"Final expense life insurance" may sound pretty self-explanatory — it's life insurance designed to help cover your final expenses, right? Yes! Absolutely…but that's not necessarily all it is. Keep reading to learn more about final expense life insurance and how it may be able to help better protect your loved ones and your legacy!
Fast Facts about Final Expense Life Insurance
- Final expense insurance is a type of whole life insurance policy. That means that as long as you continue to pay your premiums, your coverage won't expire…unlike the almond milk in the back of your fridge.
- Because final expense life insurance is designed to help cover end-of-life costs, coverage typically maxes out around $20,000-$30,000. So, if you're afraid of commitment (financially speaking), this type of life insurance may be a great option.
- Final expense life insurance isn't just for final expenses. Death benefit proceeds from final expense life insurance policies can also be used to help cover outstanding medical bills or other debts left behind. If you're lucky enough to NOT be among the 73% of Americans who die with outstanding debt, any surplus simply goes right to the beneficiary.
- Typically, there is no medical exam required when applying for final expense life insurance1. The online application process for Peace Assured final expense whole life insurance is designed to take you from quote to coverage in minutes. Pretty convenient, right?
Price & Personalization
The average cost of a traditional funeral is $8,000-$10,000. Final expense life insurance may help cover those expenses, taking some of that financial burden off your loved ones' shoulders and leaving them with more space to process loss without the stress of paying a funeral bill.
Final expense life insurance often pays out benefits faster than some other types of policies, which can be key during the urgency of planning a funeral.
When you know there's a plan in place that may help pay for your end-of-life arrangements, you might also feel more freedom to choose how you'd like to be remembered.
Do you want a gorgeous casket and an elaborate reception with all your friends and family? How about a green burial, a small gathering at a farm-to-table restaurant, and a generous donation to your favorite environmental cause? Or maybe just a sweet, simple ceremony and an urn that allows a tree to grow from your ashes as a beautiful memorial.
Whatever your vision is, Peace Assured final expense whole life insurance can help create a more peaceful space around a painful event, and we offer a range of coverage options to fit your unique needs.
Elevate Your Legacy
Even if you already own some other type of life insurance, you may still want to consider final expense life insurance. If you currently have a term life insurance policy, adding a final expense life insurance policy as a "backup plan" can help ensure that even if your term life insurance ends, you'll at least have coverage to help with the cost of your funeral if something tragic should happen.
If you already have a different type of whole life insurance, supplementing with final expense life insurance could mean more benefits going to your family rather than being used to pay for your funeral.
In other words, final expense life insurance may be a simple way to leave a stronger legacy.
Ready to learn more about how final expense life insurance could fit into your financial strategy? Start with a no-obligation quote for Peace Assured final expense whole life insurance, or connect with one of our non-commissioned licensed life insurance agents by calling 866-353-8995.
1The issuance of the policy may depend upon the answers to the health questions in the application.