In today’s era of risk and uncertainty, insurance is very common. A variety of insurance policies are available to cater to the needs of people. The two major heads of insurance are life insurance and general insurance. Among the life insurance head, there are further bifurcations. One of the famous types of whole life insurance is the final expense insurance.
What is the final expense insurance?
Final expense insurance covers those expenses which are to be paid after one’s death. These expenses include the medical bills and funeral expenses which arise when you pass away. After one’s death, the funeral expenses sum up to a big amount. To prevent your loved ones from feeling burdened with those expenses, taking final expense insurance will be a good option. This type of insurance is common with the seniors.
Features of final expense insurance
- It is a type of whole life insurance. An additional feature from other life insurance policies is that it includes the funeral expenses also.
- The premium amounts are fixed.
- It is common with the seniors. It doesn’t need a detailed medical examination but only some interrogation with regards to health is done.
- The application process is quite easy and doesn’t include complicated formalities.
- Fast approvals are obtained.
- A number of insurance companies provide this policy at affordable rates.
Cost of final expense insurance
The cost of taking an insurance policy basically refers to the amount of premium to be paid. The cost depends on the age, sex, health of the policyholder and the insurance company you choose. The older you are, the more premium you need to pay. The reason for this is that insurance is all about risks and practically the risk of death increases with increase in age.
How can you apply for it?
The application process quite simple. One needs to fill an application form. The length of the form varies from one insurance company to another. Generally, they are not cumbersome but easy to fill. It doesn’t require any physical examination of the policyholder but some basic details of health are enough.
So to ensure that your dear ones are not burdened with a pile of bills and funeral expenses, do get this insurance done. It’s always desirable to be practical in life and take wise decisions so that after you pass, your loved ones suffer the least.