What You Need to Know About Final Expense Insurance
A lot of people today have realized the importance of having life insurance policies. The market today is giving a lot of individuals options when it comes to insurance polies, seeing as different companies offer different plans. One of the most popular insurance policies today is the final expense insurance cover. A final expense insurance cover is a form of whole life insurance that has a small death benefit. Because of its small death benefit, approval for this policy comes fast. Different insurers use different terms to refer to final expense insurance. Some of the most common terms used to refer to final expense insurance are, simplified issue whole life insurance, burial insurance, modified whole life insurance, and funeral insurance. If you want to learn more about final expense insurance, read on as this article seeks to explore all you need to know about this policy.
The only difference between final expense insurance and regular life insurance is that insurance companies sell smaller policies to make it cheaper. Final expense insurance benefits are enough to cover cremation, embalming, and a casket, or funeral expenses. This does not mean that your beneficiaries cannot use the money from the death benefit for other purposes. They can use the death benefit to pay debts, or even take a vacation if they want to. If you are thinking about your burial expenses, then you should consider final expense insurance. There are many other categories of people who can benefit from the final expense insurance cover. Final expense insurance can come to your rescue if you have been terminated, or of you have retired, and have therefore lost your life insurance policy through your employer. Funerals are expensive, and as such, you need to give your loved ones a means of paying for the ceremony if you do not have a comfortable nest egg, which is what final expense insurance allows you to do.
Final expense insurance policies are availed to people regardless of their age or health. It is important to note that final expense insurance application does not require a medical exam. Final expense insurance policies have a smaller death benefit than regular life insurance, and as such, their premiums are more affordable. The death benefit from final expense insurance may not be enough to do large things such as pay off your mortgage, but its benefits are still significant.