57% percent of people living in the U.S. have life insurance. Most of them that do don’t carry enough to protect their families after they’re gone.
The truth of the matter is people seldom consider a whole life policy. They overlook final expense insurance.
Having adequate insurance reduces financial worries and stress for your family after you’re gone. It’s enough that they have to lose you, but stressing about money in your absence exacerbates the hurt.
Sufficient coverage also protects your family from unexpected hardships. Salary loss, mortgage payments, and educational costs all continue after you’re gone. A good policy looks after these needs in your passing.
If you have life insurance, you’ve likely come across the term final expense. Here’s what you need to know about final expense insurance in Pace, Florida.
1. Why Is Final Expense Insurance Necessary?
Most people purchase life insurance with the intent of leaving their family members a little nest egg. What they forget to do is save money to cover the burial once they pass away.
This is where Final expense insurance comes into play. This whole life insurance helps take care of expenses related to your death.
Funerals cost as much as weddings these days. The average, including additional expenses like burial and headstones, costs up to $10,000. Not leaving your family enough to pay for yours may affect the nest egg you’ve left behind.
2. How Much Coverage Do You Need?
Final expenses aren’t minor, so start in the thousands. A great way to measure the amount of coverage you need is to set up a burial plan.
Estimate how much it would cost to bury you and start from that amount or the average. Consider that median then add additional coverage to finance debts and the financial nest you want to leave your loved one
3. You Have the Option to Choose Your Beneficiary
As with some insurance policies, final expense insurance lets you choose your beneficiary. The funds from your policy go directly to the person of your choosing.
Most of the time it’s a split between the spouse and the children.
Selecting a beneficiary upfront helps your family avoid getting entangled in the court system.
4. You Can Purchase a Final Expense Policy Before Age 65
Waiting until you pass age 65 to purchase a whole life policy isn’t necessary. You have the option of securing final expense coverage as young as 50 years old.
If you have a parent who’s elderly, depending on the insurer, they may qualify for a policy as old as 85.
5. Your Premium Doesn’t Change
Sometimes certain factors—age and changes in health—affect insurance premiums. Not with final expense policies.
Final expense premiums don’t fluctuate. What you sign up for in the beginning doesn’t change until you do.
Get Whole Life Insurance Today
Final expense insurance lets you leave a legacy that most policies won’t. Consider the financial burden of your passing. Set up a great future for your family in your absence.
Want to know how to qualify for up to $50,000 in coverage? Get a free final expense consultation right now.