The stress of decision-making and financial strain that can accompany the death of a family member or loved one is something we all will face. However, it’s possible to face it with some peace of mind provided by the cushion of end of life insurance coverage. Also often called “burial insurance”, or final expense insurance, this coverage is a simple but powerful way to ease the pain of loss in the days and weeks after a loved one’s passing. Fortunately, it’s also one of the easiest and quickest ways to leave a financial legacy to your family after your death. Let’s take a look at a few of the basics.
What exactly is burial, or final expense insurance?
To begin with, in spite of the name, burial insurance isn’t just about covering the cost of a funeral. It is far more versatile and adaptive than that, which is one of the biggest reasons burial insurance is an obvious choice. The beneficiary of the policy is free to spend the tax-free payout on whatever financial needs are most pressing, including (but not limited to):
- Funeral expenses (embalming, casket, flowers, service)
- Burial costs (cremation, burial plot, headstone, etc.)
- End of life medical bills
- Education needs of survivors
What can final expense insurance do for you?
The most obvious benefit is that burial insurance can help provide peace of mind. Easing financial worries during a time of stress can leave space for you to grieve, or celebrate and remember. Cash in hand to cover planned or unexpected expenses will help to lift any cloud of financial worry that may shadow this period of time. This is a significant gift to leave your loved ones. In addition, final expense insurance is:
- The most cost effective form of life insurance
- Easy to obtain
- Guaranteed payout, no matter the length of the policy
- A tax-free benefit for survivors
What are the benefits of final expense insurance?
Unlike many other types of insurance, burial insurance doesn’t require a medical exam. This means the benefits of final expense insurance are available for you, even if you are dealing with a chronic health issue. A simple waiting period may be the only obstacle between you and full coverage—no matter the health issues you are facing. In addition, burial insurance offers you:
- Lower premiums than other forms of insurance
- Payment flexibility: you choose the monthly payments and level of coverage
- Quick approvals: no need to jump through multiple hoops to qualify
- Locked-in premium rates provide financial predictability
In the end, you do have the ability to protect your people from some of the difficult experiences associated with the loss of a loved one. You may not be there in person for them to lean on, but you can leave behind a security blanket that will provide them with some comfort and help to ease the whole process. Final expense insurance is a lasting legacy of security and protection for the people you care about most. Find out more details, or receive a no-obligation quote by answering these few simple questions today.