Final Expense and How It Affects You

As we get older there are a few very important hurdles we all must complete to protect our families assets.  One of the most important hurdles is the purchasing of proper life insurance protection, namely final expense insurance or also known as burial insurance.  Social security will pay a whole whopping two hundred and twenty five dollars towards your funeral when the average funeral runs right around twelve thousand dollars these days.  In addition to this the cost of funerals is on the rise, over the past ten years the average cost is up about fifty percent and is expected to keep climbing every year a few percentage points.  Obtaining some sort of financial protection is essential and should be a top priority in the planning of your families future.

Purchasing a final expense policy will help ease the burden on your family during the painful emotional period they will suffer after your or a loved ones death.  This time should be set for mourning the loss of a loved one and the time to worry about how it is all going to be paid for.   With some policies you can actually set up a will with the purchase of a final expense policy at no additional cost therefore saving your family from more pain and suffering, not to mention if your estate where to get tied up in probate court, so some preplanning is also essential in the purchase of your policy. 

Final expense insurance is designed to ease the burden on your family in the event of your death by taking care of all of your burial expenses.  These policies are generally small in size usually a face amount of under twenty five thousand dollars.  Issue age on most are up to age seventy five but some do go to age eighty five.  Along with their small size the premium itself is pretty affordable for most as well.  Underwriting on these is for the most part pretty liberal as opposed to to regular life insurance policy and they usually can be issued without a para-med examination.  Another nice feature of these policies is that they are usually issued very quickly, generally within forty eight to seventy two hours after submittal of application.

Final expense policies are generally easier to obtain than regular life insurance, but there are still a few things to consider when purchasing a policy.  The first and one of the biggest determining factors on your rate is whether or not  you are a smoker. If you are one then do what ever it takes to quit immediately, this factor alone can triple or even quadruple your rate.  If you can be smoke free for a year than you can usually obtain a non-smoker rate.  Other important determining factors are your over weight, if you are overweight this can also have an impact on your policy.  These are both conditions that can be only fixed by you with a little hard work and sacrifice.

If you are unsure of how much protection you need you should consult a final expense agent or your financial planner to see how much protection you should purchase.  So if you still do not have any life insurance protection be sure to purchase a policy as soon as you can to protect your assets, because no one knows when their time is up and you should be protected if it is.