A lot of grandparents and parents do not have life or other types of insurance to protect their loved ones from going into debt after their passing. Many individuals right here are in that category. Once someone dies, their final expenses fall to surviving relatives. These often include the following:
- Medical Bills
- Credit Card Debt
- Funeral Costs
Because of these predicaments, it is not uncommon for children, spouses, and other kin to wonder if there is something they can do to avoid that same fate. If you have found yourself in that position as well, you have come to the right place. The rest of this article will focus on final expense insurance and how it may be possible to buy a policy for someone else.
What Is Final Expense Insurance?
Final expense insurance is sometimes also called burial or funeral insurance. As its name implies, it is designed to cover the policyholder's final bills after they pass away. The amount of the benefit depends on the policy an individual buys. Typically, payouts range between $10,000 and $25,000. The beneficiary can use the funds in any way they see fit. If you are worried about future financial distress because of a loved one's passing, purchasing a policy for them could be the best route to take.
Take Care Of This Issue Before Shopping For A Policy
Insurers do not simply let consumers buy final expense insurance for another party. Instead, the buyer must have the individual's consent. As uncomfortable as it might be, the purchaser must talk about the situation with their parent, grandparent, or whomever they’re getting the policy for. It is also notable to mention that the insured person may have to sign contracts and paperwork. Therefore, it is best to keep them in the loop about the endeavor.
More than likely, the loved one will understand the situation. And with any luck, the policy will even provide them with peace of mind in knowing that their final expenses won't wreak havoc on the budgets of their family members when death comes knocking. So don't delay any longer. Instead, have the discussion and obtain a quote today.
Final Expense Premiums Are Usually Guaranteed For Life
The fixed premiums that typically with final expense insurance are big draws for a lot of people. In most cases, premiums do not increase because of the policyholder's age or health. That is good news for those paying for coverage for someone else as they can keep the set amount in their budgets. They don't have to worry about a bank overdraft every time there is a sudden rise in their premium.
On a final note, the person you are buying a policy for will probably be happy because of how easy it is to qualify for final expense insurance. There is usually no medical exam required. Applicants merely have to answer some preliminary questions to get the coverage they deserve.
Are you looking for a final insurance policy for someone else? If so, visit us to discover your options.