Why Final Expense Life Insurance is Important January 08, 2021
"Final expense life insurance" may sound pretty self-explanatory — it's life insurance designed to help cover your final expenses, right?
Yes! Absolutely…but that's not necessarily all it is. Keep reading to learn more about final expense life insurance and how it may be able to help better protect your loved ones and your legacy!
Fast Facts about Final Expense Life Insurance
- Final expense insurance is a type of whole life insurance policy designed for older adults between the ages of 50 and 80 years old. That means that as long as you continue to pay your premiums, your coverage won't expire…unlike the almond milk in the back of your fridge.
- Because final expense life insurance is designed to help cover end-of-life costs, coverage typically maxes out around $20,000-$30,000. So, if you're afraid of commitment (financially speaking), this type of life insurance may be a great option.
- Final expense life insurance isn't just for final expenses. Death benefit proceeds from final expense life insurance policies can also be used to help cover outstanding medical bills or other debts left behind. If you're lucky enough to NOT be among the 73% of Americans who die with outstanding debt, any surplus simply goes right to the beneficiary.
- Typically, there is no medical exam required when applying for final expense life insurance (just answer a few health questions). For example, the application process for final expense life insurance through USA Family Protection doesn't require you to take a medical exam or visit the doctor's office. Instead, just answer a few health questions from the comfort of your home. Pretty convenient, right?
Price & Personalization
The average cost of a traditional funeral is $8,000-$10,000. Final expense life insurance may help cover those expenses, taking some of that financial burden off your loved ones' shoulders and leaving them with more space to process loss without the stress of paying a funeral bill.
Final expense life insurance often pays out benefits faster than some other types of policies, which can be key during the urgency of planning a funeral. When you know there's a plan in place that may help pay for your end-of-life arrangements, you might also feel more freedom to choose how you'd like to be remembered.
Do you want a gorgeous casket and an elaborate reception with all your friends and family? How about a green burial, a small gathering at a farm-to-table restaurant, and a generous donation to your favorite environmental cause? Or maybe just a sweet, simple ceremony and an urn that allows a tree to grow from your ashes as a beautiful memorial.
Whatever your vision is, final expense life insurance through USA Family Protection can help create a more peaceful space around a painful event, and we offer a range of coverage options to fit your unique needs.
Elevate Your Legacy
Even if you already own some other type of life insurance, you may still want to consider final expense life insurance. If you currently have a term life insurance policy, adding a final expense life insurance policy as a "backup plan" can help ensure that even if your term life insurance ends, you'll at least have coverage to help with the cost of your funeral if something tragic should happen.
If you already have a different type of whole life insurance, supplementing with final expense life insurance could mean more benefits going to your family rather than being used to pay for your funeral.
Ready to learn more about how final expense life insurance could fit into your plans? Get a no-obligation quote in minutes giving us a call at (855) 201-8627 so our life insurance experts can help guide you through the process.
About USA Family Protection
USA Family Protection was built to help you get life insurance, easily. Our goal is to provide the clarity and transparency that you need to feel 100% comfortable with the financial decisions protecting you and your loved ones. It’s not a new concept, but it’s certainly an important one.
At the end of the day, we're here to do things the right way – with transparency and honesty. From answering any questions on life insurance, to guiding you along the application process, our friendly and knowledgeable licensed agents are here for you. Contact us at (855) 201-8627 when you are ready.
USA Family Protection. Where protecting your family is nobody's business, except ours.