If you don’t currently own any life insurance at all, final expense life insurance may be a budget-friendly option to potentially help cover the cost of funeral arrangements and other end-of-life expenses your family could be faced with if you were to pass away. However, even if you do already have life insurance coverage, you may still want to consider adding a final expense policy. Let’s talk about why
Legacy
Other than offering increased peace of mind, which of course is no small thing, life insurance isn’t really designed to benefit you as the owner, it’s designed to benefit the people you love. It’s a promise to do everything you can, even after you’re gone, to take care of the people who depend on you.
Supplementing your current life insurance coverage with final expense life insurance means that more of the total benefit may go toward that goal of “taking care.” Final expense life insurance may help cover the significant cost of a traditional funeral ($8,000-10,000 in the U.S.) and other end-of-life expenses while leaving the remainder of your life insurance benefits to help fund your family’s continued quality of life.
Another thing to remember is that final expense life insurance death benefit proceeds can actually be used for any purpose, so if your funeral costs are covered, any funds leftover would simply belong to the beneficiary.
Accessibility
From start to finish, final expense life insurance offers the option of greater simplicity. For example, a medical examination isn’t typically required – just answer a few health questions from the comfort of your home.
When it’s time to put that coverage to use, we have your back: While other assets and insurance policies may take more time to liquidate or claim, final expense life insurance is designed to provide faster access to the death benefit proceeds during the first few days that follow the loss of a loved one.
A Conversation Starter
Another possible positive side effect of purchasing final expense life insurance is that it could inspire you to talk more openly with your loved ones about your end-of-life wishes. It’s an important conversation and one that many of us avoid. Having a plan in place could help you and your loved ones focus more on the peace and empowerment that comes with saying a meaningful goodbye.