Are you considering a life insurance policy to protect your family after you pass away? If so, you may have frequently heard about term or whole life insurance policies. There is actually another option that is much more affordable and realistic with what it will cover. A final expense life insurance policy can help your family pay for the following things after you pass away.
Cover Your Funeral Costs
A funeral is an unexpected cost that your family will have to pay for if you were to suddenly pass away. While you may tell your family that you do want anything special for your funeral, it is really out of your control with what they end up doing. That is why a final expense life insurance policy can help cover those expenses that your family would otherwise have to pay. It can help them over the cost of the funeral, caskets, flowers, and other costs that come up.
The average funeral will cost around $7,000-$10,000. Do you have this type of cash on hand to pay for it? If not, consider a final expense life insurance policy that will provide money for your funeral.
Cover Your Medical Expenses
There may be unexpected medical expenses that you incur towards the end of your life. You never know what these expenses could end up being, and it could leave a big bill for others to pay. Final expense life insurance can cover these debts as well, giving you peace of mind that your family won't go into debt trying to save you with medical treatments.
Cover Your Existing Debt
Part of the process of going through probate after you die is to make sure that all creditors are paid before the estate is divided among your family. Unfortunately, you may have some debt that needs to be paid off before your family receives anything. It could be outstanding credit card bills or the remainder of a loan on a vehicle.
Final expense life insurance policies are typically for smaller amounts. Larger debts would require a larger life insurance policy. Many people do this if they want to make sure the remainder of their mortgage is paid for to ease the financial burden on a surviving spouse, or have enough money to put a child through college.
Think final expense life insurance is right for you? Check with an agent to find out if you qualify based on your current age and health conditions. Visit a site like final-expense.com for more help.