Final Expense in
Death is nearly always an unexpected event, but that does not mean you need to be unprepared for it. Purchasing a life insurance policy can help you position your family for financial sustainability in the instance of your death.
If you are unable to qualify for traditional life insurance, you may have another option to work with. Final expense insurance is a specific type of life insurance that is far easier to qualify for. The benefits for these plans are often less than other life insurance policies, but still offer enough money for beneficiaries to pay for common end-of-life expenses.
To learn more about final expense options in South Carolina, continue reading.
Final Expense Insurance
Final expense insurance gets its name from the idea that these plans are meant to be used to pay for end-of-life costs, also known as final expenses. For this reason, the plans are also commonly referred to as burial insurance or funeral insurance. Although the money can be used for any purpose, most people purchase these plans to cover these and similar costs.
Final expense insurance works similarly to any other life insurance policy. You purchase the insurance, then a death benefit is paid out to your beneficiaries when you die. Who you choose to be your beneficiary is up to you, and nearly anybody can be selected. You can also choose a funeral home or other organization to be the recipient of your death benefit when you pass.
Common Final Expense Benefits in South Carolina
There are hundreds of final expense plans to choose from in South Carolina. Each one may offer similar benefits, but costs and policy structures can vary. Fortunately, no final expense insurance provider will ever require you to submit to a medical exam in order to qualify for coverage. Instead, the insurers request that applicants answer a range of key health questions during the underwriting process.
Your answers to these questions, as well as several other factors, will determine whether you qualify for a normal final expense plan. The underwriting process will also dictate the risk associated with covering you. Your risk level is what determines how much coverage you qualify for and what it will cost.
In general, final expense plan benefits range between $5,000 and $25,000. Though, some plans may offer more or less coverage. To find out what option exist in your area, work with an insurance agent today.
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