Could a Final Expense Policy Benefit Your Family?

We generally think of life insurance in terms of replacing lost income, thereby protecting dependents should you die unexpectedly. And, that’s still the primary point. We don’t believe in selling life insurance as a long-term investment product. So is there a purpose for life insurance if nobody is depending on your income? (i.e. if you’re an empty nester, a widow/widower, retired, etc.)
You probably don’t need the $500,000 term life policy you needed when you were raising a family. But, unless you’ve got a nice chunk of change stashed away somewhere, your family might really benefit from a final expense policy. A final expense policy is a life insurance policy worth anywhere from $1,000 – $25,000 that can help your family pay costs associated with a funeral and burial, legal fees, and any remaining medical bills, easing the financial strain during their time of grief.
A few more notes:

  • A final expense plan is medically underwritten, so coverage is not guaranteed.
  • There is a “graded benefit” option available, meaning if you don’t medically qualify for coverage, you can get a partial benefit (25% the first year, 50% the second year, 75% the third year, 100% after that).
  • Your premium will remain level (unchanged) through the life of the policy (as long as you don’t make changes to your policy, of course).
  • Anyone between 45-80 can purchase coverage, and the policy will be in force until age 121 (!).

To learn more or to get a quote for you (or your loved one), contact us today.