Do You Need Final Expense Life Insurance
If you have no burial plan and are getting older, you may want to consider final expense life insurance. Those who have substantial policies already may not need such coverage. It will depend on how much you want to leave to loved ones.
This type of coverage usually offers a lower face value of $5,000 to $15,000 and is designed simply for final expenses. It will not be enough to leave to loved ones. It is meant for burial, funeral ceremony, cemetery plot, and other related expenses.
Even those who do not have large estates can get such coverage without hassle. There are no medical exams involved. Typically the premium never increases and locks into the rate that is quoted at the time of purchase. Final expense life insurance will usually increase in value after 2 to 5 years. It will increase by a few thousand after the initial period.
Timing for such coverage is critical. If it is purchased too far in advance the policy may expire before the individual is gone. Renewal may lead to an increased rate as an individual ages. Most policies are for around 10 years. A policy may have to be in force for a specified time before benefits are paid. This is typically a year but may vary from one company to another.
There are many companies that offer this coverage. Premiums range from around $15 to $25 per month, depending on age. They can be purchased from companies that offer all kinds of coverage for seniors and may be purchased by family members as well.
The main reason to purchase final expense life insurance is to keep loved ones from having to worry about burial or funeral expenses. Such policies usually pay out within a day or two, so the funds are available right away. It is also a good plan for couples who live on a fixed income and cannot possibly pay for burial expenses of a spouse.
Final expense life insurance will usually increase in value after 2 to 5 years. It will increase by a few thousand after the initial period. http://workinglifeinsurance.com/final-expense-life-insurance.php. Timing for such coverage is critical. If it is purchased too far in advance the policy may expire before the individual is gone
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