Extra money doesn’t hurt
The best time to join a final expense policy is better when you are younger. This is because the older you are when you apply, the higher your monthly premiums will be. Based on a sample monthly cost of someone purchasing a $10,000 policy, the monthly fee for men doesn’t reach triple digits until age 75, and for women (even at the age of 80) will pay less than $100 per month.
Non-taxed, no strings attached
While final expense insurance is often purchased for backing funeral costs, there are no rules for how your beneficiaries choose to spend the death benefit. The death benefit is not subject to tax. The money can go towards a college education, loans, lifting financial burdens, or even a savings account that they may choose to withdraw funds from later.
You can’t predict emergency expenses
Another point to consider when deciding whether to join a final expense insurance policy is if you can handle emergency expenses with your own funds. You may have a significant amount in savings, but there’s no telling what emergencies will drain those funds.
Your loved ones face that same reality. One emergency can be all it takes to cause financial instability. With final expense insurance, you have the option to leave a death benefit that will not only help pay for your funeral costs but any other costs that your loved ones might face.
If you have any other questions about final expense insurance, please call us today at 1-877-674-0236.