Access Life Insurance LLC
1215 Main St UNIT 115R,
Tewksbury, MA 01876, United States
+1 (617) 800-0899
Final Expense Life Insurance: https://www.google.com/maps?cid=7760554520873601988
Final expense life insurance is specifically designed to meet the FINAL needs of you, the policy owner. In this way, it’s unlike other life policies which provide a benefit but to the heirs of the policy owner. Though all life insurance provides peace of mind to you while you are alive, this form of life insurance meets your needs as a deceased person.
Final expense life policies are so-called because it is a policy is designed to cover the ‘final expenses’ of the policy owner. These usually cover, as a bare minimum, the cost of a casket and vault. But the size of the benefit paid out is often calculated to cover obituary notices, flowers, grave services, and limousines as well and can include outstanding bills, etc.
Ask advice on how much ‘final expense’ cover you will need
Many people who take out a final expenses life policy are keen to have all the arrangements for their funeral settled well prior to their death. So you can calculate how much insurance coverage you will need, Funeral Directors provide advice on the cost of different types of funerals. And they may also provide a price guarantee for all or part of the funeral expense though this is not always available.
Difficulty in deciding exactly how much a funeral will eventually cost often results in a final expenses life policy owner taking out a policy that is large enough to cover all eventualities. Whatever the face value or death benefit of the policy, you entrust the beneficiary of the policy, usually a family member, with the task of making funeral arrangements in accordance with your wishes. However legally a beneficiary may make any arrangements they like, so it pays to choose a beneficiary who will be completely trustworthy in following your wishes.
Sometimes a Funeral Director may also be a licensed insurance agent. The policies they sell are normally called pre-need life policies rather than final expense life insurance. The funeral home is the beneficiary of the policy and the Funeral Director has the responsibility of carrying out your final wishes in relation to your funeral. It is harder to comparison shop for these policies as Funeral Homes usually have a business relationship with a specific underwriting company.
The conditions attaching to a final expense policy
The premium for final expense life policies can be paid for in full when a policy is taken out. When this happens it is more likely a price guarantee will be given by a Funeral Director on the costs associated with burial. Cost guarantees can however be given for some expenses and not for others. It is also possible for premiums to be paid over a period of time but there is less likelihood of price guarantees being available in this case.