Final Expense Life Insurance is an Alternative to Life Insurance
Final Expense Life Insurance
What exactly is final expense life insurance? I wondered the same thing when a friend brought it up to me the other day.
A number of popular life insurance and auto insurance companies that offer bundled services provide what is called final expense life insurance. This type of insurance is specifically designed to cover burial expenses, but it can cover other costs as well.
I thought my parents had enough life insurance to cover burial expenses, but I realized that the life insurance wasn't enough to cover everything that might be included following a death, which can include legal fees, tax liabilities, medical bills, additional expenses, not to mention the cost of funeral and burial preparations.
I did a little bit of research and found that final expense life insurance is specifically designed for those between 45 and 80 years of age and is available in a variety of coverage amounts that range from $1,000 to $25,000. You also have a choice as to how those premiums are paid - either a 10-year plan or over a lifetime.
Look, none of us wants to contemplate losing a parent or a beloved family member, but it's something that needs to be discussed. I know that my parents would be horrified to discover that they didn't have enough insurance to cover costs. They wouldn't want to place a financial burden on any of us.
Though I was hesitant to bring up the topic, I finally did, and I'm glad we talked about it. My parents called their insurance agent and were able to take advantage of a number of the special features and benefits that was offered by their insurance company when it came to final expenses. Now they have peace of mind, I don't worry, and everything is taken care of.