everyone can agree that planning for a funeral can be an emotional and difficult process to deal with, which is why Begus Insurance Group offers expertise to those in need.
Most final expense carriers do not require a medical exam. Except for those with short-term fatal illnesses, nearly everyone may be approved for final expense insurance.
Provide Your Loved Ones with Peace Of Mind
Providing your loved ones with financial security in the event of your passing may not be the first thing they think of when you pass away, but they will be forever grateful for it just the same. If you’d like to place your loved ones in the best possible financial position for your funeral, contact Begus Insurance Group today.
Begus Insurance Group’s licensed agents will work with you to both understand and account for your financial situation. Our agents will also help you identify the appropriate coverages and premiums to suit your budget. Contact Begus Insurance Group today for your free consultation and learn how you can provide your loved ones with peace of mind.