Final Expense Life Insurance.
85%
of life insurance purchased is to cover final expenses
Guaranteed Life Insurance
Just like a traditional whole life policy, the benefit will last the rest of your life
What Is Final Expense Life?:
Many people would love to purchase a smaller life insurance to protect loved ones for whenever that time does come, but unfortunately cannot obtain a policy due to their health. Final Expense life insurance, also known as guaranteed issue life insurance, works very similarly to that of a whole life policy. However, the main difference is that there is no medical underwriting whatsoever. You cannot be turned down due to health issues or any other underwriting concern. The maximum benefit amount that you can purchase is much lower due to the higher risk to the insurance company. In most cases, this number is $25,000, which is more than adequate to cover burial expenses.
Benefits of Final Expense:
As you can imagine, final expense policies are also more expensive than traditionally underwritten policies due to their non-medical approach to underwriting. There is usually a 2 year waiting period to receive the full benefit amount that you purchase. However, all insurance will pay back the premium you paid if something were to happen to you within the 2 year exclusion period. Most companies will even pay interest on that premium paid as well.
Fianl Expenses Can Be Costly:
| Final Expense Service | Average Cost Estimate (in 2020) |
|---|---|
| Professional services, embalming, visitation, etc. | $4,800 |
| Metal casket | $2,400 |
| Burial vault | $1,395 |
| Cemetery plot | $400 – $10,000 |
| Monument | $500 – $12,000 |
| Opening and closing of the grave (varies by cemetery) | $300 – $1,000 |
| Graveside service fee | $200 – $1,700 |
| Range of Estimated Funeral Expenses | $9,995 – $24,700 |
Frequently Asked Questions:
Toggle 1
Toggle Content goes here
Toggle 2
Toggle Content goes here
Learn More About Final Expense Life Insurance:
https://www.coloradolifequotes.com/wp-content/uploads/2020/04/coronavirus.jpg
1920
2880
John Rotola
https://www.coloradolifequotes.com/wp-content/uploads/2018/01/D2-300x225.jpg
John Rotola2020-04-20 06:00:382020-04-25 23:50:26Life (Insurance) in the Time of COVID-19
https://www.coloradolifequotes.com/wp-content/uploads/2019/11/employer-life-insurance.png
289
397
John Rotola
https://www.coloradolifequotes.com/wp-content/uploads/2018/01/D2-300x225.jpg
John Rotola2019-11-29 09:00:092020-04-24 05:23:50Is My Life Insurance Through Work Enough Coverage?
