Final Life Expense Insurance

Do you have a way to pay for final expenses after you’re gone?

 

The average funeral now costs more than RM20,000. Final expenses are often more than just funeral costs and can also include expenses such as unpaid medical bills, unpaid debt, immediate household expenses and even estate settlement costs.

 

With these kinds of expenses and futures thrown into flux, having a plan for final expenses can be one of the most generous acts you can do for you loved ones.

 

But what about the expense of life insurance? According to a 2013 LIMRA study, 86 percents of respondents say they haven’t bought life insurance due to high costs, yet they overestimate the price by more than double the quoted costs. Now there are even more simplified options to take care of your family with final expense life insurance.

 

This type of insurance can be designed as guaranteed issue (meaning that you may qualify with no underwriting or medical exam) or simplified issue (which requires answering a few basic health questions) though each insurance policy will vary. It can be an option for you if you have medical issues or needs which prohibit you from obtaining coverage.

 

Many of these products also offer estate planning trusts associated with them, offering options for final expenses and legacy planning. This can provide your family and loved ones the opportunity to continue to support causes you care about after you’re gone, such as leaving a gift to your church or a charity.

 

Life insurance truly is one of the most generous gifts you can give. In that spirit, working to help protect your loved ones from bearing the costs of your final expenses can be an incredible gift at a very difficult time. Final expense life insurance can provide for final expenses and allow your spirit of generosity to live on.