Final Expense Insurance| Burial Insurance
Final Expense Insurance | Burial Insurance
Final expense insurance helps families cope with the loss of a loved one by guaranteeing all funeral and burial expenses will be paid for.
The average funeral and burial costs between $8,000 and $10,000. This may seem affordable from the outside looking in, but most families will be financially stressed by the unexpected costs. With the right final expense insurance from a Jacksonville agent, you won’t have to worry about adding this financial burden onto your grieving loved ones when you pass.
What is Burial Insurance and how does it work?
Burial Insurance – also referred to as Final Expense Insurance – is a plan designed to provide your family with money to cover funeral and burial related expenses. A Burial Insurance plan pays out a predetermined coverage amount to a named beneficiary upon the passing of the policyholder.
There are two types of burial policies: term and permanent. Term policies provide a coverage period typically lasting either 15 or 20 years. Permanent policies will last in perpetuity until the passing of the policyholder. Under both policies, a funeral director is appointed and the plans exist to cover the costs outlining the policyholder’s desired funeral.
What will be Covered?
With a final expense insurance policy in Florida, you may be covered for more than just the funeral and burial costs. Many other costs may be associated with your death, which often gets missed when residents put together their plan.
Medical expenses are very common in Florida and not all plans will account for these expenses. Another expense often missed are outstanding debts. These debts may be secured by a home or car but cause a large burden for your loved ones if you’re not adequately covered.
At Life Exchange Insurance Services (Jacksonville) our insurance agent will be able to help you get the coverage you need. You won’t have to worry about leaving a large financial burden behind for your loved ones to deal with while grieving their loss.
What are the benefits of a policy?
Here are some other reasons to consider a plan today:
- Save money through periodic payments
- Ensures enough money to finance the policyholder’s desired last wishes
- Spend your time remembering and honoring a life instead of paying for it
- Medical exams are not usually required – just a few health questions
WHAT’S THE DIFFERENCE BETWEEN “BURIAL INSURANCE”, “FINAL EXPENSE INSURANCE”, AND “FUNERAL INSURANCE”?
We get this question a lot, so let’s set the record straight.
All three of these terms mean the exact same thing. There is no difference whatsoever.
Burial Insurance = Funeral Insurance = Final Expense Insurance
You will consistently see us use all three labels interchangeably. Think of the words “attorney” and “lawyer”. They both have the same meaning. It’s just like that.
How much Burial Insurance Cost?
Burial Insurance is typically more affordable than whole life policies. Burial Insurance has traditionally low monthly installments to make it easy to afford no matter your income level. Policies can be as low as $5 per month to as much as $1000, depending on your health and age at the time of coverage. The benefit of a plan varies as well, with policy coverage amounts ranging from $1,000 to $50,000.
With such wide ranges, it is important to compare multiple plans from various providers, which you can do instantly using our free quotes tool!
How do I select the right one?
If you don’t want your loved ones to have to finance your funeral, or if the financial burden would be too much to overcome, then burial insurance is the solution you’ve been searching for.
If you have pre-existing life insurance, burial insurance can still work to provide for the costs specifically related to your funeral. Take some time to consider what you want for your funeral. Determine factors such as burial or cremation, the type of casket, and the size of your funeral service.
With the help of a local agent, you can apply for a simplified issue plan. This type of plan will require a basic medical questionnaire and a few specific qualifications. You will also have the option to apply for a guaranteed issue plan, which will have a higher premium, but no medical questionnaire or exam. Those with serious health conditions may need to purchase a graded death benefit policy.
Comparing a variety of coverage options and providers is an important part of finding the right burial insurance plan.
Use our free quote or call us – 904 203 1763 and we will help to find plan that fits all of your needs.
No longer a luxury, final expense insurance is a necessity. So, what are you waiting for? Give yourself and your loved one’s peace of mind today.