10 Reasons to Get Final Expense Benefits

Final expense insurance, also known as burial or funeral insurance, is a type of permanent life insurance designed to cover end-of-life expenses. While many people understand the importance of life insurance, final expense coverage often gets overlooked. Here are ten compelling reasons why final expense benefits should be part of your financial planning.

1. Protect Your Family from Financial Burden

The average cost of a funeral in the United States ranges from $7,000 to $15,000, depending on your location and chosen services. Without final expense coverage, your loved ones may struggle to cover these unexpected costs during an already difficult time. Final expense insurance ensures your family won't have to choose between honoring your memory and maintaining their financial stability.

2. No Medical Exam Required

Most final expense insurance policies offer guaranteed acceptance or simplified underwriting, meaning you won't need to undergo a medical examination. This makes it an excellent option for seniors or individuals with health conditions who might not qualify for traditional life insurance. You'll typically only need to answer a few basic health questions.

3. Affordable Monthly Premiums

Final expense insurance is designed to be affordable, with monthly premiums typically ranging from $30 to $100 depending on your age, coverage amount, and health status. These predictable payments make it easier to budget for this important protection without straining your finances.

4. Coverage Cannot Be Cancelled

Once you're approved for final expense insurance, your coverage is guaranteed for life as long as you continue paying premiums. The insurance company cannot cancel your policy due to changes in your health or age, providing peace of mind that your protection will be there when needed.

5. Immediate Coverage Available

Many final expense policies offer immediate coverage, meaning your full death benefit is available from day one. This is particularly important for older adults who want to ensure immediate protection for their families. Some policies may have a two-year waiting period for natural death, but accidental death is typically covered immediately.

6. Covers More Than Just Funeral Costs

While called "final expense" insurance, the death benefit can be used for any purpose your beneficiaries choose. This might include:

• Funeral and burial expenses
• Outstanding medical bills
• Credit card debt
• Probate costs
• Memorial services
• Travel expenses for family members

7. Simple Application Process

Applying for final expense insurance is straightforward and can often be completed over the phone or online in just minutes. The simplified underwriting process means faster approval times, with many applicants receiving coverage within days rather than weeks.

8. Cash Value Accumulation

Final expense insurance is typically whole life insurance, which means it builds cash value over time. You can borrow against this cash value if needed, providing an additional financial resource during your lifetime. This feature makes final expense insurance both protection and a modest investment.

9. Avoid Probate Delays

Life insurance proceeds, including final expense benefits, are paid directly to your named beneficiaries and bypass the probate process. This means your family can access funds quickly to cover immediate expenses without waiting for your estate to be settled through the courts.

10. Peace of Mind for All Ages

Final expense insurance isn't just for seniors. Younger adults can benefit from lower premiums by purchasing coverage early, while older adults can ensure their final wishes are honored without burdening their families. Having this coverage in place provides peace of mind knowing your end-of-life expenses are handled.

Choosing the Right Final Expense Coverage

When selecting final expense insurance, consider the following factors:

• Coverage Amount: Choose an amount that covers anticipated funeral costs plus additional expenses
• Premium Stability: Look for level premiums that won't increase over time
• Company Rating: Select an insurer with strong financial ratings
• Waiting Period: Understand any waiting periods for full coverage
• Beneficiary Options: Ensure you can easily update beneficiaries as needed

Getting Started

Final expense insurance is an affordable way to ensure your family is protected from the financial burden of your final expenses. With guaranteed acceptance options, simplified applications, and immediate coverage possibilities, there's never been a better time to secure this important protection.

If you're considering final expense coverage, speak with a licensed insurance professional who can help you compare options and find the right policy for your needs and budget. Your family will thank you for taking this important step to protect their financial future.