“Again, we’re not making millionaires out of our heirs, we are just making sure they don’t have to reach into their savings to pay for our funeral.”

Okay, what is this?  It’s basically is a type of life insurance that will cover the costs of your funeral and other debt at the time of your death.  This is different from WL and term where you really aren’t creating wealth for your family.  You’re just making sure they don’t have to shell out $30K for your funeral and any small debts you may have incurred over time.  

How does it work?  Generally, a final expense policy will be in a coverage range of $5,000-$50,000.  Again, we’re not making millionaires out of our heirs, we are just making sure they don’t have to reach into their savings to pay for our funeral.  It works just like any other insurance, you can do a term or whole life policy.  You still select a beneficiary and have to continue to make set payments up until the end. 

Qualifying for this type of insurance is pretty easy regardless of age.  There are two ways to underwrite this coverage, simplified or guaranteed issue.  The guaranteed issue is exactly what is says, guaranteed.  You will not have to answer any medical questions and will be able to get your policy.  This is a more expensive way to go.  If you are in decent shape, I would certainly go with the simplified issue where they just ask you a few medical questions.  You still won’t even have to take a physical in order to get approved.

The coverage amount will vary of course on the individual.  Funerals are expensive these days!  If I were you, I would do some research to see what it might cost for your big day.  We all have an idea of where we want to be when we pass, so hopefully, you can get an idea of what it would cost by doing just a little bit of research.  You’ll also want to consider any debt you may have with credit cards, small loans, etc.

Look, we all love and want the best for our families.  If you don’t have any other life insurance, at the very least you need to pick up this coverage.  It is not expensive at all.  Depending on your age and coverage amount, final expense insurance can be less than $10 a month.  Yeah, we’re talking a lunch from Chipotle each month to protect our family.  Come on people, you don’t want to wait on this.  Pick up some coverage now, and you will sleep better knowing you’re family is covered.  Contact us, and we’ll show you just how inexpensive this type of insurance really is these days.