There are many different types of life insurance policies that fall under the umbrella of “whole life” insurance. The type of policy we are focusing on is called Final Expense Insurance – sometimes called funeral insurance or burial insurance. Essentially it is a smaller version of a typical permanent whole life insurance policy. What makes this policy unique are a few key factors, including qualification, cost, and death benefit.
This type of insurance policy is easier to qualify for than a whole life policy with higher coverage. It offers a smaller policy for older individuals with no life insurance c
overage. This kind of plan is ideal for those who do not want to complete a medical exam or have health concerns that disqualify them from other policy options.
It is also important to note that many seniors who do qualify for more traditional whole life insurance policies are not able to afford the high premiums they require. That’s where Final Expense Insurance comes in, providing peace of mind with a smaller overall package and more affordable monthly premiums.
As the name suggests, this policy is designed to relieve the stresses associated with funeral costs by offering a smaller death benefit than a traditional life insurance policy, usually between $2,000 and $50,000. While this type of insurance may not cover every expense, it will certainly provide a great benefit for those loved ones left behind with bills to pay. Just like any other life insurance policy, Final Expense Insurance is permanent, meaning that if the premiums have been paid, your loved ones will receive exactly what you intend them to receive.
It is important to note that while the name of the policy suggests this insurance is for funeral or burial-related expenses, there is no restriction on the beneficiary to use it for any specific expense. While this type of policy is intended for those wanting to look out for their family members and lighten the financial burden of their passing, the death benefit can be used however the beneficiary sees fit.
Final Expense Insurance is an ideal option for those who find themselves between the ages of 45 and 80 who are without a whole life insurance policy, especially if they have certain financial or health-related concerns. However, this type of insurance is not for everyone. Reach out to Edward Financial Group today to explore this option to see if it is right for you and your family members.
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