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Key Features of Final Expense Insurance
The primary emphasis of final expense insurance is to alleviate the financial burden on family members and loved ones after the policyholder's passing.
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Video - Final Expense Explained
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Video - Why Do I Need Final Expense Insurance?
9 Reasons to Buy Final Expense Insurance
1. It Funds Funeral Costs
Final expense insurance provides coverage for any bills or debt you leave behind once you pass - funeral expenses being the big one. Leaving some money for your loved ones to use for anything funeral-related would undoubtedly be a relief to them.
2. It Aids With Medical Bills
If you have any outstanding medical bills after your death, it’s up to your family to pay them. A final expense insurance policy could give them the funds to either fully pay off your debt, or at least aid in the payments.
3. Financial Support for Loved Ones
Even after you pass away, life still goes on for your family and friends. During the time following your passing, they’ll likely want to take time off work to mourn your death. Without that steady flow of income, providing a little bit of a financial cushion for them would undoubtedly be appreciated.
The great thing about the death benefit is that it doesn’t just have to be used for funeral costs, it can be used for anything your loved ones need help with.
4. Personal Loan Money
Speaking of using the death benefit for various reasons, what if you passed away but still had loans to pay? The last thing you’d probably want is for your mourning family to take on your loans in addition to your death; with the death benefit, your family could use that money to pay for the loans, avoiding the burden.
5. You Can Take Control of Planning Your Funeral
While not all, some people know exactly how they want their funeral to go. Decisions such as whether to be buried or cremated, where you’d like to be buried or have your ashes put, etc. Taking this off your loved ones' hands will not only be helpful but allows you to rest in peace the way you prefer.
6. It Can Serve as a Gift
If you’d like, you also have the option to leave part of your death benefit as a gift to someone you care about - whether that be a family member or not. After the funeral expenses, the remaining money is yours to delegate how you choose.
7. To Purchase a Business Partner’s Shares
If you’re in a business partnership, it may be wise to purchase final expense insurance in case your business partner passes away. Having that extra money could be used to pay off his or her share of the company’s obligations without having to sell the company itself.
8. To Pay for Estate Taxes
As of 2022, if your estate value is over $12.06 million ($24.12 million for couples), the remaining value is subject to taxation. The remaining death benefit could go towards funding those taxes, rather than forcing your family to sell your assets.
9. Applying For a Policy is Easy
This type of insurance is typically relatively easy to obtain, and you have the option to choose a policy as little or big as you’d like. We offer whole life insurance, guaranteed universal life insurance, and term life insurance policies.
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Benefits of Having Final Expense Insurance
Final expense insurance, also known as burial insurance or funeral insurance, is a type of life insurance policy specifically designed to cover the costs associated with a person's funeral and other end-of-life expenses. The primary emphasis of final expense insurance is to alleviate the financial burden on family members and loved ones after the policyholder's passing. Here are some key benefits of final expense insurance, with a focus on leaving money behind to pay for funeral expenses:
1. Financial Protection:
The most significant benefit of final expense insurance is providing financial protection to your family. Funeral expenses can be substantial, ranging from several thousand to tens of thousands of dollars, depending on various factors such as the type of service, burial or cremation costs, casket or urn expenses, memorial service arrangements, and other related expenses. Final expense insurance ensures that your family does not have to bear the financial burden of these costs during an already challenging time.
2. Immediate Access to Funds:
Final expense insurance policies are typically designed to provide quick access to funds after the policyholder's passing. Unlike some other types of life insurance policies that may take time to process claims and disburse funds, final expense insurance policies are often structured to ensure that the beneficiary can receive the necessary funds promptly. This allows your family to promptly address funeral expenses without having to wait for an extended period.
3. No Restrictions on Usage:
Final expense insurance provides your family with flexibility in utilizing the funds received. While the primary intention is to cover funeral costs, the money can be used for various purposes related to the deceased's final arrangements. This could include funeral services, cremation or burial expenses, cemetery plots or vaults, headstones or markers, flowers, transportation costs, and even outstanding medical bills or other debts. Leaving money behind through final expense insurance allows your loved ones to make decisions based on their specific needs and preferences.
4. Peace of Mind:
By purchasing final expense insurance and ensuring that funds are available to cover funeral expenses, you provide peace of mind to both yourself and your family. Knowing that your loved ones will not have to face a financial burden during an emotionally difficult time can alleviate stress and allow them to focus on the grieving process and celebrating your life.
5. No Medical Exam Required:
Final expense insurance policies often have simplified underwriting processes, which means there may be no medical exam required or minimal health-related questions. This can make it easier for individuals, especially those with pre-existing health conditions or older age, to obtain coverage. By leaving money behind through final expense insurance, you can ensure that your family has access to financial assistance regardless of your health condition.
It's important to note that the benefits and coverage options of final expense insurance may vary between insurance companies and policy types. It's advisable to thoroughly research and compare different insurance providers, policy terms, and costs to find the best fit for your specific needs. Consulting with an insurance professional can also help you understand the details and make an informed decision.
Insurance Companies
Tom has you covered with access to multiple insurance carriers
Tom works with a wide network of reputable insurance carriers to ensure that he can provide you with a comprehensive range of coverage options. His extensive network allows him to match you with the insurance carrier and policy that best meets your needs, giving you the peace of mind you deserve.
With his commitment to exceptional service and access to numerous insurance carriers, he is confident in his ability to provide you with the ideal coverage options that align with your budget and provide the level of protection you need. Rest assured, no matter what type of insurance you require, Tom will have you covered!
Your Agent
Tom Kilps
Tom has established strong connections with numerous respected insurance carriers to offer you a broad selection of coverage options. With his extensive network, he can carefully assess your requirements and pair you with the most suitable insurance carrier and policy. This personalized approach ensures that you receive the peace of mind you rightly deserve. In his spare time he enjoys spending time with family, traveling, and the great outdoors.
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