Final expense insurance is a type of insurance designed to cover funeral and burial costs. This coverage is very different to traditional life insurance, most notably in the low costs and lack of pre-screening for health conditions. While some life insurance policies can include limited coverage related to final expenses, dedicated policies for final expenses offer additional protection and help to ensure that loved ones have protection against having to pay out for funeral costs.
What to Look for in the Best Final Expense Insurance Companies
When searching for final expense insurance, there are a few aspects to consider. Important criteria to think about are the length of the coverage, the coverage type, and the amount of the death benefit provided by each policy.
Term Vs Permanent
To begin with, similar to the life insurance policies, the final expenses insurance policies are sometimes issued on a term basis or as a permanent policy. A term policy is useful in a situation whereby a death is imminent, such as terminal illnesses because they are generally cheaper. When a term policy is selected, and the person still lives past the end date of the term, the policy will expire and no benefits will be paid out. permanent policies do not expire, but can only be obtained up to a specific age. It is very important to conduct a bit of research in determining the best policy type before a purchase.
Another important consideration related to these policies would be to decide on the final expenses type that the individual wishes to incur. Burial plans such as “immediate” are typically the most cost-effective and do not involve a viewing or funeral home. The full-service plans offer aspects such as ceremonies, viewings, cremation or entombment of the corpse. These services are more than likely to include the preparation methods of a body, flowers at the funeral home and limousines. Dependent on one of the best final expense insurance companies and their policies, even unpaid medical bills, legal fees and other expenses can be covered.
Three of the top final expense companies available today include:
The loss of loved ones regardless of the circumstances is regarded as tragic, and even more when the death was caused by accident. To avoid bereaved members of a family having to shoulder end-of-life costs as well as having to deal with the grief and shock of the death, a company such as Fidelity Life provides accidental death insurance policies. These particular policies offer coverage related to accidents within a period of 3 months related to the occurrence of the accident.
The planning process for your death or one of your loved ones is not an easy task, but it is vital to make sure the inevitability of death does not equal financial ruin for a family. Foresters is known as “fraternal benefit society.” And as a “not for profit” organization, the members are the chief investors and can be compared to a credit union approach when it comes to banking. The members will be directed to a local branch related to community participation. A few of the benefits on offer include scholarships and grants and complimentary or discounted community events.
When contemplating the eventuality of death for yourself or loved one, the reality is quite sobering. While it is easier to not think about this inevitability, it is always advisable to prepare for it. Humana One’s Memorial Fund offers a final expense policy that offers a way to cover costs related to the passing of loved ones or an individual.
Because death is an inevitable part of life, it makes sense to plan for it. Peace of mind in knowing that loved ones will not struggle to pay the heavy costs of a funeral is a great reason to look into your insurance coverage and evaluate if a final expense policy makes sense for you.