Now Is The Best time
To Go For Final Expense Insurance

Final Expense Insurance

Final Expense Life Insurance for seniors covers the cost of your funeral, cremation, and other products and services. Final Expense Insurance is something we all know we need, but often put off.​

Three Steps to Pick a Cost-Friendly Final Expense Policy

Let's get into details and list all the reasons for getting final expense insurance.

Covers the Cost of Funeral

About 80% to 90% of the people purchase final expense insurance, because they know that their future is uncertain. They don’t know whether or not they will leave enough wealth to cover their funeral expenses.

Hundreds and thousands of people go to bankruptcy every day. Patricia Kluge, a well-known millionaire, lost it all during the 2008 housing-market prices. She even had to sell all her jewelry to make a living.

We do not know whether or not she had her final insurance in place, because that’s just one less thing to worry about in a situation like this.

Non-Funeral Expenses

People often buy huge final expenses insurance plans leaving behind a legacy for their family. With this amount of money, their loved ones can continue to live their luxurious lives.

Other than that, sometimes people leave with a big pile of hospital bills, credit payments, or hefty loans. Final expense insurance, if planned accordingly, serves a great purpose here.

Final Expense Insurances You Should and Should not Get

When it comes to choosing an licensed insurance agent, you must understand the difference between a captive and an licensed insurance agent.

A captive licensed insurance agent is someone who works with a single insurance company only. The policies he recommends are limited and only within the taglines of that insurance company. Normally, it is not recommended to go with a licensed insurance agent.

On the other hand, an licensed insurance agent does not work with a final expense insurance company. An licensed insurance agent builds connections with almost all the decent final expense insurance companies. He will opt for the best policy for you. It will not only suit you financially but also be easy for you to qualify.

It is recommended to go with an licensed insurance agent because he brings the best deals to the table. He is not confined to a single company but brings different options for different clients. Read more about Hacks to save money on life insurance

Term Insurance

Term insurance does not fulfil the exact criteria of final expense insurance. However, many licensed insurance agent or insurance companies will try to rip you with incomplete information. The reason for not choosing this coverage is simply because of the word “Term”, which is short for Terminate.

Term life insurance will be cancelled after a specific age or time. Life is too uncertain. You don’t have to take such a risk. Moreover, the premiums for Term Insurance increases every 5 or 10 years.

Many licensed insurance agents will try to persuade you in their cunning way, like “Term Insurance is like gambling. You can either win a jackpot or nothing.” It is completely absurd to think of final expense insurance like that. Your future is most likely to be in safe hands if you take the correct decision today.

Universal Insurance

The second on the list in the insurance plans not to buy is Universal Insurance. Universal Insurance is almost like Term Insurance. Your insurance ends at a particular age, and the premiums after sometime increase substantially.

The only difference between Term and Universal Insurance is that Universal Insurance gives you guaranteed level premiums. You need to make sure that you’re getting coverage with guaranteed premiums if you are going for it otherwise it is not recommended.

Now let’s discuss the type of Final Expense Insurances you should be getting. The very first one, that tops the list is;