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SpinDistribute.com Article Directory

The following article was published in our article directory on August 28, 2013.
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What You Should Know About Final Expense Insurance

Article Category: Advice

Author Name: Jim Lee

Insurance policies exist in different types and formats. They vary depending on purposes and the manner how they are acquired. Each type is designed to cover a specific situation.

One type of insurance with a specified coverage is the final expense insurance, also known as burial insurance. Basically, this policy is designed for providing benefits that will pay for your own funeral and its associated expenses.
It might be a sensitive thought, but preparation for your death will be beneficial in many ways for you and, more importantly, the people you care about that you will leave behind.

Final expense insurance is relatively of low value – typically between $5,000 and $50,000. This low cost compared to other insurance policies is because this is meant for funeral expenses and a few small liabilities that you will leave behind.

The features are not far from regular life insurance. You can avail a term or permanent policy. A term final expense policy will provide coverage until a certain age. This is cheaper but if you don't die at the set age, you cannot collect. If you want to renew, the payment will be higher. A permanent final expense policy will be in effect until you die. The cost would be way higher but it won't expire. In both cases, your chosen beneficiary will receive the payout in the case of your death.

To purchase final expense insurance, you can choose to contact a life insurance company directly, or through an agent. Usually, the policy would be either guaranteed or simplified issue.

In acquiring a guaranteed issue policy, you won't have to answer any health interviews or undergo physical examination. Anyone can get one regardless of health or medical history. Such policies are generally more expensive than simplified ones.

By contrast, a simplified issue policy requires you to undergo interviews and physical tests to gauge your health. If you have health problems, your simplified issue policy application will likely be denied, or you will be allowed but with a graded benefit. In an arrangement with a graded benefit, the payout that your beneficiary can get increases every year as long as you have the policy. This can reach up to the full value of the policy. The insurer would set a certain amount of time wherein if you die within that period, your beneficiary would not receive any payout.

Upon acquiring final expense insurance, you specify a beneficiary. Typically, this would be a spouse, a child, another family member, or the executor of your estate as indicated in your will. In the event of your death, the beneficiary will present proof of your death to the insurance company. Then, the company will pay the beneficiary. It is important to note that while this money is meant for your funeral expenses, the beneficiary has full control of the money. It means he or she doesn't necessarily have to spend it on your funeral. If it is actually spent on your funeral and the payout is greater than the cost, the beneficiary will keep the difference.

Keywords: indexed universal life insurance, tax free retirement income

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