Final expense insurance is a complete life policy designed to cover the funeral costs and other bills that may have been accrued before your death.
It may include medical bills, housing expenses, legal bills, and others. There is nothing more complicated than the death of a loved one. Taking care of the funeral arrangements is hard enough, and the last thing you want is to pay so much money in the process.
The final expenses insurance policy helps you to avoid this. In this article, we will give you more information about final expense insurance services.
Why Do You Need Final Expense Insurance Services?
Well, the answer is simple. You wouldn’t want your funeral to be a burden to your family. As mentioned above, it’s hard to lose a loved one. The grief can be overwhelming, and piling medical bills and funeral expenses will not make things easier.
Although final expense insurance services do not make the pain of losing a loved one less, they make it more tolerable and easier to handle.
What Are Some of the Common Features of Final Expense Insurance?
Final expense insurance is a cover that will be identified by certain unique features. The amount payable often ranges between $1,000 and $50,000 depending on the nature of the policy and the premiums paid.
The coverage may also be limited in some way. In most cases, people above the age of 85 years will not qualify for the cover or may no longer be applicable for payouts with their exiting covers.
What Does This Policy Cover?
The final expense insurance policy will usually cover the entire cost of the funeral. You may wonder why this is important. On average, most families spend over $10,000 on a funeral. That is a considerable amount of money, and if it can be avoided, then most people would gladly do it.
Final expense covers may be able to help with that. But that is not the only thing covered by such policies. If the deceased was sick and there are outstanding medical bills yet to be paid, the policy may be used to clear the entire amount or part of it.
Legal fees payable to lawyers for handling the will may also qualify for a payout from the insurer. Some policies may even pay up existing credit card debt and household bills accrued by the deceased at the time of their death.
How to Get the Payouts?
If, unfortunately, your loved one has passed on, you will be required to file a death benefits claim with the insurance company for the payments to be released.
The insurer will then review the claim, and an answer is given. In most of the cases, it takes less than 24 hours for the claim to be approved or disputed.
Getting a final expense insurance cover can be an excellent way to save your family the agony of spending so much money on your funeral. It is a proactive thing to do, and the guide above should help you find the best policies for your condition.