Final Expense Insurance
So, you’ve just reached a new season in life. Your house is paid off (or you’re almost there), your kids are all out of the house, and you’re settling down and rearing for retirement. Is that work insurance policy you have going to be worth the larger premiums? Should you be investigating other options like an equally large permanent life insurance policy?
Here’s why you may not need to have that “keeping up with the Joneses” life insurance anymore.
Why do I need Final Expense Insurance?
You need to ask yourself what expenses are still left for you to pay off. Let’s face it, most folks that are retirement age don’t have the same financial risk as they once did. It’s time to start looking at a new policy. A life insurance policy that fits your new financial risks.
A Final Expense policy.
Don’t take it as a hit. You probably just got off a near quarter of a million-dollar policy through your work. And your employer was even helping with the premium! But you needed that. Our needs adjust over time. If you don’t already have a whole life policy to leave behind a legacy, it’s time to invest in a final expense policy.
What is Final Expense Insurance?
Final expense is a style of permanent life insurance that is used to cover those end-of-life expenses. Most often final expense covers funeral costs, including services like burial or cremation, items like caskets, flowers, urns, and more. These policies range in face value from $2,000 to $30,000. A great reference point is that the average funeral cost is around $8,000. (Note that this is just for the funeral, not including headstone, cemetery plot, end-of-life medical expenses, and anything else that might come up.)
It’s important to start considering these options early. Most insurance carriers will start allowing you to buy these policies around age 50. The earlier you purchase these policies the lower the monthly premium will be.
Other Things to Keep in MInd
One additional factor to keep in mind is that some companies include riders in their policies without charging you anything extra. Seek out riders like accelerated death benefits, accidental death benefits and children/grandchild riders.
Contact Me to Get a Quote
As always, please contact meso that we can discuss these options in greater detail. I look forward to giving you advice that will help you and your family for generations to come!