Final Expense Life Insurance

When seniors reach a certain age many begin to think about adding final expense life insurance to their current life insurance to help their families. Many people who buy life insurance add final expense life insurance to their general life insurance policies to make sure that families have enough money after they die.

Final expense life insurance was created in order to help families finish the final expenses left behind by a loved one. This type of policy is also available to pay the expenses of a funeral or cremation.

The final expense life insurance policy is another form of the whole life insurance policy. This is a permanent policy that can be purchased in increments of $2,000 to $250,000 depending on the age of the individual. The cost of premiums will depend on the amount of insurance that is purchased.

When thinking about final expense life insurance it is important to know that it will also pay for payment of medical bills, outstanding debts, and other expenses that may have been left behind by the deceased individual.

Individual final expense life insurance policies will vary but they will generally have benefits that will not increase no matter the age of the individual, will never decrease the benefits and may contain an accelerated death benefit in the event the individual dies of an illness that is terminal.

Most final expense life insurance policies will not require the individual to go to a doctor and it is a simple form that can be filled out online at the insurance site.

One of the pros of final expense life insurance is that it allows the policy holder to specify how they want their funeral to look and how they want to be buried. They can specify the type of casket as well as other details of the funeral.

Final expense life insurance is customized to fit the individual needs of the purchaser and every detail should be considered when the purchase of this type of policy is being negotiated. This is an alternative to creating a trust for burial purposes.

Once a policy is in place it is important to make sure that an annual statement is received to show the status of this policy.

When considering a final expense life insurance policy it is wise to talk with not only an insurance agent but a qualified financial planner. Both will be able to help with creating the policy that is right for each individual.