Final Expense life Insurance: 101 Reasons to Own

Final Expense life Insurance

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.

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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.

  1.  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.

  1. 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.

  1. 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.

  1. 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.

  1. 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.

  1. 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.

  1. 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.

  1. 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.

  1. 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.

  1. 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.

  1. 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.

  1. 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.

  1. 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.

  1. 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.

  1. 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.

  1. 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.

  1. 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.

  1. 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.

  1. 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.

  1. 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.

  1. 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.

  1. 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.

  1. 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.

  1. 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.

  1. 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.

  1. 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.

  1. 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.

  1. 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.

  1. 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.

  1. 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.

  1. 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.

  1. 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.

  1. 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.

  1. 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.

  1. 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.

  1. 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.

  1. 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.

  1. 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.

  1. 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.

  1. 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.

  1. 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.

  1. 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.

  1. 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.

  1. 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.

  1. 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.

  1. 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.

  1. 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.

  1. Even smokers can apply

Companies that provide final expense life insurance offer competitive rates to smokers in recent years. As such, an active smoker can avail of the benefits from these policies at preferred rates.

  1. Get better rates when you quit smoking

A whole insurance plan even offers people non-smoking rates if they promise to quit smoking within a few years. It can be within 2 or 3 years. However, if you fail to keep your word, you may have an elevated premium.

  1. Ex-smokers can qualify for a whole insurance policy

If you haven’t smoked for the last 12 months or higher, you can qualify for a whole insurance policy. Moreover, you can get non-smoker rates. This is better than traditional life insurance policies that have minimum criteria of 3 years or more.

  1. Even tobacco users can get a policy

If you are a tobacco user, you may think that you can’t take an insurance policy. But this is not the case with a whole insurance policy. Several companies offer non-tobacco rates to users who use tobacco occasionally.

  1. Freedom to choose a beneficiary

Most funeral home insurance policies need to make a funeral home a beneficiary. But when you choose a whole insurance plan, you are in complete control when it comes to the policy beneficiary. Anyone with an insurable interest is eligible for a beneficiary.

  1. It is different from funeral home insurance

Many people confuse whole insurance with funeral home insurance. So, when you buy this kind of insurance, you are dealing with the insurance company and not with funeral homes. It means you can choose your beneficiaries.

  1. Disabled workers are eligible for coverage

People who got hurt while on the job can opt for a final expense life insurance plan. Most people are forced to take retirement from work following an accident. Moreover, buying a whole insurance policy eliminates the burden that your loved ones face for final expenses.

  1. Even disabled veterans are qualified

If you were hurt during combat or fall sick on the job, you can opt for final expense insurance. While the coverage isn’t much, it is better compared to other insurance products intended for veterans.

  1. People with obesity can qualify

If you are worried about your weight is the only reason why you can’t apply for a life insurance policy, there is a piece of good news for you. Certain whole insurance providers have flexible plans that allow people with obesity. And, some of them don’t even care for it.

  1. Do you take insulin? No worries

Type 1 diabetes or insulin users will qualify for a whole insurance policy much easier compared to traditional life insurance policies.

  1. Diabetic patients may apply

People with diabetes have trouble when qualifying for life insurance policies. However, a diabetic person can qualify for a whole insurance policy. Moreover, you can get coverage from the first day onward.

  1. People with sleeping disorders may qualify

Sometimes life insurance companies decline the application of persons that have certain sleeping disorders like sleep apnea. But a whole insurance provider doesn’t have such criteria. They will provide you with a policy even if you are using C-pap.

  1. People with lung diseases may qualify

If you are suffering from asthma, sarcoidosis, COPD, or other types of lung diseases and are willing to take an insurance policy, a whole insurance plan should be the right one for you. It provides you full coverage from day one for both accidental and natural death.

  1. Arthritis sufferers can apply

Whether you have rheumatoid arthritis, osteoarthritis, or severe arthritis, there is nothing to worry about when it is about taking an insurance policy because a final expense life insurance plan allows you to choose one.

  1. People with multiple sclerosis can apply

Some companies that provide final expense life insurance policies can offer you coverage from the first day even if you are suffering from multiple sclerosis. However, the extent of your disease can play an important role in approving your application.

  1. SLE patients can take the policy

There are several options for burial insurance coverage available to you from the first day even if you are suffering from systemic lupus or SLE. When you qualify, you can get full coverage for natural death.

  1. Customized policy options

A final expense life insurance policy is designed to provide benefits for everyone. Hence, you can go through them and choose the ones that might prove beneficial for you and your family. Final expense life insurance provides better quality at a competitive price so that everyone can take advantage of them.

  1. No need to bother about inflation

The average price of medical and funeral expenses has increased a lot over the last 15 years and it won’t slow down anytime soon. Whole insurance policies compensate for the situation by considering the rates of various policies. That way, the rates are locked and it won’t increase later.

  1. Perfect coverage for elderly people

If your loved ones have crossed 75 years and you are more concerned about their expenses, buying a final expense insurance policy is the smartest move that you can make.

  1. Good for baby boomers

If you are 65 years or above, chances are that your group insurance plan won’t remain active or get canceled because you have outlived the duration of the coverage. This is why buying a final expense life insurance policy makes more sense.

  1. Stop worrying about your Medicaid

If you are receiving Medicaid, chances are that you may lose your life insurance policy. However, a whole insurance plan is completely different and it won’t cause issues with your life insurance policy.

  1. You need more than your work can provide

If you are thinking about having an insurance plan to cover your final expenses when you retire, there is nothing compared to buying a whole insurance policy. It is a separate policy in which working for an employer to get benefits doesn’t count.

  1. You can have many policies

If you want, you can have many final expense insurance policies from different companies. And, you can have control over each of them without hurdles.

  1. There is no cancellation point

For senior people, this might be the biggest problem that has to face. Life insurance policies have a certain cancellation point when you outlive the said period. However, a whole insurance policy won’t get canceled because of health or age.

  1. It helps build cash value

A final expense life insurance plan has cash value, unlike a traditional life insurance policy. It means, you can borrow cash that accumulated during a period and you can use the money otherwise.

  1. Some policies offer a paid-up option

The best thing about a paid-up policy is that it eliminates your commitment when it comes to paying the premium. Also, it is favored by people who hate to pay for a long-term policy.

  1. The rates never rise

Final expense life insurance policies are designed to have a premium that never increases over time. Hence, you can lock in the premiums and relieve yourself of this frustrating situation.

  1. Get better rates

If you are in great shape and want better rates for your insurance premiums, you can take a test provided by some insurance companies. If you pass the exam, it lowers your premium. While you may qualify for the coverage that the policy offers, getting a lower premium is what you shouldn’t miss.

  1. A great solution for an undeniable reason

Keep in mind that everyone has to die one day and you can’t stop it from happening. The best thing about a burial insurance plan is that it doesn’t get canceled because of poor health or age, unlike traditional life insurance policies. When you own a final expense life insurance policy, it takes care of your medical and funeral expenses.

  1. Patients with open-heart surgery can apply

If you have open heart surgery within the last 24 months or so, you can qualify for a whole insurance policy without issues.

  1. Suffering from hepatitis? No problem

If you have applied for a traditional life insurance policy before and got rejected because you had hepatitis, there is nothing to worry about because a burial insurance plan offers complete coverage for patients suffering from the said disease.

  1. Narcotic users can apply

Even if you take pain medications such as methadone, OxyContin, or Kardex, you can qualify for the preferred rates for your final expense life insurance policy. However, there should be evidence that you use narcotics to get relief from an injury, accident, or surgery.

  1. Stent patients are qualified for the policy

Do you have a stent installed in your legs, kidneys, or heart? Even if you have one, you get full coverage when you choose a final expense life insurance policy.

  1. Patients who have experienced a stroke may qualify

Ever experienced a mini-stroke or stroke? If so, many whole life insurance providers offer you insurance coverage depending on the severity of the stroke and how long it has been since then.

  1. The best insurance policy for any budget

Commonly, most people tend to maintain a budget so that they can keep a tab on their spending and don’t buy things they can’t afford. A whole insurance policy is budget-friendly ad provides the right coverage for your needs.

  1. Tailored to your needs

When you have a customized insurance policy that benefits you in the long run, you feel satisfied. And, this is what a final expense insurance policy provides you with. So, work with the right agent and choose the policy that fits your budget as well.

  1. Fixed income guaranteed

Because of the flexibility that a whole insurance policy provides, you can plan accordingly and find ways to find a decent income from the policy. As a result, you don’t have to skip plans because they happen to be expensive.

  1. Accelerated death benefit

Most of the burial insurance policies offered by companies come with accelerated death benefits. So, if you are diagnosed with a terminal illness with 8 months to live, the insurance company will pay for the death benefit excluding a small fee while you are still alive. That way they can arrange for their funeral expenses.

  1. You can add your grandkids to the policy

Only a whole insurance policy allows you to add your grandkids to the policy while taking coverage on yourself.   With a small premium, you can protect your loved ones.

  1. Take advantage of discount

Certain companies that provide final expense policies may offer you a spouse discount when you purchase insurance together.

  1. The perfect backup plan

When you retire, become disabled, or quit, the benefits from your life insurance policy stops. A whole insurance policy is like having a backup plan and it makes a lot of sense. Hence, whenever something unusual happens, it will serve you in every possible way.

  1. Ease of qualifying over the phone

The process of applying for coverage is straightforward. Rather than completing the whole procedure online, you can choose to complete it over the phone. And, it won’t take more than 15 to 20 minutes.

  1. Also, you can qualify through an email

Didn’t like the idea of doing business over the phone? Most companies that provide whole insurance policies offer an easy application process from the comforts of your home. All you have to do is go online and fill up the application form.

  1. The traditional way of applying works fine, too

If you prefer the old-fashioned way of applying for an insurance policy, some companies that provide whole insurance policies can provide you with that as well. In short, you can apply for the plan by using pen and paper.

  1. Blood thinners won’t get in the way

If you use blood thinners such as Plavix, Warfarin, and Coumadin, getting approval of an insurance policy might not be possible. However, some whole insurance providers don’t have such limitations and you can get approval even if you use them regularly.

  1. The underwriting process is very simple

Compared to a fully underwritten policy from traditional life insurance companies, whole insurance follows an easy underwriting process. Most companies take much time to get approval. So, if you want fast approval, consider a final expense life insurance policy.

  1. Anyone can pay for your insurance coverage

If you don’t have an adequate income source, you can persuade your daughter, son, or other family members to pay the premium for your whole insurance policy. Because it is permitted by many insurance companies, you won’t have trouble doing so.

  1. Even you can make payment for someone’s coverage

Many insurance companies permit you to pay for another person’s insurance coverage. So, if you want to pay for the coverage of your parents, sibling, or even your spouse you can do that with ease. However, you need to have their consent before applying.

  1.  Final expense insurance takes care of your savings

Final expense life insurance is the best way to keep your savings intact from the final expense. Most people like to hand over their savings to their heirs without spending any money on their medical and funeral bills. A whole insurance policy helps a lot during this situation.

  1. Relieves burden from the shoulder of your loved ones

It is not a good thing for someone to pay for your funeral bills. And, it becomes harder to pay for the funeral while you are grieving for their loss. So, when you have a final expense life insurance policy, your dependents won’t have to deal with any kinds of financial burdens.

  1. Take full control of your planning

Buying a whole insurance plan is where you start your financial arrangements for the future. Plans don’t have value if you fall short of money.

  1. Own as much coverage as you want

There are no rules when it comes to enjoying the coverage from whole insurance policies. The amount of insurance coverage isn’t limited when you buy policies from multiple companies.

  1. It gives wings to your thoughts

Buying a burial insurance policy reflects what you want from your life, especially after you die. In such desperate times, you want to make sure that your family members don’t bother about conducting your funeral in the best possible way.

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