Final expense is life insurance. The coverage you purchase with life insurance is the death benefit. This is an amount of money that your beneficiaries receive as a cash payment at the time of your death. Your beneficiaries simply present the insurance company with your death certificate, and the policy will pay them the money they are promised.ext goes here Text goes here Text goes here Text goes here Text goes here Text goes here Text goes here Text goes here Text goes here Text goes here Text goes here Text goes here Text goes here
The size and amount of the death benefit depends on how much money you chose when you purchased the final expense policy. Most insurance companies will allow you to choose a whole integer value (a full thousand) between $2,000 and $25,000. Some policies even go up to $50,000, if you qualify for that coverage.
Most final expense policyholders choose a death benefit between $10,000 and $20,000. This gives their loved ones enough money to pay for the cost of the funeral and cremation or burial.
Death benefits from final expense policies are meant to be enough to pay for the cost of your final arrangements. The money comes as a cash payment, so your loved ones can use it however they wish. This comes in handy because any items they select from a third party vendor will often need to be paid with a cash advance.
The nice part about final expense death benefits is that they don’t have to be used for any specific purpose. Your beneficiaries can use the money however they like. Often, once the funeral is paid for, beneficiaries use the money for other costs that come up. A larger death benefit will leave some money to cover medical bills, debts and leftover expenses.
Some policyholders choose final expense because they haven’t been able to save money to leave for their loved ones. The death benefit in this case serves as a small inheritance.
The final expense death benefit is an important reserve to make sure your funeral will be paid for and your loved ones do not experience financial stress at the time of your passing. For help in finding the best final expense policy near you, book an appointment with one of our advisors today!