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Final expense insurance can save your loved ones a lot ones a lot money and stress at the time of death. Passing away is something no one wants to think about but it is something that is going to happen to everyone. You need burial insurance because you don’t want to leave your love ones with the financial burden and expense of a funeral that they can’t afford. Many do not realize just how much of a cost. The National Funeral Directors Association just recently estimated that an average funeral cost is about $8,000.
Funeral costs can add up drastically, some of these costs include but are not limited to:
· Funeral service
· Cemetery plot and headstone
· Cost of casket
· Funeral procession
· Miscellaneous costs
· Inherited medical bills after death
This cost can range from hundreds to tens of thousands of dollars, making a final expense or burial insurance policy a smart and preemptive decision. Final expense life insurance policies are payable at your time of death. The benefits from your policy can be used by your loved ones to pay for your funeral expenses. Or your family could decide to use the money to cover other urgent expenses like doctor’s bills or mortgage payments.
Some final expense insurance policies will require that an application answer some basic health questions. They often cover whether you are in good health or are currently living in a nursing home. If you pass the questionnaire, you can qualify for a simplified issue policy. However, if the applicant is in bad health or in nursing home, guaranteed issue policies may cover them. These policies do not ask questions about health or age. There may be a waiting period though before full death benefits are paid. Many waiting times are from two to three years. If the insured dies within the waiting period, reduced benefits are paid, If they hold out, the full face value of the policy goes into effect.
It’s a good idea to discuss with your loved ones, or whoever will be your policy’s beneficiary, who wishes for the type of funeral you would like to have. No one likes to think about what will happen after they are gone, but don’t forget about people who will be left behind and will need to take care of your final arrangements. If you don’t already have a regular life insurance policy, buying a final expense insurance or burial plan is a good alternative that will help your love ones pay for your funeral costs.
Don’t make your loved ones worry about costs when the only thing they should be concern is making sure that you have a peaceful home going. Simply put, preparing a little in advance can save time, money, financial stress during a difficult time, and beyond a financial price tag, can give you and your family peace of mind. If you want to know more about final expense or burial insurance, all you have to do is give us a call. We would be more than happy to answer any questions that you might have. When you’re ready to get a free no obligation quote on final expense or burial insurance please browse our website or give us a call.
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