Final expense insurance also called “burial insurance” or “funeral insurance” covers the cost of funerals, final legal expenses, and any other standard expense on a person’s death. Individuals choose this insurance policy to relieve their families and loved ones from the stress of managing a costly funeral and several death-related expenses.
Most reputed insurers offer a variety of final expense insurance plans for seniors. Insurance expert Gary P. Cubeta from Insurance for Final Expense says it may be a good idea to go through opencare final expense plans reviews before choosing a plan.
What Is Final Expense Insurance?
The final expense insurance works like a regular whole life insurance policy, except for much shorter terms and smaller coverage limits. Funeral insurance targets customers who are over 50 years old. Seniors constantly worry about burdening their families with the cost of their funerals and other final expenses. Funeral insurance relieves them of this stress.
The coverage is usually anywhere between $10000 and $50000 depending on the policy you choose. Burial insurance policies have smaller coverage limits because they are specifically meant to pay for funeral and related expenses, unlike the whole life insurance policies that accord financial security and coverage for the deceased’s beneficiaries.
Why Is Burial Insurance Good for Seniors?
You may not need final insurance if your whole life insurance policy already covers your final expenses. However, life insurance policies that also offer final insurance coverage may be exorbitantly priced. It may be more economical to choose a separate final expense insurance policy.
Another significant benefit is that you don’t have to undergo primary medical check-ups to qualify for burial insurance. You will be eligible for this type of insurance even if you have a terminal medical condition. The insurer does not demand copies of medical bills, proof of medical expenses, or health check-ups.
You Can Cover Your Funeral Costs
While it isn’t a pleasant thing to do, seniors who are over 60 may want to plan and estimate their funeral and related costs before applying for final expense insurance. That way, you can ensure your loved ones don’t have to pay additionally.
Final expense insurance generally gives your family members a payout amount that they can use to pay for expenses. The average cost for funerals in the United States is around $8000. Funeral expenses generally include the service’s cost, the casket, the plot, the tombstone, and other related costs.
Additionally, the insured’s family may also have to pay lawyers for will drafting and other services. If there is an excess amount of coverage left even after providing for the expenses mentioned above, it is given to the family. So a person who chooses final insurance is also giving their loved ones some financial coverage.
Your Family Can Deal With the Loss in Peace
While death is an inevitable part of reality, dealing with loss is painful. Seniors can assure that the only thing their families will have to deal with is the loss of their loved one.
Even seniors who have sufficient assets to pay for self-insurance often choose final expense insurance since it is more hassle-free for their family and friends. Getting this policy also ensures that the assets don’t have to be diluted to cover medical and funeral-related expenses.
Experts assert that studying a few Opencare final expense plans reviews will help choose the most efficient policy offering the best coverage, premium, and benefits.
No Expiry Policies
Unlike term insurance policies, final expense insurance policies usually have no expiry since they aim to cover funeral costs. You can also plan for the payout to be tax-free for your family. Some insurance companies may charge additional premiums for seniors who are tobacco users.
Final expense insurance premiums are usually affordable. Research shows that you may spend anywhere between $2 and $25 per week for your final expense insurance. The cost would vary depending on the insurance plan you choose and its coverage amount. Since the coverage is for shorter terms, the premium may be slightly more expensive than that of term life policies. However, the policies are still inexpensive.
Final Expense Insurance Is Gaining Popularity
More and more seniors in the United States are now opting for final expense insurance with the view of adding financial protection to their families. While final expense insurance is not a lucrative investment avenue, it offers necessary coverage and security. Choosing an excellent funeral expense plan will give you the peace of knowing that your family will not have to worry about your final expenses.