How much do you know about final expense? Did you know that final expense policies and life insurance are not the same? That’s right – even if you already have life insurance, you may not be completely covered for costs that you incur at the end of your life. We know planning for the end of your life is probably not how you wanted to spend your day, but it’s important to make these decisions while you still can. Purchasing a final expense policy will give you peace of mind knowing that your relatives will not have to pay your final bills.
The first step in purchasing a final expense policy is answering two very important questions. The first one is, “how much do you want to invest?” In other words, what do you want to plan for? Are you expecting your family to throw a large, lavish funeral for you, or do you only want to save enough for a cremation? That knowledge will allow you to understand how much you need to invest in a final expense policy. Keep in mind that the average funeral costs about $10,000.
The second question you’ll need to answer is, “who is your beneficiary?” Who do you want the policy’s funds to go to after you pass away? The money that comes from your final expense policy is usually tax-free and can be taken out at almost any time. Figure out who in your life is going to be responsible for your burial costs (like a spouse, child, or close friend). You’ll probably want that person to be your final expense beneficiary.
Still not convinced that you need a final expense policy? Think of it like paying for your burial costs in advance. Instead of leaving that expense on your family members, you’re taking care of it yourself. Need another reason? Keep in mind that much like life insurance, final expense policies build cash value. If you run into a financial predicament before you pass away, you can always take out the cash value of your final expense policy and use it to cover your existing expenses. Plus, final expense policy payouts are usually tax-free.
Ready to make your final expense investment? Our partners at Medicare Plan Finder can set you up with an appointment with a licensed agent. They can answer all your questions and help you figure out what types of policies are best for you and your needs. Medicare Plan Finder can help you with final expense, life insurance, AND Medicare.
To buy final expense, contact Medicare Plan Finder at 833-GET-ENROLLED (833-438-3676) or complete this form.