If you’re looking for life insurance, your search may have led you to the term "Final Expense Life Insurance." But what does this type of coverage actually involve?
It might seem like an unusual term at first glance, but it’s fairly simple and straightforward. It refers to life insurance that pays out when you die. These policies are typically lower in cost than other life insurance options because the payout is limited to covering your funeral costs and other associated costs like having the body transferred or embalming expenses, but it can also be used for any outstanding debts you might have had at the time of death.
What are the Benefits of Having Final Expense Insurance?
There are many benefits to having this type of coverage. For one, it provides peace of mind that your loved ones will be able to cover funeral costs without having to worry about draining their savings or taking out a loan.
In addition, if you have an outstanding debt such as a mortgage or credit card at the time of death, final expense life insurance will help ensure that it is paid off and not passed on to the next of kin or collection agencies.
When should you consider Final Expense Life Insurance?
While it might not be the first thing to come to mind when looking for financial protection, final expense life insurance is something we recommend every senior have. The benefits are extensive, and the costs are minimal when considering that they’re designed to cover an expense no one wants to think about in advance.
Final Expense life insurance is an affordable option for covering funeral costs and outstanding debt. It’s something every senior should consider, whether it be for their own peace of mind or to ensure that their loved ones are cared for in the event of death. If you’d like more information on this type of coverage in Huntington, WV, don’t hesitate to contact Partners Insurance & Financial Services Inc. We’re also happy to answer any other life insurance questions you might have, so feel free to reach out to us today.