What is Final Expense Insurance?
Final expense insurance is a type of life insurance policy designed to cover the costs associated with end-of-life expenses. Unlike traditional life insurance policies, final expense policies provide a smaller death benefit, that typically range from $5,000 to $30,000. The primary purpose of a final expense policy is to cover funeral expenses and any outstanding debts without burdening your loved ones.
How Does Final Expense Insurance Work?
Final expense insurance policies are straightforward. To apply for a final expense policy, you will need to fill out an application. Unlike traditional life insurance policies, final expense policies require minimal underwriting and may be guarantee issue making it more accessible for individuals that have pre-existing health conditions or are older. Applicants will have to designate one or more beneficiaries to receive the death benefit. Beneficiaries can use the death benefit to cover funeral expenses, debt, medical bills, or any other final costs.
What are the Benefits of a Final Expense Policy?
Final expense insurance policies offer several benefits that include: financial protection; no restriction on the use of the death benefit; quick payout to beneficiaries; and the convenience of minimal underwriting.
Final expense insurance policies offer solutions to ease the financial burden on your family during a difficult time. Securing a final expense policy can provide peace of mind that your final costs will be taken care of without any additional stress on your loved ones. If you have been on the fence about final expense policies, this is your chance to start exploring your options. If you have questions regarding final expense policies, call Hovis & Associates at (636) 937-4343.
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