In most cases, the main benefit of term life insurance is a pay out to your family when you pass away so that they can pay for everyday expenses, the mortgage, your funeral expenses and more.
Loans, credit card debt, estate costs, the funeral... most people leave behind unpaid expenses when they die, expenses that, if left unattended, burden their families tremendously.
Final expense coverage is life insurance that pays off these debts, ensuring that everything will be taken care of when you pass away.
Final expense insurance is a type of whole life insurance policy. The benefits of whole life insurance include a guaranteed level premium that will never increase, guaranteed cash value and a guaranteed death benefit that can never get any lower. The cost of final expense coverage is affordable, even if you have some health problems. The application process is quick and easy. You can apply for final expense insurance coverage without having to undergo a medical examination - you simply have to answer the questions on the application and your agent will do the rest for you.
The average funeral costs between $10,000 and $30,000 in the United States. That, in addition to existing personal debts, legal and medical bills, can quickly break the bank. If you died tomorrow, could your family afford the expenses?
If the answer is no, then final expense insurance is essential. With a final expense policy in place, you can rest assured, knowing that your debts will never add to your family's grief. Everything, from the cost of burial to hospital bills and probate attorney fees, can be covered. It's not just the responsible thing to do, but it's a final gift to your loved ones in their time of need.
Note: Not all benefits are available in every state. Please ask your insurance specialist for more details.