How would you feel if you passed away without leaving behind any life insurance policy to protect your loved ones?
If you are still young, you may still be eligible to buy a life insurance policy. But what if you are getting closer to the later years of your life?
Discouraging?
Fret not – there is still the final expense insurance you can buy. This will provide you with the necessary coverage and help your loved ones cover any bills or debts you may leave behind.
Still not convinced?
Here is why you need to consider buying a final expense insurance policy:
It will fund your Funeral Costs
Final Expense Insurance is designed to cover any debts or bills you may leave behind after you pass. These debts and bills definitely include your funeral expenses which may be big. By buying final expense insurance, you can provide some help to your loved ones in giving you the best farewell that they can.
It might cover your medical bills
Final expense insurance might come in handy when it comes to clearing any outstanding medical bills after your passing away. Even if it is not sufficient to clear them fully, the policy should help in paying a portion of your bills.
It provides financial support for your loved ones
If you have planned it out well, you can provide some financial support to your loved ones, for a certain period of time, after you pass away. It will help them sustain while they take time off their work to mourn your death.
It offers a way to clear your loans
Leaving behind loans for your loved ones to pay, after you pass away, can be bad. The last thing anyone would want for a mourning family is the financial responsibility of clearing loans. Final Expense Insurance can help pay for such loans and lessen the burden on your family.
It provides a chance for you to plan your funeral
If you have a certain idea about how your funeral should go, final expense insurance can help make that happen. The instructions that you pass on will help your loved ones give you the farewell you prefer, without worrying about how to pay for the expenses.
It can double as a gift
If you have no assets to leave behind for any of your loved ones, you can still give them a gift of money, by purchasing final expense insurance. You can choose how to use the money that remains after paying for your funeral expenses. A part of your death benefit can be offered as a monetary gift to someone who genuinely cared about you while you were alive.
To Pay Off Business Obligations
If you happen to be in a business partnership you can purchase a final expense insurance policy on behalf of your business partner. The extra money can be used to pay off your partner’s share of the company’s obligations, without having to close down the company.
To Pay Estate Taxes
You may not want your family to be forced to sell your assets after you pass away. This is where a final expense insurance plan might help. The extra money can be sufficient to pay your estate taxes in case the value of your estate is more than $12.06 million (as of 2022).
How to Apply for Final Expense Insurance
Purchasing a final expense insurance policy is just like purchasing any other life insurance policy. You can contact many final expense insurance providers through final expense leads. You can also choose your sum assured, depending on your requirement.
The Bottom Line
If you are the sole bread earner of your family a final expense insurance policy can be very valuable to your loved ones. They will be able to give you a final farewell, without worrying about the costs. They can also use the extra money to pay back the debts they may have left behind.