Final Expense life Insurance: 101 Reasons to Own

There is no denying that final expense life insurance is the missing piece in the puzzle that most people forget when it comes to retirement and financial planning. One thing is clear that nobody wants to discuss dying or death.

Moreover, a majority of professional financial advisors tend to overlook or ignore having a death conversation’ with a potential client.

Here are some undeniable facts that you may want to know.

• Everyone has to die one day but nobody knows when
• Many people die sooner than expected
• Faced with emotional turmoil, financial decisions regarding final expense are one of the toughest situations in life to take

Hence, it is wise to have a final expense life insurance policy because it is an exponential opportunity that benefits you a lot. Integrating it into your financial planning will help it grow exponentially. Still, finding it hard to believe?

Here are the top 101 reasons why you should own final expense life insurance.

1. The process is straightforward

With the advent of technology, buying whole insurance or final expense life insurance policy has become an easy affair. Now, you don’t have to pursue an insurance salesman to get the job done. In short, the entire process is made convenient for you.

2.  Middle Age people are eligible

Whether you are 40 or have adult children that need protection, you don’t have to worry. Anyone can take advantage of final expense life insurance. This kind of insurance is available to individuals 40 -95 years old.

3. Elderly people may get insured

The best part about a final expense life insurance policy is that you can choose it regardless of your advanced age. With certain coverage, even an 95-year old person can take this policy. So, don’t allow age to take away your peace of mind.

4. No issues with the approval

Getting approval for a traditional life insurance policy is daunting, but this is not the case with final expense insurance. That’s because having good health isn’t a matter for qualifying this kind of insurance.

Even if you are 85 years old or below, you can have access to these kinds of products with ease.

5. It is affordable

Almost every retired person wonders whether or not they can afford a final expense life insurance policy. With so many insurance products available, you can find the right one for your needs.

However, working with an independent agent is useful because they can offer you the best combination of coverage and price range. In short, you get better coverage at an affordable price.

6. Freedom to choose an independent insurance agent

When you work with a good insurance agent, it always yields better results. While technology allows you to get your desired insurance policy, there are lots of agents that can visit you personally.

It might appear old-fashion, but some people like to see who they are dealing with in person.

7. The coverage is flexible

Final expense life insurance provides you with a custom-tailored experience. This kind of insurance isn’t only for the burial expense. You can make good use of it for your cremation.

Precisely, it isn’t about covering your burial expenses. Many people leave the money to their dependents or to cover other costs related to the funeral. In short, you can use it for many reasons.

8. Token of love

Making your family’s life easier after your passing is a noble thing that you can do.

In short, if you think way ahead of your time, consider the agony they will face in your absence. And, to make the situation a bit easier for them in that period, a final expense insurance policy is the best gift for your loved ones.

9. Get it done over an email

Most people find an insurance salesperson irritating and consider them frustrating objects. However, you can get everything related to your insurance policy over mail. And, all the procedure gets done without meeting the person.

Moreover, most companies provide whole insurance through the mail and all you have to do is complete the form and return it through the mail.

10. Cover expensive burial services

If you are planning to have a high-cost funeral, burial insurance can help you achieve that. In general, funeral services and specialized caskets can cost you anywhere between $25000 and $35000.

Moreover, some cultures perform funeral rituals that are unique and carry a good cost. Hence, if you are planning to have a bit expensive funeral, whole insurance can cover those costs.

11. Surprise your loved ones

Final expense life insurance is regarded as a token of love. While your loved ones will miss you definitely, the excitement of a payout to cover the funeral is equally important.

They won’t feel the heat of the situation. When your loved one will receive this kind of act, it would make a great difference.

12. Temporary income source

When you choose a burial insurance policy, you have complete control over what to do with it.

While taking care of the funeral cost is crucial, a replacement for the lost income is one of the common reasons why many people opt for this kind of coverage.

Many widows find themselves in a whirlpool when their spouse dies. That way, it eliminates financial suffering.

13. Get coverage for traditional cremations

Burial insurance provides you with traditional cremation services as well. And, most of the policy comes between $5000 and $10000.

Hence, it can cover cremations costs with ease. Keep in mind that you can utilize the money from the policy in many ways that fulfill your criteria.

14. Cover direct cremations

According to the latest trends, most people tend to choose cremation services over burial.

Direct cremation allows you to reduce your expenses compared to the traditional way of burial. Typically, a direct cremation costs you between $1000 and $2000.

15. Leave some money for your grandchildren

Want to leave your legacy behind? A final expense life insurance policy is the right instrument for your grandchildren.

Leaving behind some money for your grandkid goes a long way. And, an amount like $5000 or $15000 is enough. This is something that your grandchildren will always appreciate and remember.

16. Resolve your mortgage issues

Without a monthly income, your surviving spouse will find it hard to cover the mortgage.

You can consider the last expense policy as a way to resolve your mortgage payment. As such, your family or spouse continues to make the payments without the need to sell the house or face foreclosure.

17. Pay down your debt

If you are having a debt against your credit card, the final expense life insurance policy takes away your worries. Your surviving spouse or family members can settle the credit card debt with ease without facing hardships.

18. It pays off the mortgage

As said, this kind of insurance policy can take care of your mortgage payments. So, you can buy insurance to repay your mortgages as well. Hence, plan accordingly and opt for coverage that resolves mortgages regardless of how big they are.

19. It benefits your dependent child

If your child has special needs, it might create trouble in your absence. As you know, you can utilize the money from the insurance according to your needs. That way, you can leave a decent amount of money for your child so that your child doesn’t have to face trouble afterward.

20. Resolve estate issues

You may want to leave your property both for your son and grandson. However, what if your grandson isn’t interested in the property and wants a lump sum instead?

If this is the case, choosing burial insurance can complement your grandson with the necessary cash and act as a share’ of your property.

21. Have issues with coverage? Final expense insurance can help you

A whole insurance policy has many limitations and sometimes you may not get the approval of the same.

However, final expense life insurance could be the best choice in this situation. The rates are affordable and you can qualify for the policy with ease.

22. Patients suffering from cancer can qualify

What makes burial insurance completely different is that even cancer patients can apply for it without trouble. So, cancer patients will have the policy up and running in no time.

23. Even cancer survivors can qualify

If you are a cancer survivor, you can qualify for a final expense insurance policy hassle-free. However, the coverage that you may have varies and it depends on your age.

24. Coverage for people suffering from various diseases

Because of the flexibility in underwriting, a final expense life insurance cover all your medical and funeral expenses even if you are suffering from health issues.

While some life insurance companies might not approve you, whole insurance offers coverage that many insurance products won’t consider.

Patients with diabetes, kidney and liver problems, COPD, neurological diseases, and heart-related diseases can even get approval for the policy. Moreover, the process is easy and smooth for you to qualify.

25. Even people suffering from depression are covered

People suffering from certain types of depression such as schizophrenia or bipolar can opt for a final expense policy. In general, most insurance companies won’t approve the applicant if they are suffering from mental health problems. However, there might be a few exclusions.

26. Doesn’t matter even if you take medications

Most insurance companies decline approval for a policy if they find that the applicant is taking a lot of medications regularly.

Some of them may get your approval but will increase the premium. But this is not the case with a whole insurance policy. While there might be a few exclusions, most of the time the policy gets approval.

27. Heart disease patients can buy as well

People who are suffering from heart-related diseases such as bypasses, stints, strokes, heart attacks, pacemaker implantation, etc. can qualify for this kind of insurance policy.

Some companies offer coverage from the first day provided the heart disease is a few years old.

28. No medical examination required

A whole insurance policy doesn’t require an extensive medical examination. While most companies don’t need medical tests to ascertain the physical condition of the applicant, some companies perform a minimal exam.

29. Instant approval

Many companies that provide whole insurance policies offer an approval process instantly on the same day. Unlike traditional life insurance companies that might take a few weeks to make the decision, a final expense insurance policy gives you approval within 3 days maximum.

30. Choose from a variety of plans

Similar to a life insurance policy, whole insurance provides you with plenty of options to choose from. As a result, you can buy the right policy that will fulfill your individual goals. Also, you can compare the price and choose the one for your needs.

31. Health history isn’t a constraint

A whole insurance policy is an easy product that you can qualify for even if you have a poor health history. For instance, if you are free from cancer for the last 2 years, you can opt for a whole insurance plan.

32. You need plenty of coverage

Getting a big insurance coverage such as $30,000 or $55,000 isn’t a problem with a final expense insurance plan. If you need coverage that includes medical expenses, funeral expenses, need a mortgage pay down or income replacement, a whole insurance plan is the best way to go.

33. You need minimum coverage

When you buy a whole insurance plan, you can opt for a minimum coverage as well. Most people have life insurance policies or other financial investments to take care of important things. So, if you need coverage as low as $1000, a whole insurance policy can offer you that.

34. When you love working with an insurance agent

An insurance agent helps you to find out the right whole insurance plan specific to your needs. Moreover, if you like to know more about the plan talking in person will only clear your doubts.

35. Don’t like to interact with an insurance salesperson

A company that provides you with a whole insurance plan has arrangements where you don’t have to interact with the salesperson. Find the quotes online, apply, and get approval for the same in no time.

36. Great for Direct Express card users

If you receive a disability or Social Security check through a checkless account or Direct Express card, you can buy a whole insurance plan of your choice. Most final expense insurance companies accept payments through credit or direct cards such as Direct Express.

37. You aren’t a fan of bank drafts

There are stories about bank drafts causing issues and creating frustration among people. However, most companies that provide final expense insurance accept bills on an annual, semi-annual, or quarterly basis. That way, you don’t have a problem if you refuse to use bank drafts.

38. Automatic payment makes it easy

Gone are the days where you need to send a check per month to the insurance company. With automatic payments, all you have to do is set up the best date for your insurance payment. And, the company will process the same for you.

39. No restricted’ coverage

Many insurance companies have plans that offer restricted coverage. It means, even if you are in good health, you may not get full coverage in the case of natural death, say within 2 years. But when you choose a whole insurance plan, the coverage starts from the first day.

40. Short application form

It is frustrating when you have to go through a lengthy application form consisting of several pages. However, final expense life insurance is popular because it provides you with an easy and fast application. And, it takes a mere 10 to 15 minutes to complete the application form.

41. Coverage for your teenaged kids

Unlike life insurance policies, a whole insurance plan doesn’t have limitations when it comes to providing coverage. So, if you want your children to have additional coverage, a whole insurance plan can provide you with that as well.

42. Coverage for newborn

If you are interested in providing life insurance coverage for your newborn, some final expense insurance policies can offer you that. They will provide life insurance for a small amount per month.

43. Coverage for your siblings

If you have a sibling who struggles in life and doesn’t have enough money to cover the expenses incurred during a funeral, a whole insurance policy comes in handy. With insurance coverage for your siblings, you don’t have to worry about that.

44. The final expense for your beloved husband

You may have a husband who thinks that funeral expenses aren’t too much, you can opt for a whole insurance plan. While they might oppose you, it is a crucial step that you should take.

45. Whole insurance plan for your lovely wife

If you are worried about your lovely wife passing away leaving you behind without sufficient final expenses, a whole insurance policy can work wonders for you. Regardless of age or health, this kind of policy covers final expenses for your wife. As such, you don’t have to think about your wife’s funeral.

46. Coverage for your father

It might surprise you but the final expense for your father is the best thing that you can consider when buying a whole insurance plan. So, whether it is your father’s final expenses, cremation, or burial, a whole insurance policy on your father makes perfect sense.

47. Coverage for your mother

If you have access to insurance policies that insures your mom for final expenses, you would take it instantly. Buying a whole insurance plan to cover her medical and funeral expenses up to 85 years is the best gift for your mother.

48. Hospitalization costs are covered

If you are hospitalized for a recent surgery or other medical procedure, you can likely get reimbursement for what you have paid as hospitalization charges. However, the procedure or surgery has to be for a minor illness for you to qualify.