If you are concerned about the way your loved ones may pay for your funeral, burial insurance may be the answer to your worries. Final expense insurance is a product that offers insured holders the opportunity to have a payment made out to their beneficiary when they die. These plans work exactly like traditional life insurance, but are more affordable and more accessible.
The caveat between them is that final expense insurance typically has smaller benefits than other life insurance benefits. These benefits, however, are still more than enough to afford the average funeral of a New Mexico resident. The costs of funeral, burial and other end of life expenses can easily total to more than $18,000.
If you would like to know more about final expense insurance in New Mexico, continue reading below.
What is Final Expense Insurance?
Final expense insurance, commonly known as burial insurance, is a life insurance policy that has a moderate death benefit. These plans are more accessible to the average individual because they do not require a medical examination. Many people refer to final expense insurance as burial or funeral insurance because the payment is usually most appropriate for paying for those expenses.
However, these payments can also be used for other costs, such as unpaid bills, medical or legal expenses. A final expense benefit does not usually cover, or would be a suitable replacement for a deceased income.
Getting Final Expense Insurance in New Mexico
In order to purchase final expense insurance, you must fill out an application and qualify for coverage. These applications often include various health-related questions that will be used by the insurance adjuster to gain a suitable understanding of how much risk is associated with insuring you. Barring a serious life threatening condition, you can be ensured to qualify within a few days, if not the same day.
Prices for final expense insurance can vary depending on your age and gender. A female under the age of 50 years old can pay as little as $25 per month, whereas a male over 80 could pay up to $190 per month. Both of these premiums are not substantial when compared to the average cost of a funeral in New Mexico of $6800.
Shop for Final Expense Insurance in New Mexico
You can count on Senior Life Services to be there when you need assistance. To get assistance with choosing the right plan, you can contact us at 800-548-3249 for a free quote.
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