Final Expense in the Sunshine State
If you pass away unexpectedly, there may be a variety of expenses associated with your death. Without adequate insurance coverage or existing assets, the burden of paying these bills may fall onto your immediate family. Maybe you are aware of this unfortunate fact, but you have failed to qualify for traditional life insurance policies due to prior health conditions. Still, you deserve the protection that will help your loved ones afford your funeral and any other end-of-life expenses associated with your death.
For individuals unable to qualify for traditional life insurance, final expense insurance is a great alternative. These plans have lower death benefits but still provide enough money to pay for usual end-of-life costs, like funerals, burials, and cremations. Below, you will learn more about final expense policies in Florida.
Florida Final Expense Insurance
Final expense insurance is also commonly known as burial insurance or funeral insurance. These names are often interchanged depending on which provider is marketing the final expense product. With these names, you get some insight into what the intent of these policies is; final expense is primarily meant to be used for funerals, burials, and other final expenses.
Florida final expense insurance policies are a form of whole life insurance. This means the policy you purchase will last for the rest of your life, as long as you pay the premiums. Though, be aware that final expense policies are not designed to replace your income. Instead, they provide a substantial bump in financial resources that your family can use to pay your end-of-life expenses.
Final Expense Benefits in Florida
There are hundreds of final expense plans available in Florida. Which is right for you depends on what you expect your end-of-life costs to look like. For example, someone who has significant financial resources may be able to purchase a smaller policy and be fine. Someone with very little saved, on the other hand, should invest more to get a plan that offers higher death benefits.
Generally, final expense insurance policies offer death benefits ranging from $5,000 to $40,000. The beneficiary can use the money to pay for anything, but it is typically used for the insured person’s final expenses. Senior Life Services can tell you how much coverage you need.
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