Life insurance and final expense insurance operate through similar principles, which mainly relate to leaving loved ones with a large sum of cash. Your passing will affect the people around you, and since those ties are so profound, your death will indirectly impact the other people your loved ones spend their time with.
We’re all going to face this hard reality. There’s no way of stopping it. But just because you can’t stop it doesn’t mean the right choices don’t exist. Those around you may be struggling financially more than you realize. People are adept at keeping their personal struggles a secret. Life insurance and final expense insurance allow you to lift this burden. And so far, in this way, life insurance, and final expense insurance are the same.
But they are not the same, and the rest of this will explain why.
Life Insurance Doesn’t Equal One Policy
Life insurance encompasses several types of insurance policies. Final expense insurance is a type of life insurance policy.
What they are determines what they can and can’t do. Life insurance premiums and death benefits can change. Some life insurance policies (namely term life insurance) can expire and turn into sunk costs instead of the major financial lifts they were intended to be.
Final expense insurance, by definition, cannot expire. This goes back to final expense insurance being a type of insurance – whole life insurance specifically. Whole life insurance is called “whole life” because it lasts throughout your entire lifetime. That’s just one of the reasons why final expense insurance is so appealing. You pay your premiums without having to worry about your premiums or death benefit changing. You don’t have to worry about outliving your plan, which translates into not worrying about your loved ones losing out on upwards of $50,000.
One Has a Time-Consuming Enrollment Process. The Other One Takes Minutes
Life insurance policies often require medical exams that can make or break you in terms of what you’re able to get. We don’t choose our medical conditions. We might make lifestyle choices that influence certain conditions, but even that has more to do with predisposition rather than choice. So your only option may be a substandard policy costing you more than what you’ll get out of it, which in a sense is like being penalized for something you have no control over and cannot change.
Final expense insurance doesn’t require a medical exam. It doesn’t even require going to a doctor’s office. Do you know what you have to do? You call us on the phone and we can help you find an insurance company that offers the coverage you need. The signup process is brief, and you do no more than answer a few questions about your medical history. And within a few minutes, you have a policy with minimal premium costs and a death benefit that will spare your loved ones from paying thousands of dollars out-of-pocket.
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