The main goal of most traditional life insurance plans, such as term insurance, is to offer stable income replacement for when you need it in the future. On the other hand, final expense insurance focuses entirely on end-of-life costs, such as funeral expenses and medical bills. According to the National Funeral Directors Association, final expenses averaged over $9,000 in 2015 and have been increasing substantially ever since. Many of whom are hit with this tremendous financial pressure during their time of devastating grief are forced to struggle and scramble to find quick solutions.
Final expense insurance (also called burial or funeral insurance) prevents this catastrophe from occurring. With fixed, affordable rates, a quick and simple application process, and fast approval time, this is a type of whole life insurance that never expires, as long as you pay your premiums. With all of these benefits, it is no surprise that most seniors choose this option. It even offers policy loans for unexpected financial expenses and other emergency situations.
Term life insurance is ideal for families in the earlier stages of their lives when they are working, making car payments, raising children, and paying mortgage bills. Final expense life insurance is perfect for seniors and retirees who have already paid off their cars and houses and seen their children move away from home. Once all of these events and obligations have been fulfilled, the focus usually shifts to funeral and burial costs, medical charges, and any other expenses left to family members. Many traditional life insurance policies cover only some of these burdensome costs, whereas final expense life insurance plans target these very issues, eliminating you and your families’ financial worries about the future.
The healthcare industry has been struggling immensely, especially during the past few tumultuous years, and the costs of providers’ visits, medication, surgeries, and other medical procedures have remained on a steady incline. Luckily, the average monthly premium charge for final expense insurance usually ranges between only $30-$70, and receiving a quote for your particular situation should be easy, quick, and affordable. You can find more information and answers online, as well as experts who can provide further assistance.