Tuesday, July 24, 2012

What is a Final Expense Insurance?

Death is a pretty delicate topic and many people avoid talking about it due to how painful it can be for them. No one likes to think about the end of their lives, no matter how old they are. Bottom line, we all know that our existence will end someday and it is essential that those who are left behind by the deceased will not be in the lurch for the reason the death cannot be anticipated. One means to ensure that the expenses of a burial are already taken care of is getting some kind of insurance.

Final expense insurance sometimes referred to as burial insurance or death insurance is a type of insurance that is meant to cover expenses related to a funeral. Although it is similar to life insurance for seniors, there are differences that make it unique and much more affordable.

The fact is that funerals these days can become quite expensive. There is the funeral service, cemetery plot and headstone, cost of the casket, funeral procession, and other miscellaneous costs involved. Final expense insurance is meant to eliminate these financial burdens so that families can focus on grieving and mourning their loved ones' death.

This type of insurance is pretty similar to life insurance "no exam" policies in that an individual can choose not to take an exam. Although premiums for this type of final expense insurance may be higher than other standard policies, they will still be lower than with a life insurance. The reason is that final expense policies have a much lower face value, often in the range of ,000 to ,000. This means that the insurance company takes on less of a risk which then allows individuals to save money.

In the other hand everyone wants to know how the life insurance no medical exam will affect the premium rates. Some people believe that the rates with be higher because there are no real checks on a person's health and well-being. On the other hand, some believe that this is just a more efficient way to set people up with life insurance. The best way to find out more is to research online and learn about the companies that offer these types of policies.

However, a term life insurance is actually a great option for those that want to spend less but still get the benefits of a life insurance policy. While final expense policies are more than perfect for those individuals near death and that have no existing life insurance policy, younger individuals and their beneficiaries may get beneficence from the attainment of a term life insurance policy.

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