5 Reasons to Get Final Expense Insurance

You must have heard about Final Expense Insurance, but do you know its role? This insurance plan is designed to financially protect your family in times of sudden death. While your loved ones are already upset about your death, you would never want them to be burdened by debt payments or huge expenses. So, here is why it is important to have a final expense insurance policy.

Here are 5 reasons you why you really need to consider getting a final expense insurance plan.

Funeral Expenses

As the name says, Final Expense Insurance is intended to pay for funeral arrangements and burial expenses. Facts state that funeral costs range from$7,000 to $12,000. Also, when you purchase final expense insurance, you can take responsibility for how your funeral will take place. You may have preferences regarding your burial. Hence, this policy is very helpful in supporting your burial and funeral choices.

Multiple Uses

The best thing about final expense insurance is that when you purchase it, your family is not restricted to use it only for your burial or funeral costs. Instead, the lump sum amount that your loved ones receive after you pass away can be used for multiple reasons.

For instance, if you have any outstanding medical bills at the time of demise, your family will have a solution to pay it. Also, you can use the funds to pay off any credit card or loan payments. The insurance amount paid at the time of the policyholder’s death serves as life-saving. Your family will be saved from any further stress or grief, as they have sufficient financial support.

Have you ever thought that being the breadwinner of your family if you pass away suddenly, what will your family do? Thus, the flexible terms of the final expense insurance make it the best choice to save for unexpected times.

If you are operating a business in partnership, you can manage business risks with final expense insurance. Unfortunately, if something happens to your business partner, you will have the money to purchase his shares without selling out the venture.

Paying Estate Taxes

Recent changes in estate tax law suggest that if the value of your estate exceeds $11.5 million for an individual or $23.16 million for couples, the extra value is taxable. Therefore, the death benefit gained from the final expense insurance can be used to pay estate taxes instead of selling your assets.

Gift for Your Loved Ones

You can also gift a portion of the final expense death benefit to anyone you love. After paying the funeral cost, the remaining amount is a bonus that you can relegate any way you wish.

Easy to Apply

Another great advantage of final expense insurance is that it is very easy to access. You can choose any amount policy you wish to. We represent many insurance providers that can match your expectations and needs.