Many people buy life insurance to provide funds for their loved ones so they can continue living comfortably despite missing part of the household income. However, there’s another type of life insurance that is not intended to leave beneficiaries money but rather relieve them of the financial burden associated with death. This kind of policy is known as final expense life insurance. As you prepare for the future, it’s important to understand what a final expense policy is and why it’s a beneficial investment.
What to Know About Final Expense Life Insurance
What It Covers
Final expense life insurance is designed to cover the bills your loved ones will be responsible for upon your death. Typically, it’s used to pay for funeral and burial expenses. However, there is potential to accumulate other debts at the end of your life as well. This may include medical expenses and nursing home fees. A final expense policy is purchased separate from term and whole life policies. Once you pass away, your beneficiary will receive the funds and begin making funeral arrangements or paying off debt.
Why You Need It
In this day and age, it’s common for funerals to cost a few thousand dollars even when arrangements are kept simple. Without final expense life insurance, planning a funeral and burial can take a major financial toll on your loved ones. Having a policy will protect them from having to pay these costs out of pocket. They will have the flexibility to celebrate and honor your life as they see fit without enduring any added stress in their time of grief. Purchasing a final expense policy is a less expensive alternative to buying a term or whole life policy with a larger death benefit.
If you are interested in learning more about final expense life insurance, don’t hesitate to reach out to the professionals at American Liberty Insurance Agency. They can help explore your life insurance options to determine the type of coverage that makes the most sense for you. Over the years, they have been entrusted to find numerous West Salem, WI residents high-quality products at affordable prices. Call (608) 786-3355 to request a quote or visit their website for more information on the services they provide.