What Is Final Expense Insurance?

If your family is worried about the high cost of paying for a funeral and other final expenses, you may wat to consider a final expense insurance policy. These are small whole life policies that are marketed to older people as a way to plan for final expenses. This can relieve some stress when a loved one passes away.

Sometimes these are also called senior burial policies. Sometimes these are also marketed as senior life insurance. This is the same thing. They were created for people who are concerned about the high costs of funerals. These policies are purchased so a family does not have to wrry about paying thousands of dollars at one time for a funeral and other expenses. They can make monthly payments instead, and then use the proceeds when they need them. If there is any money left over, the beneficiary is free to keep it. In that way, it is just like any other life insurance policy.

Bills can add up when a loved one passes away. It is not uncommon to spend almost $10,000 for a funeral these days. There may be some debts left behind that have to be settled. Some loved ones may have to take time off from work or travel, other guess may have to be housed and fed, and their may be some other bills to settle. For some families, this extra cash can provide security during a time of need.

Sometimes a senior will buy the policy for themselves. They name a grown child, other close family member, spouse, or friend as the beneficiary. The person who is named as the beneficiary will be the one who is responsible for funeral arrangements. Other times, a grown child or other close person will purchase the policy for an older person. Either way, premiums are paid every month.

One of the advantages of buying this type of policy is that it is not tied to any particular funeral home or burial plan. This means that the person who handles arrangements can make decisions and negotiate things without being stuck with one particular location or prior contract. A burial policy may help your family if you are conerned about planning for funeral expenses, but do not want to be tied to one particular place or company.

How do you find a burial plan? Many large and highly rated insurers offer life insurance for seniors. You can even find online final expense insurance quote forms so you can shop and compare to make sure you find the right plan at an affordable price.

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