Everyone wants to live long, yet death is inevitable. And since illnesses, injuries, and diseases are unforeseeable. It would be best if you took measures to prepare for the worst. If you are still undecided whether Final Expense Insurance is helpful, the following information may help you make up your mind.
Final Expense Insurance VS Preneed Insurance
Preneed insurance pertains to policies intended to pay the expenses of burial and a memorial service. When this kind of insurance is bought ahead of time, it may also be called a pre-paid funeral plan. Although some insurers use the term “burial insurance” when discussing final expense insurance, it is a more flexible form of life policy than a preneed or pre-paid funeral plan.
Final expense policies can also help with debt payments, probate expenses, and other costs that aren’t covered by the funeral. Also, final Expense insurance lets you decide who will get your money when you die, unlike the preneed plan, where it typically goes to the funeral home.
With a final expense benefit, it goes directly into the account of the person you selected. You can purchase it as a term or whole life policy. It can also last for the length of a term or until the whole life policy runs out at age 100.
Important Facts About Final Expense Insurance
The following are the most important facts to understand Final Expense Insurance better.
- Final expense insurance policies have no waiting period.
- Your coverage value can increase over time.
- The older you are, the higher the price of your initial premium will be.
- A medical exam is not required to receive coverage.
- Your heirs can freely use the death benefit for any purpose.
- Your death benefit is not subject to taxation.
- The flexibility of the policy also includes choosing service providers.
- You can borrow against the policy’s tax-deferred dividend value.
Conclusion
Final expense insurance purchases from seasoned professionals can help make the process easier.
At Lapeira & Associates LLC, we do our best to ensure that our clients are well-protected with affordable and comprehensive policies. We make sure to go the extra mile to help you with your needs. To learn more about how we can help you, please contact our agency at (855) 963-6900 or Click Here to request a free quote. The coverage discussed is not guaranteed. Please contact our agents to make sure you have adequate coverage and your needs are being met. We are happy to help!
