A final expense (aka burial or funeral) insurance policy is meant to protect your family if you were to pass away unexpectedly. The last thing you want to do is dump burdens on them such as debt, bills, or personal loans — on top of their grief. Today, Final Expense Direct shares 8 reasons why you should purchase final expense insurance.
1) Fund Funeral Costs
As mentioned earlier, final expense insurance is designed to cover the cost of funeral and burial services. Funerals can cost between $7,000 and $12,000, on average. When you buy a final expense policy, you can leave money for your family to use for any funeral-related costs, which will be a respite to them.
2) Help with Medical Bills
Final expense insurance can cover a multitude of costs, one of which includes medical bills. If you have any unsettled medical bills after you pass away, your family will be responsible for paying them. A final expense policy could provide them the funds to either pay off your debt entirely or at least help in the payments.
3) Use it as Loan Money
So, the death benefit is great because it can be used for different reasons. If you pass away but still have unpaid loans, your grieving family will have to tackle them. With the death benefit, your loved ones could use the money to pay back the loans and avoid the strain.
4) Purchase a Business Partner’s Shares
By purchasing final expense insurance, you can also protect your business if you’re in a partnership. In case something happens to your business partner, you can use the extra money to pay off his or her share without having to sell the company.
5) Pay for Estate Taxes
As of 2020, if the value of your estate is more than $11.58 million ($23.16 million for couples), the remaining value is liable to tax dollars. The leftover death benefit could help fund those taxes instead of making your family sell your assets.
6) Take Charge of Planning Your Funeral
With a final expense insurance policy, you can take control of how you want your funeral to go. Do you want to be buried or cremated? Where would you like to be buried or have your ashes spread? Clarifying these decisions will allow your loved ones to fulfill your wishes so you can rest in peace how you prefer.
7) Use it as a Gift
If you want, you can also leave a portion of your death benefit as a gift to someone special. After the funeral costs, the leftover money is yours to relegate how you choose.
8) Easy to Apply
Lastly, final expense insurance is relatively easy to access. You can pick a policy as little or big as you want, and you can choose from many different service providers. At Final Expense Direct, we represent all of the top final expense insurance companies in the country.
Get Affordable Final Expense Insurance
Final Expense Direct specializes in affordable whole life, burial, and funeral insurance. When you contact us, we make sure to find you the best, most cost-effective protection while understanding your needs and budget. Call 1 (877) 674-0236 to speak with an insurance professional.