Final Expense Insurance

What is Final Expense Insurance?

Final expense insurance is a whole life insurance policy that has a small death benefit and is easier to get approved for. Final expense insurance is also called “funeral insurance,” “burial insurance,” “simplified issue whole life insurance,” or “modified whole life insurance. Face amount, meaning the amount of coverage, tax-free cash benefit paid by insurance company can range from $5,000 – $50,000. Final expense is a type of whole life insurance and usually has a smaller face amount than traditional insurance. It focuses on covering end-of-life expenses while most life insurance policies focus on income replacement.

Is Final Expense a good deal?

Final expense insurance is relatively affordable if you’re on a tight budget. It typically doesn’t provide as much coverage as other insurance (more on that later), but if you only need enough of a payout to cover burial costs, rather than a payout for long-term expenses, it could be enough for your needs.

What does final expense mean?

Expenses incurred at the time of a person’s death. These include, funeral costs, court expenses associated with probating his or her will, current bills or debt, memorial dinners, and taxes. However; beneficiary can do what they want with the funds…..down-payment on a home, buy an automobile, start a business, go to college, etc.

What are some of the benefits of Final Expense Insurance?

More affordable than you think – can be perfect for people with fixed incomes
Most people qualify, even with prior health conditions
As long as you pay your premium, once approved company cannot drop you for declining health
Rates are locked in
No physical Exam, just answer a few medical questions

Funeral Planning / Prearrangement Options

Many people plan for life events such as weddings and vacations well in advance, but many people do not plan for something that is certain to happen, their funeral. While most people do not want to think about their own mortality, the time to pre-plan your funeral is now. The primary advantages of pre-arranging your funeral is to relieve the burden on your loved ones in an already emotional time, and to ensure your funeral is carried out according to your wishes, eliminating the task of second-guessing what you would have wanted. Taking the time now to arrange your funeral is one less thing your loved ones will need to worry about once you’ve passed. Pre-planning and pre-paying your funeral is one of the most thoughtful gifts you can give to your family.

Pre-Payment Options

Pre-paying your funeral reduces stress and financial burden on your loved ones after your passing. We can coordinate a payment plan that suits your needs, from a single payment plan to monthly bank account withdrawals. By pre-paying your funeral you eliminate your family second guessing if they have spent too much or too little on your funeral. Pre-payment also protects you and your family from inflation. Each year thousands of people decide to pre-plan and pre-pay their funeral, these plans are designed to be flexible and can accommodate the many changes that often occur in people’s lives.

What you can do in advance…

Decide on Burial or Cremation and your casket or urn type.
Pick what type of service you want (religious, military, non-traditional).
Choose which funeral home to use.
Designate your favorite color, location of service or memorial, pick any music or readings you want at your service…..and the list goes on.

Benefits of Pre-Planning

Over 100 decisions are made within the first 24-48 hours of death. It’s difficult to think rationally while making so many decisions within days of losing someone. Pre-planning gives yourself, family and friends peace of mind. Pre-planning gives your loved ones direction of your wants and desires.
It’s easy. Anyone can do it, and you can change your mind at any time

“A letter to my loved ones”

To my loved ones,

To my loved ones, I have recorded the information contained in my personal planning guide provided to me by Regina at ALL THINGS INSURANCE BENEFITS for your peace of mind as well as my own. I sincerely hope that it will spare everyone unnecessary grief, distress and expense at the time of my death. It means a great deal to me to know that I have taken steps to eliminate as much as possible the burden of decision making in this manner.

I have tried to complete this information with much love and thought, knowing that it might cause greater distress if these decisions were left for you to make with no indication of my wishes.

I sincerely hope you will find these arrangements and suggestions in accordance with your own wishes. It is my sincerest intention that this information will ease the burden as much as possible. “R.K.”

If you were to pass away today, would your family know your wishes?

A Pre-Need Plan provides peace of mind for one’s family by enabling a client to make funeral arrangements before the time of need. This product is different from a Final Expense policy — which is a small-level, face-amount policy sold to a policyholder that ensures funds will be available to cover final expenses at death. (It does not include an underlying pre-need contract; the beneficiary can use the death benefit in any way they choose.)Here are some typical features of a Single Pay Pre-Need Plan, which is purchased in one lump sum:

We do not offer every plan available in your area. Any information we provide is limited to those plans we do offer in your area. Please contact Medicare.gov or 1-800-MEDICARE (TTY users should call 1-877-486-2048) 24 hours a day/7 days a week to get information on all of your options.

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