If you don’t have any life insurance at all, final expense life insurance may appeal to you as a budget-friendly way to potentially help cover at least the basic expenses your family would be faced with if you were to pass away. However, even if you DO already have life insurance coverage, you may still want to consider adding a final expense policy. Let’s talk about why.
- A Stronger Legacy Although there may be a certain peace of mind that comes with owning life insurance, it’s ultimately not something we buy for ourselves…it’s something we buy for the people we love. It’s a promise we make to do everything we can, even after we’re gone, to continue taking care of the people who depend on us.Supplementing your current life insurance coverage with final expense life insurance means that more of the total benefit may go toward that “taking care” goal. The average cost of a traditional funeral in the U.S. is $8,000-10,000, and final expense life insurance could help cover those significant expenses without making dent in the funds you intended to leave as support for your family’s continued quality of life.It’s worth noting that the payment from a final expense policy doesn’t necessarily have to be used for end-of-life expenses, so if there were to be anything left after your funeral costs were covered, that balance would simply belong to the beneficiary to use as needed.
- A Simple Application Process“So why final expense life insurance?” you may be asking. “Why not another type of policy?” It’s true that there are plenty of options for additional coverage, and of course we encourage you to consider all of them (maybe with the help of a financial advisor). However, one benefit to choosing final expense life insurance to as a supplement to your existing plan is that the application process may be more straightforward than with other types of life insurance.One of the big differences is that a medical examination is typically not required for a final expense life insurance policy, which not only expedites the process and ups the convenience factor, but could also be beneficial if you’re someone who experiences anxiety about medical exams.
- A Smaller Financial Commitment Final expense life insurance is a type of whole life insurance, meaning that it doesn’t expire as long as premiums are being paid. This type of coverage generally costs more than term life insurance (which does expire), but final expense policies usually have a smaller face amount than other whole life options, and the monthly rates reflect that. If you like the idea of whole life insurance but don’t have the budget for a large whole life policy, final expense life insurance may be a great option.If you currently hold a term life policy, adding final expense life insurance could mean that if for some reason your term life coverage were to end, you’d still have a little bit of financial protection in place for your family.
In addition to these more measurable benefits, there’s another possible positive side effect: purchasing final expense life insurance could inspire you to talk with your family about your final wishes. It’s a pretty important conversation, but one that many of us avoid having. Having a plan in place to help support your end-of-life preferences may help you and your loved ones focus more on the empowering potential of choosing how you’d like to be remembered rather than the inevitable sadness of loss.
Ready to reinforce your life insurance portfolio with final expense life insurance? Get a no-obligation online quote in minutes, or just give us a call at 888-432-7066 so our team of experienced agents can help guide you through the process.