FAQ's

The loss of a loved one is an emotional and traumatic experience for any family. But not having enough money to meet immediate and ongoing living expenses can make a very difficult situation even worse.

Life Insurance is important, as it protects your loved ones and lets you leave them a non-taxable amount at the time of death. It is also used to cover your mortgage and your personal loans, such as your car loan. Your individual life insurance follows you when you retire and you are no longer insured by your employer.

The primary purpose of life insurance is to provide a financial benefit to dependents upon premature death of an insured person. The policy pays a specified amount called a “death benefit” to the named beneficiary when the insured dies.

It’s totally possible- and legal – to have multiple life insurance policies. Many people have life insurance coverage through their employer in additional to their own term life policy or permanent life insurance policy…Some people buy multiple policies that expire as they age to save money on their premiums over time.

Mortgage Protection is a specialized life insurance policy that pays off your mortgage for a spouse or partner when you die. Mortgage protection policies are non-medical (no medical exam required) that often include other benefits that cover disability, unemployment, critical illness and terminal illness.

Most people do not have adequate life insurance coverage and when they die, their loved ones are forced to move out of the home or let the home go into foreclosure shortly after the death of a loved one.

Mortgage protection is affordable and can make sure your home is paid off for those you leave behind.

We hear about families losing their home every day when they lose a loved one. What kind of a legacy do you wan to leave behind for your loved ones?  Do you want to leave a legacy of your family losing your home, or keeping your home?

So, when we hear from some people say, you don’t need Mortgage Protection, we’re confused.

We agree that you don’t need Mortgage Protection if:

• Everything goes right financially.
• You can guarantee you’ll never die before your home is paid off.
• You can guarantee you will always be healthy.
• You can guarantee you will never become disabled.
• You can guarantee you’ll never get fired, downsized out of a job, or outsourced from a job.
• You can guarantee the stock market will never lose money.
• You can guarantee your spouse or partner will never die or become injured.
• You can afford to invest thousands of dollars a month for retirement.

For most people, mortgage protection is a necessity, not a luxury.

So when people tell you why you don’t need mortgage protection, you should see if this applies to you. Most people do not have enough insurance to protect their home and provide additional money for other life expenses.

There is no greater feeling than owning your own home. And yet, most people never achieve this goal. Wouldn’t it be nice for your loved ones to keep your home after you die?

Wouldn’t it be nice if your loved ones had the fight of a paid off home for the rest of their lives, should you die unexpectedly?

After death, your loved ones could fae plenty of financial hardships, such as mediacal bills remaining debt, burial costs, and funeral expenses. What’s more, over 70% of Americans leave an average of $60,000 worth of debt after passing away. The remaining debt can create incredibly difficult situations with creditors. Your loved ones might be forced to deal with mortgages, car loans, student loans, or credit cards.

Aside from the hassle of medical bills and debt, funeral costs have been rising steadily for many years. A funeral in the United States, including creamation, averages $6,000 to $8,000. If you opt for a burial, the price skyrockets to over$10,000. The financial challenge for loved ones could cause extreme stress – but final expense funeral insurance offers solutions.

Final expense insurance is permanent insurance coverage, offering death benefits up to $50,000. Most of the time, however, policies stay below $25,000. Initially, this policy was meant strictly to cover end-0f-life expenses, including a funeral, burial, cremation, casket or urn. However, this coverage now has a two-fold mission: to provide capital to cover your desired funeral expenses and to pay off any remaining debt.

How Much Does It Cost?

Although term life insurance is typically the lease expensive option, many older individuals’ policies have expired. Plus, the application for term coverage can be more stringent, involving medical exams and blood work. In many cases, final expense insurance is the best option, especially for older individuals.

Still, it’s nearly impossible to provide exact figures for each case. Talking with a licensed agent is an excellent way to get the most accurate quote. That said, age is the primary factor in determining  premium cost. (no highlight need).

Many people turn to final expense insurance as a backup plan to ensure small amounts of  coverage for loved ones to use toward last expenses and end-of-life plans. More than a form of income replacement, it provides enough to cover a funeral and perhaps some remaining bills. Naturally, this aspect makes it slightly more affordable because of the smaller payout.

It’s easier to qualify for final expense funeral insurance than traditional insurance, so it’s a viable option if you’ve experience some medical challenges. After all, a health questionnaire and a prescription check will be the extent of the application process.

Life Insurance vs. Final Expense Insurance: Is It the Same?

Traditional life insurance comes in various forms, such as term life, whole life, and universal life. Term life insurance is known as “pure” life insurance as it provides on the death benefit. Whole life insurance offers investment opportunities and accumulates a cash value. Policyholders can borrow against the policy but must pay it back within a specified time frame.

Although life insurance and final expense insurance provides many of the same benefits, they’re different products. For starters, many life insurance carriers require medical exams to qualify for coverage, whereas final expense insurance carriers typically don’t, meaning a quicker approval period for the final expense applicants. However, a health questionnaire and prescription checks are typical for both types.

Furthermore, payouts are often smaller with final expense insurance than traditional policies, mostly because individuals ten to use final expense insurance for more specific reasons.

How to Get the Most Out of Final Expense Funeral Insurance?

Final expense insurance was designed for beneficiaries to use the payout for end-of-life expenses and remaining debt or bills. However, it’s not set in stone or dictated how beneficiaries use an insurance payout. Therefore, they can use it however they please.

Choosing a trusted beneficiary is our first step to ensuring proper payout usage. Perhaps a family member or faithful friend is a perfect choice. No matter, try to find someone who your passing will financially impact. They’ll most likely use the money to cover actual expenses.

Another option is to name the funeral home as your beneficiary. This option isn’t always possible, but it’s worth looking into if you question your other beneficiary choices. Lastly, write out your final wishes, so there’s no question about what you want. You can select your funeral home, your burial plot, your casket or urn, and even specify the location of your service and the music and verses you’d like at your service. Be sure to give your written wishes to your loved ones, the beneficiary, and your financial advisor for safekeeping.

Need advice about final expense funeral insurance? Please feel free to contact us a 1-317-709-8704.

Burial insurance, also called funeral or final expense insurance, is a helpful tool for loved ones paying for a departed family member or friend’s funeral, memorial service, headstone, urn, and other final expenses. It is essentially a life insurance policy, but with a much smaller benefit amount than traditional life insurance.

Those with the following characteristics are prime candidates for final expense insurance instead of traditional life insurance coverage:

• 40 to 85 years old
• Looking for a low-cost solution
• Want to avoid traditional life insurance underwriting
• Not concerned about using life insurance to leave an inheritance
• Want to take control of your own final arrangements and plan the details of your legacy
• Want to cover final arrangements so loved ones are not burdened with the steep costs
• Want to provide funding to pay off any small remaining debts like medical bills or credit card balances

People use pre-need insurance to cover the costs of funeral services, plus burial or cremation. It essentially gives your family a pre-arranged funeral, making thins easier on them.

You work directly with a funeral home, which makes it unique to other kinds of insurance. They’ll price costs, including services, cemetery plot, casket, burial, and so on. Then, your insurance plan pays for those expenses. Costs may vary from home to home.

Since the funeral home is the beneficiary of a pre-need policy, they’ll receive the money directly to cover their services.

What’s the Difference Between the Two?

Pre-need insurance (also called pre-paid funeral plans) are bought from a particular funeral home. You pay a preset amount directly to the home.

Meanwhile, final expense insurance operates like other types of life insurance – you select the beneficiary. The death benefit goes to your family, and they can use it to cover funeral costs or any last medical bills or post-funeral costs.

Note: With a final expense policy, it’s possible to pay the funeral home directly. Your family will get whatever is remaining after the funeral home pays their expenses. It’s called “making an assignment.”

Pre-need insurance is often not worth it because of its restricted use – the benefits are tied to the specific funeral home you choose. Most pre-need plans are non-transferable and non-refundable. You also pay a lot for a small coverage amount. Plus, if your selected funeral home goes bankrupt, you may be ill-fated.

Life insurance can be part of your legacy, ensuring you’ll have something to leave for the people or causes that matter to you. The death benefit from your life insurance policy has the potential to carry on your memory and positively impact your beneficiaries.

When was the last time you paid on an insurance policy for several years even decades and didn’t use it and got all your money back? See if you qualify. Its worth checking into!