Funerals… and how to pay for them… it’s a common problem that can be solved with Funeral Expense Insurance. As with most expenses, funeral costs are on the rise. People are living longer with less money put away for retirement leaving families unable to afford funeral costs from the estate of their deceased loved ones. With other costs of living to consider, it can be easy to put off planning ahead for final expenses to be paid. However, planning ahead can be one of the greatests gifts you can give your family as you protect them financially during an already difficult time. Funeral expense insurance is the perfect solution for those who need to put a plan in place for paying final expenses.
What is Funeral Expense Insurance?
Funeral Expense Insurance is a specialty life insurance plan designed to pay for final expenses upon a person’s death. Typical final expenses paid for include funeral expenses, memorial services, some remaining debts, and if you choose, even small sums of monies designated to family members. Funeral expense insurance is flexible in the sense that a beneficiary that you name is the person who will receive your death benefit and handle payment of your funeral expenses and other expenses. You will want to be sure they know your wishes or write them into your will.
How does Funeral Expense Insurance work?
Funeral expense insurance is a type of whole life insurance. It has the same benefits as a whole life insurance policy.
Those benefits include:
*Simple application process
*Plan lasts your whole life
*Cannot be cancelled as long as payments are being made
*Monthly premium guaranteed NEVER to be raised
Benefit #1- Simple application process
Funeral expense insurance has a simple application process. Assurance Life can walk you through the simple application process in a matter of minutes. Approval is issued either immediately or usually within an hour. The application asks a few simple questions and then a series of yes and no health questions, making it easy to answer. Approval is based on your age and health. Around 90% of all Assurance Life applicants are approved for DAY ONE coverage which is the highest level of funeral expense insurance.
Benefit #2- Plan lasts your whole life
Funeral expense insurance lasts your whole life. This is important because when planning for final expenses to be paid, you don’t want to worry about renewing a yearly insurance plan like you do your auto or health insurance. Funeral insurance stays in place for your whole life. As long as monthly payments are being made, it cannot be cancelled due to your age or a decline in health. This is a unique feature of whole life insurance as the other popular form of life insurance called term insurance has an expiration date. Whole life insurance does not expire and lasts your whole life.
Benefit #3- Cannot be cancelled as long as payments are being made
Many times, with other types of insurance, when something happens to cause a higher risk, customers find out that the insurance company wants to cancel their policy. Funeral expense insurance rates are initially based on the age of the client and their current and past health history at the time of the application. Once approval is issued and payments begin, NOTHING can cause the policy to be cancelled as long as the monthly premiums are being paid on time. Many clients purchasing funeral expense insurance are seniors and as they age, health problems develop. The good news about funeral expense insurance is that even if your health declines, your policy can not be cancelled. Funeral insurance lasts your WHOLE life.
Benefit #4- Monthly premium is guaranteed NEVER to be raised
Along with the risk of their policy being cancelled if a health problem arises, seniors can be concerned that as they age, their monthly premium would go up. This is certainly true for health insurance supplements and other types of insurance. Thankfully, funeral expense insurance does not work this way. Once the plan is in place, as long as payments remain on time, your monthly premiums can NEVER be raised, regardless of whether your health profile or other circumstances change.
How do you get started with your Funeral Expense Insurance?
If you do not have any plan or finances in place to pay for a funeral and final expenses, the time to act is NOW. As much as people rely on their good health or family history about life expectancy, the truth is that you cannot predict when death will occur and the worst scenario is leaving your family with the financial burden of paying for expenses they can’t afford and along with that is if they have no idea what your wishes are regarding burial and other arrangements. It is important to make these arrangements and Assurance Life can help.
Assurance Life is an insurance broker and we work with numerous companies who provide funeral expense insurance such as AIG, Mutual of Omaha, Family Benefit, and more. These reputable companies will be in place to pay out your death benefit in your family’s time of need. Approval and monthly premiums are based on age and health. Most insurance companies have a specialty area and because Assurance Life works with so many companies, we are able to match up your age and health profile with the company that can provide you the highest death benefit at the lowest monthly premium.
Funeral expense insurance plans range from $3,000-$50,000 death benefits with about $15,000 being the most common based on the average funeral cost nationwide. Knowing the correct company to place you with can save you thousands of dollars and add additional thousands to your death benefit without doing anything more than knowing what company could serve you best.
Let Assurance Life get you lined up with the best funeral expense insurance available to you and your family so you can have the peace of mind to know your final expenses will be taken care of. Call us now for the BEST funeral insurance plans at 800-517-0810 and one of our field underwriters can assist you.