The Final Word on Final Expense
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The Final Word on Final Expense

Death is an unpleasant subject, but it’s one that needs to be addressed in your lifetime to ensure the peace of mind and financial well-being of those you leave behind.

After the loss of a loved one, a family may be faced with settling his or her debts, including medical bills, credit cards and more. In addition, there may be funeral costs (if the person who passed did not make arrangements in advance), as well as legal fees. While some individuals may opt to pre-pay for their funeral, many others choose to purchase final expense life insurance coverage.

Final expense life insurance is designed to cover the bills that your loved ones will face after your death. A final expense insurance policy can help cover these costs or can be used to set up an estate for family members or set aside monies for emergencies.

A funeral is usually a major expense. That’s why it’s a good idea to have a plan for how your loved ones will pay for yours. According to the National Funeral Directors Association (NFDA), the average cost of a funeral with viewing and burial in 2017 was $7,360. The average cost for a funeral with viewing and cremation was $6,260.* These estimates do not include the cost of a vault or cemetery monument or marker, or things like traveling for the memorial service, meals and lodging around the time of the funeral, catering for guests, special clothing, and more. Most financial experts recommend rounding the amount of money you will need for a funeral up to $10,000.** If you are concerned about your loved ones having enough funds on hand to pay for your funeral, you may want to start setting aside money to cover these costs now.

Regardless of your age, it’s definitely a good idea to have life insurance in place to protect you and your loved ones from unexpected events, and there are a number of options available to you. When many people think about life insurance, they think of policies with benefits that can help cover ongoing bills or to make up for lost income or benefits after a loved one passes away. However, final expense life insurance coverage can be a more cost-effective option since these policies generally pay a lower benefit. With these policies, benefits will not decrease and premiums will not increase as long as premiums are paid without lapsing.

A final expense policy allows the insured to name a beneficiary, as well as a secondary beneficiary, if desired. Coverage under a final expense policy is open to almost anyone up to age 85. Most companies offering final expense insurance do not require medical exams; however, there may be waiting periods or short-term modifications based on lifestyle and/or current medication usage.

When shopping for final expense coverage, there are some important things to keep in mind. Make sure the policy is a whole life policy, not term insurance. Ask the provider about medical exams or waiting periods. Get all of the specifics regarding payout speed and requirements for coverage. When it comes to providing a sense of comfort and reducing financial stress on your loved ones, it’s definitely worth a phone call or online request to help you find the coverage that works best for you. To learn more about final expense insurance from Bankers Fidelity, visit our website.

Even if you have a current life insurance policy, final expense coverage can be an excellent supplemental option that may be more quickly accessible than your primary policy. For people who can’t afford life insurance but want to make sure they have the funds to cover funeral expenses, a final expense policy is a wise choice.



Level Benefit Whole Life Insurance policy form series ICCI19 B 21901 or Graded Death Benefit Whole Life Insurance policy ICCI19 B 21902 is underwritten by Bankers Fidelity Life Insurance Company®. Limitations and exclusions apply; actual policy provisions control. Application to determine eligibility required. Product availability and benefits can vary by state. This is a solicitation of insurance and an independent agent may call on you. Bankers Fidelity Life Insurance Company®. 4370 Peachtree Rd NE, Atlanta, Georgia, 30319



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