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What is Final Expense Insurance and What Makes it Important

Posted October 2, 2019 by EasyFinance.com to Insurance 0 0

Life insurance, health insurance, and auto insurance - these are what most people know and care about more than anything else. However, contrary to what most people believe, insurance does not cover only the life of the living. There is also an insurance that covers the cost for when people are no longer alive, and this is where final expense insurance or burial insurance comes in.

What is Final Expense Insurance

The final expense insurance services is a kind of permanent life insurance service where the client can only use the benefits upon death. The death benefits can cover for medical expenses, burial expenses, fees for experts that handle the property, and any other related costs.

The great thing about this type of insurance is that it has no expiration date and remains applicable as long as the client pays the required premiums. The beneficiaries of the clients that secure this insurance also have the privilege to get the death benefits.

Unlike conventional life insurance, the process of getting final expense insurance is more accessible. There are no extensive background interrogations. Applicants can quickly secure the insurance after a little interview.

This type of insurance falls into two policy categories, namely the simplified issue and guaranteed issue policies. The former lives up to its "simplified" name, where it spares its applicants from a medical examination though there will be some medical interview. On the other hand, the latter type of policies "guaranteed" the applicants' insurance without any medical questions, though these policies usually have an age restriction.

What Makes Final Expense Insurance Important

The NFDA reported that the average people seldom think about their funeral. They usually do this only once or twice in their whole life. 

But this is understandable. Who would want to think about dying? It is an outright morbid topic for many. Nevertheless, death is something real and inescapable. People ought to think about their funeral, especially if they want to undergo the traditional funeral process as the price for it is generally higher than cremation.

Furthermore, the National Funeral Directors Association reveals a shocking statistic - the cost for burial has increased by up to 30% since the last decade. Not surprisingly, these numbers are predicted to grow steadily in the future. This surprising statistic further reiterates the need to apply for final expense insurance services for those who wish to undergo a traditional funeral procession with a tight budget. This insurance service will make the burial process eventually more affordable.

Another convenience of this insurance is that it provides peace of mind for the clients. Aside from the clients having nothing to worry about the funeral costs, clients' beneficiaries can also use the death benefits to ease their life. The fund can also cover for daily expenses, university fees, and other needs if they present an official death certificate.

Considering the overall cost for a funeral that is getting higher each year, the final expense insurance certainly offers excellent help for those that plan to go through this process. This insurance helps cover the costs and additionally, administer the assets more effectively for the preparation of worry-free end-of-life.

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