How To Purchase Final Expense Life
As you consider all of your options in life insurance, do consider the benefit of purchasing final expense life, a policy that will help your family to pay for the costs associated with your death, or those they may not be able to manage on their own just after you die. As one of the foundations of your life insurance portfolio, buying final expense life does not have to be difficult, but it occurs sooner rather later.
Estimating Final Expense Life Premium Costs
The largest decision affecting the purchase of final expense life policies is the premium amount. The amount of death benefit that you would like your beneficiary to receive at the time of your death is dependent on your anticipated costs. Consider the following tips.
The average cost of a traditional, American funeral is $6000, according to government reports. With that in mind, consider any extra services you may need, including plot purchases, transportation and church donations on your behalf.
Less expensive after death costs, such as cremation may cost up to several thousand dollars, without any type of memorial.
Costs associated with end of life medical expenses, not covered under other forms of insurance, may amount to thousands of dollars, depending on the time.
If you pass in your sleep at home, it may cost nothing. However, if you have a heart attack (one of the leading causes of death in the United States) ambulance services, hospital services and specialist care may cost as much as $10,000.
There may be other costs associated with your death or loss, too. Final expense life can protect your family from having to find a way to pay for these expenses for you.
Why Should It Matter To You?
Many people state that buying life insurance does not help them in any way. After all, the death benefit only applies when you die. Therefore, you cannot benefit from it yourself. This is not completely true. You can benefit in a number of ways. Do you want to gift a donation of money to your favorite charity, school or church? You can do that by listing them as the beneficiary of your final expense life policy. Do you have specific wants when it comes to how you will have your burial or your final arrangements? This can occur when you provide the policy to cover the monetary expenses.
Take some time to consider all of your options in final expense life. If you are unsure what type of policy, you need or if you need it at all, simply look at the options you have. You can select as much or as little as you would like. Do invest in a premium that you have thought about, that covers all of your anticipated needs. Many people will find that this policy is one of the best tools to protecting their family’s financial future. After all, you may not want to be a burden to your family financially after you die.
FILL OUT THE FORM AT RIGHT to learn what a suitable policy might cost you. There is no obligation.
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Baby Boomers Need Final Expense Life Protection
As a baby boomer, you may not have considered final expense life policies as an option for life insurance, but you should. According to the U.S. government, 76 million Americans were born between 1946 and 1960. Many of those people are not likely to have significant estates that can afford to pay for the expenses at the time of death. Yet, the investment into this form of life insurance may be an ideal one.
Why You Need Final Expense Life Protection
As a baby boomer, you may be planning to retire in the next few years. Retirement is costly for most baby boomers since many do not have pension plans, nor significant retirement accounts to pay for day-to-day expenses. This group of people is working longer because they need to. More so, many are relying on Social Security as an income. Unfortunately, that may not be enough to live the lifestyle they had hoped for.
What will happen to you when you die, or when your spouse dies? How will the remaining spouse pay for the following?
- Expenses related to those final medical costs, such as hospital stays and emergency procedures to extend life
- Expenses necessary to purchase cremation services or burial plots
- Expenses which are necessary to pay for funeral arrangements, even as the average cost of an American funeral rises to above $6000
In addition to this, you may have a mortgage loan that still requires monthly payments or debts that have not received settlement. This could leave the other spouse in a very difficult financial situation. Many of these expenses are avoidable, though, with the investment into a final expense life policy.
How It Works
A final expense life policy will pay a death benefit at the time that you die. You will list the person or people that you wish to be the beneficiary of the policy. This is the person who will receive the payment, shortly after you die. The funds from this policy are available to use to pay for any debts you may incur. It is an ideal policy to cover the costs mentioned above, or others. You can even use the proceeds from this type of policy to make a significant contribution to a church or other charity, if that is your wish.
Baby boomers need to have some type of financial tool to help protect their estate and those they level behind, even after they have died. There is no way of knowing when you will die, nor how much debt or expenses you will incur prior to that time. With an effective final expense life policy, you can be sure that your family is cared for no matter what those final costs are.
Policies are available for as little as $3000 to more than $50,000, depending on your particular needs and your financial obligations. Consider what it means to your family to know that they will have the money necessary to provide you with the funeral you deserve.
FILL OUT THE FORM AT RIGHT to learn what suitable policy might cost you. There is no obligation.
Filed Under Final Expense Insurance, burial expense insurance, burial insurance, final expense, final expense life, final expense life insurance | Leave a Comment
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