Indeed, most people we come in contact with prefer not to think about dying, or death in any compasity. This inevitable part of our reality can be intimidating to say the least.
We won't attempt to begin to try and say what does or does not happen after a person is deceased, (in terms of an after-life) because we simply don't know.
Although what we do know for a fact is, what often happens to families when the person who they depend on financially, dies without putting a safeguard in place to maintain their standard of living without them.
We do not wish to list off once more in this segment, all the different ways that a family without proper financing in place will struggle when they need it most pressingly.
What we will do is provide you with the essential information, and means to ensure that your family does not suffer unnecessarily in the event of your untimely absence from their life.
Below we will go over what final expense insurance is, why you should have it in place, and how you can go about lifting the burden of your death off the shoulders of the people you care about.
Final expense insurance, also referred to as burial insurance, covers end-of-life expenses including funeral arrangements and any remaining medical or legal expenses that will need to be settled by your beneficiary. This coverage can ensure that your loved ones aren't left with a financial burden, as the average funeral can cost $10,000 or more.
Final expense insurance is one of the most affordable types of life insurance — a instant approval Final Expense policy is quick and easy. You may even start your coverage on the same day you apply.
Burial insurance is an affordable way to give your family financial protection. The advantages:
No medical exam
Certain types of life insurance require a medical exam, but not a burial insurance policy. Unless you have a serious pre-existing medical condition, you'll likely be able to get coverage.
Lower premiums
Final expense life insurance rates can be as cheap as $20 per month or less, with coverage amounts ranging from $5,000 to $35,000.
Payment flexibility
Depending on the provider you can choose if you want to pay your premium monthly or annually.
Quick approvals
The application process is quick and easy, and coverage can be issued in days, often even on the day you apply. Once you've been approved, your coverage starts immediately.
Burial insurance policies cover the costs incurred by the death of a loved one. There are a number of costs associated with a death, so having final expense coverage is important. Some of the essentials covered include:
• Funeral arrangements, including embalming, casket, flowers, and services
• Burial costs, including cremation, burial plot, headstone, and interment - the ritual placing of a corpse in a grave
• Outstanding medical, legal, or credit card bills
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You simply choose the amount of coverage you want and determine who will be the beneficiary upon your death. The beneficiary should contact the insurance company or their registered agent who helped them set up the policy, to initiate the claims process immediately following the death of the insured. The beneficiary may be required to provide identification along with a claims form, as well as a certified copy of the death certificate.
Once the funds have been paid out to your beneficiary, they can use the money any way they want. If there are funds remaining after paying for all funeral-related matters, the beneficiary may use the balance to pay outstanding medical, legal, or credit card bills in your name. Just be sure you choose someone you can trust to allocate the funds properly.
We provide a Simplified Issue insurance process to our clients. One of our agents will evaluate your health based on a series of medical history questions, but a medical exam is not required. Certain factors may result in being denied a policy, such as pre-existing conditions, like smoking, or risky activities.
According to the National Funeral Directors Association, the median cost of a funeral in 2019 was $7,640. So if you're on a tight budget and can't afford a standard life insurance policy, funeral insurance can provide you with the coverage you need to handle major end-of-life expenses. However, if you already have savings set aside for your end-of-life expenses and you want an affordable policy designed to support your loved ones if you die unexpectedly, a term life insurance policy may be more suitable than burial insurance.
Estimates are great, but they can be done endlessly. Get your genuine price by contacting us at 808.897.9080, or requesting an actual quote by filling out our quote request form below.
Please reach us at info@insured.care if you cannot find an answer to your question.
Term life insurance is a type of life insurance that provides coverage for a specified period of time, known as the term. It is designed to provide financial protection to the policyholder's beneficiaries in the event of their death during the term of the policy. If the policyholder dies within the specified term, the beneficiaries will receive a death benefit payout. However, if the policyholder survives the term, the coverage ends and no benefits are paid out. Term life insurance is generally more affordable than permanent life insurance policies, but it does not build cash value or offer lifelong coverage.
The length of term insurance that is right for you depends on your specific needs and goals. Here are a few factors to consider:
1. Financial obligations: Consider the length of time you have committed to invest in your financial obligations, such as a mortgage or supporting dependents. You may want a term that aligns with these obligations, such as a 20-year term if you have 20 years left on your mortgage.
2. Income replacement: If you want to provide income replacement for your dependents in the event of your passing, consider a term that covers the years until your dependents become financially independent, such as until they finish college or reach a certain age.
3. Budget: Longer-term policies generally have higher premiums. Consider your budget and how much you can afford to pay for insurance coverage. Shorter terms may be more affordable but may not provide coverage for as long.
4. Future needs: Consider any future needs you may have, such as planning for retirement or leaving a legacy. If you anticipate needing coverage beyond a certain term, you may want to consider a permanent life insurance policy.
Ultimately, it's important to evaluate your specific situation and speak with a licensed insurance professional who can help determine the length of term insurance that best suits your needs.
A term life insurance policy covers most deaths resulting from accidental and natural causes. There is a two-year contestability period in cases of suicide. This means a policy won’t pay if there is a suicide within the first two years - all premiums paid will be returned to the beneficiary.
Situations involving fraud and material misrepresentation will be investigated by the carrier and may be denied. All claims are reviewed and if needed, investigated, by the carrier that issued the policy.
The death benefit can be used by the beneficiaries to cover various expenses, such as funeral costs, outstanding debts, mortgage payments, or to provide financial support for dependents.
Unlike permanent life insurance policies, term life insurance does not accumulate cash value over time. It is generally more affordable and straightforward, focusing solely on providing a death benefit during the specified term.
It is important to note that term life insurance does not provide coverage for the entire lifetime of the insured, and the policy will expire at the end of the term unless it is renewed or converted into a permanent policy, if available.
Determining whether your life insurance through work is enough depends on various factors, such as your financial obligations and goals. Here are a few points to consider:
1. Coverage amount: Evaluate the coverage amount provided by your employer. Is it sufficient to cover your outstanding debts, such as a mortgage, loans, or credit card balances? Additionally, consider whether it would adequately support your family's ongoing expenses, such as housing, education, and daily living costs.
2. Dependents: If you have dependents, such as a spouse, children, or aging parents, it's essential to assess whether the coverage amount would adequately support them if something were to happen to you. Consider their future financial needs and whether the policy would provide ample support.
3. Portability: One drawback of relying solely on employer-provided life insurance is that coverage usually ends when you leave the company. If you change jobs or retire, you might lose your life insurance coverage. It's important to evaluate whether your policy can be converted into a portable individual policy or if you can secure coverage elsewhere.
4. Additional coverage: If the coverage through your employer is insufficient, you might consider supplementing it with an individual life insurance policy. This will ensure that you have enough coverage to meet your specific needs and financial goals.
5. Cost: Assess the cost of obtaining additional coverage independently. Though employer-provided coverage is often more affordable, it's important to evaluate whether the price of individual coverage is reasonable given your requirements.
It is generally recommended to consider life insurance when you have dependents or financial obligations, such as a mortgage or outstanding debts. Additionally, obtaining life insurance at a younger age may result in lower premiums. It would be best to lock in lower premiums now, because the price will only grow higher further out as time passes.