Nobody likes thinking about death. But there is an important financial question every family should consider:
What happens to your loved ones if you die without life insurance?
Unfortunately, funeral expenses and other bills don’t disappear when someone passes away. Without money already set aside, those expenses may become the responsibility of the people you leave behind.
That’s one reason many families consider final expense life insurance.
Your Family May Have to Pay the Funeral Expenses
When someone passes away without life insurance or sufficient savings, family members may have to find another way to pay for funeral and burial expenses.
That could mean using:
- Personal savings
- Credit cards
- Loans
- Help from relatives
- Fundraisers or crowdfunding
- Money intended for other household expenses
Your family is already dealing with an emotional loss. Financial stress can make that difficult period even harder.
Funeral Costs Aren’t the Only Concern
It’s easy to think only about the funeral, but other expenses may also need attention.
Depending on your situation, there could be medical expenses, household bills, credit obligations, transportation expenses and other costs associated with settling your affairs.
Not every debt automatically becomes your family’s personal responsibility, but expenses surrounding your death can still create a significant financial burden.
What Is Final Expense Life Insurance?
Final expense insurance is generally a type of whole life insurance designed to provide a smaller death benefit than many traditional life insurance policies.
People often purchase it specifically to help their beneficiaries with expenses following their death.
Depending on the policy, coverage amounts may be available that are appropriate for people who don’t need hundreds of thousands of dollars in life insurance but still want to leave money behind.
Can Seniors Get Final Expense Insurance?
Many final expense policies are designed with older adults in mind.
Depending on the insurance company and policy, applicants may have different underwriting requirements. Some policies involve health questions, while other types may have different qualification standards.
Your age, health, state of residence and desired coverage can all affect the options available to you.
That’s why speaking with a licensed insurance agent can be helpful.
How Much Coverage Should You Consider?
There isn’t one amount that’s right for everybody.
You might want enough coverage to help with funeral expenses alone, or you may want additional protection for other financial obligations.
For example, someone might consider $10,000, $15,000, $20,000 or more depending on their individual needs and budget.
The important thing is choosing coverage you can comfortably afford and that makes sense for your situation.
Don’t Assume Your Family Will Figure It Out
It’s easy to say:
“My family will take care of everything.”
They probably will.
But the bigger question is where will the money come from?
Having a financial plan in place can help reduce the amount your loved ones may have to handle themselves.
You Can Start by Simply Getting Information
Getting information about life insurance doesn’t mean you have to purchase a policy.
You can first find out:
How much coverage may be available?
What could it cost?
What options might you qualify for?
Then you can decide whether the coverage makes sense for you.
Protect the People You Love
You’ve spent your life taking care of your family.
A final expense policy can be one way to continue looking out for them after you’re gone.
If you’d like to learn more about final expense life insurance and the options that may be available to you, give me a call.
📞 Call DeMont Moret: 888-287-0605
🌐 DeMontMoret.com
No pressure. Just information to help you make the right decision for you and your family.
