Fall Financial Planning: Adding Final Expense Insurance to Your Checklist

September is Life Insurance Awareness Month. This annual initiative operates with the goal of informing individuals and families about the importance of purchasing appropriate life insurance. Such policies can form the backbone of financial stability for you and your loved ones, potentially making all the difference in the aftermath of tragic losses. This fall, take time to learn about how final expense insurance can help with your overall financial planning.

What Is Final Expense Insurance?

As its name may suggest, this type of life insurance is generally tailored toward covering expenses related to an insured’s passing and the immediate aftermath. Like many types of life insurance death benefits, beneficiaries may be free to use the payout as they see fit, but these policies are often focused on covering costs immediately related to an insured’s death, including funeral costs, burial expenses, outstanding medical bills and hospice care costs.

When Is This Type of Policy Appropriate?

Final expense insurance can often be a valuable and attractive coverage option for seniors and others who feel a need to retain financial assistance for their loved ones. These policies often offer lesser payouts than other types of life insurance, but can at least cover the direct costs related to an insured’s death, potentially limiting the financial burden for beneficiaries.

Who Can Benefit From This Coverage?

Final expense insurance may be a suitable option for the following:

• People who may not qualify for traditional life insurance due to age or health
• People who need coverage quickly without having to undergo a medical exam
• People whose beneficiaries may not require long-term financial support, but who want to provide funds for costs directly related to their death

We’re Here to Help

Life Insurance Awareness Month is an appropriate time for you and your family to evaluate your coverage needs and make sure you have the right policies. Contact Devco Insurance Services today to discuss final expense insurance and get a free quote.

This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.