When people think about life insurance it’s normally because they’re looking for a way to protect their family from financial stresses should they pass away unexpectedly. Life insurance is a great way of providing for your family when they need it most, but are you missing out on another of the key benefits life insurance has to offer? Whether you have a young family or you’re retired with minimal day-to-day expenses you should be aware of the benefit of final expense coverage.
Understanding End Of Life Costs
Two of the biggest mistakes people make when using life insurance to financially plan for the future are either not accounting for, or underestimating the cost of burial expenses. It comes as a huge surprise to many people that the average funeral now costs between $7,000 and $10,000 in the US. This may seem like a high figure but there are many expenses to pay for when a person passes away. Your loved ones will need to pay for the services of an undertaker, funeral fees, burial plot, and a headstone. These items quickly add up to a heavy financial burden for your family members who are already going through one of the most difficult times in their lives. So how can you plan to help your family through this difficult time?
Providing For End Of Life Expenses With A Final Expense Policy
One of the best ways to help relieve the financial stress of end of life expenses after you pass away is to plan ahead by purchasing a Final Expense life insurance policy. These policies are affordable plans that offer a level of coverage designed to pay for end of life costs. These plans offer whole life coverage, which means that they’ll be active until the policyholder passes away as long as the premiums are paid. In addition to providing financially for your family a final expense policy can allow your family to celebrate your life at this difficult time and not worry about the financial costs associated with planning a funeral and burial service.
Finding A Final Expense Policy
Many life insurance companies offer final expense plans. To find the right plan for your needs you should compare quotes from many different insurance companies. The process of getting quotes for final expense coverage is easy when you use IntelliQuote’s online insurance marketplace. We work with the best-rated insurance companies to allow you to compare as many quotes as possible by answering a few simple questions using our online form. Our agents can assist you with your selection and guide you through the simple application process to help get your policy in place as quickly as possible has over 20 years of providing life insurance solutions to consumers. If you need additional assistance or have questions about coverage options call our team of experienced licensed insurance agents today!