You care a lot about your family, and you want to do everything that you can to protect them. One way you’re able to help provide protection is with a term life insurance policy. This policy provides financial security for your family in the event of your unexpected death, allowing them to survive while they get back on their feet. Not everyone needs a term life insurance policy. There are other options, including final expense insurance.
What is Final Expense Insurance?
Final expense insurance is a type of insurance policy that is designed to help protect your family financially after your death. Instead of providing money for your family to survive after you’re gone, however, this type of policy only provides coverage for the cost of your funeral, burial, and other end of life expenses.
Your Children are Grown
One of the biggest reasons for having a term life insurance policy is because you have young children who depend upon you financially. Term life policies enable you to ensure that your children, and your spouse, will be comfortable after your death. You can even customize your policy to make sure that there’s enough money to ensure that your children can get a college education. When your children are grown and are financially dependent, this type of coverage becomes unnecessary.
Term life insurance policies are typically aimed at younger individuals who have young families or have just closed on their first home. Generally, the younger you are, the less your life insurance premiums are. As you get older, the cost rises. It can also become more difficult to find insurers who are willing to work with you, especially if you’ve developed medical conditions over the years. Final expense insurance is specifically aimed at older individuals, helping you to provide protection for the ones you love at a much more affordable cost.
You Don’t Have a Significant Amount of Debt
Another big reason to have term life insurance is because you have a significant amount of debt. A majority of that debt may be the mortgage on your home. Even if you don’t have children, you don’t want to leave your spouse with monthly mortgage payments that they might not be able to afford if you were to pass unexpectedly. As you get older, your mortgage shrinks. In most cases, so do your other debts. Whether you have little debts or are completely debt-free, the coverage from a term life insurance policy isn’t necessary. You shouldn’t pay for what you don’t need. A final expense insurance policy can do just that.
You Don’t Have the Money Set Aside for Your Funeral
Some individuals plan ahead and set aside money to cover the cost of their funeral. The average funeral in the United States costs between $7,000 and $10,000. While this includes the cost of your burial or cremation, this doesn’t include any other end-of-life expenses such as hospice or medical care. Even if you have some money set aside for your funeral, you don’t want to leave your loved ones with any sort of financial burden on top of their grief. A final expense insurance policy will be able to cover all of the costs associated with your funeral and your end-of-life expenses. You can tailor your plan to account for any money you have set aside, or to cover the entire cost.
You want to protect the ones you love, even after you’re gone. One way you can do that is to have an insurance policy that helps to pay for your funeral costs, which prevents a financial burden on top of the grief they’re already experiencing. Protecting your family doesn’t necessarily mean that you need to take out a life insurance policy. A final expense insurance policy can provide your loved ones with all the protection they need without you having to spend a fortune in your final years. You can enjoy your time with them and not have to worry about their financial situation after you’re gone.