Final expense insurance provides financial help to family members of the deceased person. At the end stage most people require hospitalization. As a result, after their demise family members have to pay off the medical bills. Along with that, arranging funeral services, cemetery fees, monument costs and vault charges involve extra burden for family members. Final expense insurance covers all these charges. These safeguard family members from added financial stress after the demise of their beloved family member.
You can securely spare your loved ones from the financial burden of your final expense after your demise. The following section of the blog will discuss the benefits of expense insurance for you and your family.
Factors Covered Under Final Expense Insurance
Final expense is a real headache for family members of the deceased person. You can simplify the process of your final expense for your loved ones. End-of-life expenses are huge. For instance, many terminal diseases involve costly treatments. The burden of hospital bills and other medical expenses can easily be eliminated for your family members. By applying for the insurance you can pay for your own end-of-life expenses. The followings are covered by end-of-life insurance:
- Outstanding medical bills, credit card loan bills, legal bills
- Burial costs, including cremation, burial plot booking, and headstone and epitaph
- Funeral arrangements-including casket decoration, funeral service providers’ fees, flowers and so on. Additionally, your family members might want to arrange a memorial lecture.
Advantage of Purchasing Final Expense Insurance
The application process of end-of-life expense insurance is quite simple, offering key benefits for you and your family members. Here are the key benefits of end-of-life expense insurance.
1. No Medical Examination Required
Although the policies vary from one insurance provider to another, most end-of-life insurances do not require medical examination. Moreover you don’t even need to produce a report on your medical history. Unlike medical insurance, which cancels out many applicants based on certain diseases, final expense insurance doesn’t involve such conditions.
This makes it easier for you to get insurance approval faster and hassle-free. However, you may need to fill up a questionnaire related to your health condition.
2. Secured Benefits
You can rest assured that your end-of-life expenses would be paid if you continue to pay your yearly premium. Moreover, the value of the insurance does not decrease. Furthermore, no taxes are levied on the final expense insurance. Your family can avail the full benefit of the insurance without paying any extra money.
3. Unchanged low Premiums
The yearly premium is quite low and affordable unlike other life insurance policies. Moreover, it is not floating. You have to pay the same amount all throughout your life if you do not wish to increase it.
4. Offer Flexibility
The money received from the insurance can be used for any purposes unlike mortgage protection insurances. Mortgage protection insurances are only meant for paying off mortgage loans. End-of life expense insurances allow family members the freedom to use the money as per their needs. As a result, this flexibility helps them to even save some money for future use.
Conclusion
Final expense insurance offers financial security to your family and peace of mind for you. You must make sure you apply for premium insurance providers to ensure guaranteed protection and quality service. Make sure you go through robust research and online search to identify the best insurance plan and authentic providers.