Final Expense Insurance

When you pass away, you can incur unexpected expenses that you may not even realize exist. Many people choose to be buried. Burial usually requires purchase of a coffin, a burial plot and a carved headstone. All of these items can be surprisingly expensive. Fortunately, there is a way to help defray such expenses. Final expense insurance is a form of insurance that is intended to cover these costs. It can be a very useful addition to any life insurance you have already. It can also be a highly useful form of life insurance for certain people under certain circumstances. 

If you already have life insurance, it may not be large enough to cover your final expenses. A life insurance policy may have a meager payout. Or your survivors may have other expenses that were incurred if you were sick and unable to work for a period of time. Final expenses can eat into that existing nest egg and make it harder on your loved ones. A final expense insurance policy can help make sure your loved ones have enough money for your funeral and enough money to pay any other bills as well.

A final expense insurance policy can be ideal in certain other life circumstances. If you are young and have no dependents, this type of insurance policy can provide others with the means to make sure they have enough money to cover your funeral. Your parents can get the money from the policy and not face additional burial costs. Likewise, if you are older and have grown children who are well off financially, a final expenses insurance policy can provide money to make sure your wishes with regards to burial are funded adequately.

Final expense insurance policies are easy to buy. Many companies offer them as a part of a life insurance policy. Many companies also offer an additional rider that you can buy when you are buying standard life insurance. Look for policies that cover all your expenses including a tombstone and a coffin. A policy may also provide a small sum to help maintain your grave.

Proper planning is an essential part of any effective fiscal life plan. Final life insurance can fit in well as part of any well thought out plan. Use it wisely and you will make life easier for those you care about after you die.

About Michele

Michele Andrea Bowen has been a financial consultant for just shy of 22 years. Her client base ranges from individuals, to families, to small and medium sized businesses. Her expertise extends from daily money management, to insurance, to planning for retirement, as well as managing finances in retirement.

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