What Defines the Best Final Expense Insurance Policies?

Final Expense insurance or burial insurance is a kind of whole life insurance. It can offer death benefits up to 50,000. However, these policies are mostly meant for seniors who want to take care of their funeral expenses. The policy provides coverage for the seniors for the rest of their lifetime.

After the insured person has passed away, the beneficiary gets the death benefit amount, covering all the funeral expenses. According to Gary P. Cubeta of Insurance for Final Expense, the best final expense insurance will help you settle your worldly affairs, and you won’t have to depend on anyone for your funeral expenses, enabling you to plan for it just the way you want.

  1. What are the features of the best final expenses insurance policies?

First, the best final expense insurance policy would be the one with a short underwriting process. It will typically require no medical exam, and some of these policies also have a cash value component. It is an excellent condition to get a part of your money back if you gave up the insurance provider’s policy. Although a part of your premiums will be used to fund the cash value, you will still receive an amount if you ever choose to give up the policy.

  1. In what ways will the insurance company allow you to pay?

The best final expense insurance providers will allow you to choose from a variety of payment options.

Usually, the insurance premium can be paid in a lump sum, once or twice a year. It helps you keep track of your payments, and you can also enjoy discounts because of your bulk payment. There are fewer chances of the insurance lapsing because you won’t have to worry about making monthly payments on time.

Fixed period premium options are suitable for those who want to cover the bulk of the premium payment while working, not to have to worry about payments once they have retired and income is limited. The insurance buyer can pay higher premium rates for ten to twelve years, and then the insurance is locked in place. After that, they don’t need to pay any premium but will get the death benefit when needed.

For those who might not make bulk payments of large amounts, the insurance providers allow them to make periodic payments. In this case, although the monthly payment is low, the total amount paid over the long term can be higher. Nevertheless, it will still allow you to stay within your monthly budget.

  1. Types of Burial Insurance

Most of the reliable insurance service providers offer a few options for purchasing the right plan according to your needs. Opt for providers who will give you options like guaranteed universal life insurance, simplified issue whole life insurance, simplified issue universal life insurance, or guaranteed acceptance of whole life insurance. There are subtle differences between these insurance policies regarding health questions, medical exam requirements, premium amount, death benefits, and waiting periods.

The insurance provider should guide you through the aspects mentioned above to make an informed choice.

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