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Posts Tagged ‘final expense insurance’

To better care about the well being of your family, you need to do something about your final expenses once you die. The way you do this is through final expense insurance.

Insurance such as this that takes care of your final expenses is permanent insurance, which means there are no terms that you have to worry about. You do not have to commit to a term of 10 to 20 years and then have to pay a higher premium if you want to be covered for a longer period. This is for a finite time – your lifetime – and carries a premium that is fixed.

Ideal Final Expense Policies Must Have
There are certain items that make up a high quality life insurance policy. When you are looking for a way to take care of final expenses in addition to any existing policies that you may have, you want something that is affordable. For example, you would not want coverage that will be more costly simply because you are older. You should be between fifty-five and eighty years of age to be guaranteed coverage.

Guaranteed coverage means that you will not be turned down for coverage, even if you are 80 years old. This can be a rare find because many life insurance companies require health exams or they have an age cut off. Those who do not own any insurance policies, or have limited amounts, could be in a very difficult circumstance if policies were not available late in life. Actually, this would place the family in the difficult situation because the family would be the ones burdened with the expenses.

Another issue is that many policies don’t vest for two or three years before benefits will be paid. This is a problem if the insuree passes away prior to the end of the vesting period. The meaninh here is that were paid, but coverage was not issued. This can also place the family in a bad situation. They are aware of the policy’s existence, think they will be covered, but find out it wasn’t yet “in effect”. Panic can ensue.

What You Have To Do
You may have to answer some health questions because, if you did not, the final expense life insurance company would be taking quite the gamble. However you won’t be required to take a lengthy medial exam as some policies require.

Your next step is for you to acquire a free quote so that you can see that a life insurance policy that takes care of your final expenses is not an expensive one. You can also rule out the cliche that purchasing a policy between the ages of 55 and 80 has to be so expensive you can hardly handle it. You should not be discriminated against because you are older.

Now that I’ve retired I’ve shifted my focus as well.I’ve put aside money in my 401k for quite a few years to prepare for retirement day. Now that it is here I’ve started looking into into my future finace situation once more.

I wanted to be certain that my family was protected when my time came.  The last thing any family member wants to be burdened with when they lose a loved one is the expense side of things so I took it upon myself to see how I could help.

That’s when I came across final expense insurance.And it is very much what it says it is.An insurance policy insuring that when it is my time there won’t be a large debt left weighing down my family.

Even though I’m in great health now and don’t really have any outstanding debt, 60 years of life have taught me that there are always curveballs that get thrown your way.  And as medical care costs only continue to rise, even my last few days could place a heavy financial burden on my family.

By taking out a policy for final expense insurance, I know I have them covered which puts my mind at ease.We’ve seen the ads on television talking about funeral costs and so on, but they are a load of rubbish.

Purely driven by curiosity, I tried to price a funeral and there’s no real average across the board unfortunately.Moreover, insurance programs like that provide insufficient protection for my family in my opinion.  Even if I had opted for something like a burial policy, what about the rest of my expenses?

It is certainly true that not one of us knows when our span is ended, that makes it difficult to precisely prepare for.We can’t say to the utility company “Please shut off the electricity on the 21st as I won’t be needing it any more”.

Truthfully I expect to be breathing for a good long while.By choosing a final expense insurance policy I that when “my plan” fades out, my expenses won’t roll onto the backs of my loved ones.By itself this means that it is more valuable than any other insurance I’ve carried.

After almost 40 years of working my *** off, I’m near the point of enjoying my retirement.”Golden Years” some call it, yet is it really golden I ask you.  All I’ve known is work and even when I’ve had a week or two to sit and home and relax, I start to go stir crazy.The next few years should be a learning experience at the very least.

But with that being said, I was taught as a kid entering college a few very particular lessons that I still haven’t forgotten to this day.Financial well-being and security was the most important lesson of them all.  Up until these days, all my focus has been on making sure I nest egg away enough cash to keep me going in my retirement days.Now that retirement days are nigh I am shifting my focus to other things.

I don’t contribute to a 401K any more, rather I will be emptying one out, which certainly will be odd.  I took that as my cue, though, to set myself and my family up for my own well being and theirs.  I hate to say it as it sounds a little creepy to me but the reality is that we all pass on when it’s our time and I wanted to make sure that my family wasn’t stuck with my financial burdens when that day comes.  I think the hardest thing to have to deal with when my parents passed was all of the extras that come tacked onto it such as funeral expenses, medical bills that had arisen, their other debts, and even the legal fees that became associated with it all.

It was not only the last thing on my mind but truly the last thing I wanted to deal with at that moment so I’ve decided to do a little research on how to keep my family out of that mess when my time comes.  For that, I’ve found the one simple solution and it’s known as final expense insurance.  Final expense insurance is truly what I’ve been looking for.I have it organized to cover all my current debts, which I hope to eliminate before I pass, and to leave small bequests to those that stick around after I’m gone.I feel great knowing that my family will have less stress.