Final expense insurance normally offers a benefit between $5,000 and $25,000 to help your family cover your end-of-life costs. The neat aspect is they can use the payout for more than funeral and burial expenses.
For example, sometimes people die before paying off their credit cards, medical bills, student loans, and mortgage. While we all wish these dues could magically disappear, the reality is that your family will be left to pick up the pieces. Consider buying a final expense policy to do your loved ones a big favor, helping them take care of the following:
Credit Card Debt
Did you know that nearly 75% of consumers die indebted? Unfortunately, credit card debts don’t vanish when you pass away. The executor of your estate will pay for them in a complicated legal process called probate. With a final expense policy, your executor can use the death benefit to pay it off. Your card(s) will also be invalid when you die so that nobody can incur any more debt.
End-of-life care is costly. Many different services can cause issues with medical bills, including:
- Lab fees
- Dental care
- Diagnostic tests
- Outpatient services
- Doctor and ER visits
- Prescription drug costs
- Short-term Single hospital stay
- Nursing home or long-term care
When you buy a final expense insurance policy, your family can use the tax-free cash payout to deal with your medical expenses once you’re gone.
Student loan debt is another costly surprise, and you don’t want to leave it to your loved ones when you die. Your family can also take the payout of a final expense policy to help pay for your kids’ or grandkids’ college, or discharge those weighty student loans. As you can see, there’s immense flexibility with final expense insurance. You can ask your co-signer to have a policy, too.
Rent or Mortgage Payments
Like credit card debt and student loans, the mortgage is still present and must be paid off. If the payments aren’t made, the lender could apply penalty fees and begin the foreclosure process. Final Expense Insurance can provide a cash booster to help your beneficiaries pay off your home loan or balance monthly payments. That money presents everyone’s options, including a surviving spouse who may wish to keep the home or pass it to relatives.
Final Expense Direct Can Help
Final Expense Direct is your home for low-cost final expense insurance. If you’re looking to find the perfect plan for your needs and budget, our licensed agents are ready to assist you. Call 1 (877) 674-0236 or get a quote online.