Are you or a loved one looking for final expense insurance? Before settling in on one, it is always wise to know as much as you can about it, not only for you but also for the people left behind.
This is something we emphasize at Medicare Professional Advisors as your trusted providers for all things insurance.
To get you started, here is a brief overview of final expense insurance and what it could mean for you.
So, what is final expense insurance?
Final expense insurance is a whole life insurance policy that has more affordable premiums due to the small death benefit.
This insurance is designed to address the issue of not having life insurance or other funds to depend on for your funeral costs, memorial services, and other expenses. Having Medicare insurance does not count at this point because it does not cover the final expense.
Is final expense insurance good for me?
Per our dedicated health insurance broker in Allentown, Pennsylvania, it stills depends on your circumstances at the present. Among the most ideal situations for these include:
- You’re retired and no longer have life insurance.
- You do not want to place a burden on your family in the event of your passing.
- You do not have a comfortable nest egg to fall back on.
What are the advantages of final expense insurance?
Your policy will differ depending on your provider but generally, the main advantage lies in its accessibility—it applies to those with poor health, it doesn’t require a medical exam, and it costs less than life insurance.