Seniors purchase final expense insurance for many reasons, including its affordability. Not only does it come at a competitive price, but it also has funeral cost coverage that’s going to be helpful when they pass.
If you’re a senior or you know one, here’s what you need to know about final expense insurance.
What It Is
Final expense life insurance is a type of life insurance that covers medical and funeral expenses when someone passes. It’s also known as burial or funeral insurance and is often acquired by seniors.
Typically, final expense policies have the following elements:
The Pros and Cons
Just like other insurance types, a final expense insurance plan also has its pros and cons. This will help you assess your need for the policy.
If you’re planning to acquire final expense insurance, here are some of its pros and cons:
Funeral costs get higher as the years go by. With this, acquiring financial burdens when someone passes can be inevitable. However, keep in mind that purchasing a final expense insurance plan can help protect your finances.
At The Medicare Space, we put our clients first by offering them policies that they can afford. Having insurance is a necessity nowadays and we're here to help you out. Learn more about our products and services by calling our agency at (866) 717-8683. You can also request a free quote by CLICKING HERE.