Final expense insurance is a type of a life insurance policy which will pay for burial and funeral services when the policyholder or a dependent dies. It will provide the much needed financial assistance to the surviving family members or other dependents when the insured dies. Having a final expense insurance policy allows you to have a peace of mind because you will know that any funeral related costs will be taken care of by the policy.
Types of final expense insurance
There are basically two types of final expense insurance. These are whole life and term life insurances. The term life policy As the names suggest, a term life policy will provide cover to the insured for a defined period or up until a certain age and after this the policy expires. The whole life policy A whole life insurance policy will cover the policyholder for the remaining years of his life, i.e. until he dies. Final expense proceeds Final expense life insurance proceeds or benefits can be used for any expenses other than funeral expenses. This is why it is important to nominate a trusted and responsible beneficiary who should be able to use the money for its intended purpose. The wording clearly states that the proceeds from the policy should be used for burial and funeral expenses.
Buying final expense insurance
Looking for a quote
Getting a quote for this insurance policy is easy. You are only required to answer a few health questions and an insurance agent will be able to select an insurance plan which meets your needs and circumstances. They make sure that you get appropriate cover with a reasonable monthly premium. You only need to have a budget in place before you can shop around for the best quote. You need to know how much you are prepared to pay for the policy.
Choosing an insurer
These days, you can find hundreds of companies offering the same product. However, you need to be very careful when making your choice. Make sure you buy your final expense policy from a reputable insurer. Some of these final expense insurance companies promise their clients a lot of things when they market their products but fail to deliver when it comes to paying claims. You must also use a certified life insurance agent so that you get the best service.