Protecting Loved Ones from Final Expenses – Even If You Have a Health Issue
Although nobody likes to dwell on it, planning for the inevitable is necessary for protecting those we love. This is because in many cases, we could otherwise leave our survivors with costly financial obligations – which could even lead to long-term financial hardship.
There are any number of ways in which loved ones could be left in dire financial straits – including high interest debt and ongoing living expenses. Yet, while all situations may be different, one thing that most everyone will need to plan for is the cost of final expenses.
Unfortunately, if you are not in the best of health, the thought that life insurance is out of the question may have kept you from applying for coverage in the past. But the truth is that today, there are options available to you through final expense life insurance.
What Are Final Expenses?
When most people think about funerals, they often imagine only the memorial service itself. However, in terms of the overall cost – or final expenses – there can be so much more, including:
In fact today, depending on the actual services that are chosen, a person’s final expenses can exceed $10,000. This is an amount that many families and loved ones simply do not have readily available to pay – especially at such a difficult time in their lives.
In order to cover these bills – which are oftentimes due upon receipt – loved ones may have to dip into savings, or even sell off important assets or family heirlooms at below market prices. But there is a better way to help ensure that your loved ones aren’t stuck worrying about final expenses. That is through the purchase of final expense insurance – even if you’ve been turned down for traditional life insurance coverage.
How Final Expense Insurance Works
Final expense insurance, also referred to as burial insurance, is a type of life insurance coverage that is designed for paying your funeral and other related costs. Typically, the amount of this coverage ranges from between $2,500 and $35,000 – depending on your needs.
In most cases, those who are between the ages of 50 and 85 may apply – and, once you have purchased a final expense policy, your premiums are guaranteed to never increase. In addition, not only will the policy benefits remain in-tact, but you will also build cash value within the policy that accumulates on a tax-deferred basis. This means that no tax is due on the growth of the funds unless or until you decide to withdraw them.
What If You Aren’t In Good Health?
While qualifying for life insurance is oftentimes based on one’s health condition, as we get older, it becomes more likely that we may have various health issues. Some can be minor and others may be more serious. The good news is that you may still qualify for final expense life insurance – even if you aren’t in the best of health.
This is because, unlike “fully underwritten” coverage, most final expense life insurance policies will not require you to undergo a medical examination as a part of the underwriting process. This means that, even if you have certain health issues, you will still be able to qualify for this insurance – and in turn, provide those you care about with the financial protection that they will require.
In addition, because there is no medical information or exam results to wait for, the approval on these policies can often be sped up to just days as versus weeks, or even months, that it may take with a medically underwritten life insurance policy. This means that you can have the final expense coverage – and the peace of mind – that you and those you care about deserve.
How to Take the Next Step
In order to ensure that those you love are protected from the high cost of final expenses, the purchase of burial insurance can make good financial sense – even if you have certain health conditions. There is no medical exam required in order to qualify – and you can often obtain policy approval with just days.
You can get the process started by entering your information in <our form> to obtain a free quote now.