So you’re considering a final expense policy. Perhaps you are young and are wanting to save your funds for the future, or you have a medical condition that disqualifies you from most other life insurance plans, or you’re older and looking for a plan to save money for your loved ones after you have passed away.
Covers Funeral Expenses For Peace of Mind
One of the primary ways people use their final expense plans is for funeral expenses, which can soar as high as $10,000 or more. Your plan can be arranged to cover all of these fees once you have passed away, allowing you to plan your service and relieve the burden of it from your loved ones.
Financially—It Can Cover More Than Funeral Costs
There are many other ways to use your final expense plan besides just funeral costs. If you currently have a mortgage on your home, a final expense plan can help protect it from being passed down to your loved ones once you have passed away. This protection can be helpful regardless of your age, and give peace of mind.
You may also discover that you no longer need a death benefit from your insurance plan. If that is the case, or if you simply choose to redirect the funds of your plan, you may take policy loans and supplement your retirement income. For many older people, retirement can be scary if you are worried about your income. If you feel you aren’t making enough money from social security and don’t have enough saved up, if you have money in a final expense plan, you can withdraw it and use it to supplement your income.
Outside of funeral costs, final expense plans also cover:
- Medical Bills
- Financial Support for Loved Ones
- Personal Loans
- Inheritance
- Business Partner Shares
- Estate Taxes, and More
Acceptance Regardless of Health Condition
Final expense plans are one of the easiest life insurance policies to qualify for. If you are older or in poor medical condition, this can be an incredible benefit. Guaranteed issue final expense plans do not discriminate based on age or health, but your premium will be higher depending on these factors.
There Are Intangible Benefits, Too
Final expense plans arrange all of your finances for after you have passed away. There are, then, many intangible benefits that you may never personally witness from your final expense plan—it will, for example, greatly reduce the burden of planning and finances from your grieving loved ones, and gives your family immediate access to funds dedicated to covering your final expenses.
For you, it will also ensure that you receive the funeral you feel will best represent you and help your loved ones, allowing you time to think over what you want.
Considering a Final Expense Plan? Contact Senior Life Services
You and your family’s peace of mind is worth the time it takes to find a good life insurance plan. We will do what it takes to ensure you are well taken care of—when you’re ready to get started, contact Senior Life Services.