Final expense insurance can be an important part of after-life planning for families. Burial costs continue to increase and a final expense insurance policy can help ensure most or all of the funeral and burial costs are met. This will ease the burden for surviving family members of having to assist with paying for these expenses. There are many advantages to owning a final expense life insurance policy. Let’s take a look:
Death benefit is guaranteed to pay as long as the policy is in force at the time of death
Premiums never increase over the life of the policy
Most insurance carriers are very flexible in the manner in which premium payments can be received. The only form of payment that is never accepted is cash.
In most states, the cash value and death benefit are protected against creditors and bankruptcy
The death benefit bypasses probate and is paid directly to the beneficiary of the policy
Policies build cash value which may be used to take out as a loan by the policy owner. However, note that any policy loans will ultimately reduce the death benefit so it is generally not recommended to use this option for final expense policies.
Simplified Issue – no medical exam is required. Only a few questions need to be answered in order to determine if you qualify
Fast approvals – coverage can often be approved at the time of application and policies can be issued in just a few days
Rates can be very affordable as the minimum death benefit required to issue a policy is often much lower than other types of life insurance.
This covers the basic features and benefits of final expense insurance. Refer to other sections of this website for more in-depth information.
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