A life insurance policy will give your family, business, and loved ones the financial security needed in case of an unfortunate event. It will also give you peace of mind knowing your loved ones will be taken care of. A life insurance policy can also be a way to establish a family legacy fund, which will provide for generations to come.
Do you have questions about what type of life insurance policy is best for you? Please contact us for more information. We have the option to compare life insurance quotes with dozens of different carriers.
There are many reasons to have life insurance. These include estate balancing, debt protection, buy/sell agreements, and to leave your family financially secure.
You will be pleasantly surprised about how affordable life insurance can be. The key is matching your needs with the right policy. Let us compare rates with multiple carriers to find you the best option!
There are many times throughout your life when buying life insurance is appropriate. These include when you have kids, take out a business loan, or buy a house.
Let’s say you are retired, no longer have life insurance through your employer and do not have an individual life insurance policy. You also don’t have a comfortable nest egg and are worried about the financial burden you will leave on your spouse and/or kids when you die.
To address this, you contact a life insurance agent and start the application process, which includes answering a few basic questions about your health. The death benefit of the quoted policy amount is great, but the premiums are not affordable because of your age and health. Unfortunately, there are not policies with a death benefit small enough to make the insurance premiums fit your budget. At this point you might give up and assume you can’t afford life insurance. Final expense life insurance is designed to solve this problem.
Final expense insurance is a whole life insurance policy that has a small death benefit and is easier to get approved for. Final expense insurance is also called “funeral insurance,” “burial insurance,” “simplified issue whole life insurance,” or “modified whole life insurance.” All are marketing terms the insurance industry uses to sell small whole life policies with a face value (death benefit) of $2,000 to $50,000.
Final expense insurance for applicants between ages 65 and 90 can cost anywhere between $30 to $200 a month depending on the coverage amounts they require.
You should get a final expense life insurance as soon as you can. The cost only goes up the older you get. Typically, final expense policies are for people between the ages of 50 and 85. Some companies will offer coverage to customers over age 85.
There are a few things you should consider when purchasing a final expense policy.
According to a 2021 PolicyGenius survey, the average funeral cost in Wisconsin is $7,554 while the total cost of typical end of life expenses has risen to $20,916. A final expense insurance policy can cover these expenses.