At Medi-Solutions Insurance Agency, we understand how difficult it can be to plan for your death. However, taking the time to plan for this event can make life easier for your family and loved ones after you are gone. During the time of grieving and mourning, you want to ensure that your family has peace of mind when it comes to paying for your final expenses, and that is where final expense insurance comes in. Read on to learn more about final expense insurance and when you are ready to speak to one of our agents to hear about your options, contact Medi-Solutions Insurance Agency.

What Is Final Expense Insurance?

Final expense insurance provides a payout for the named beneficiary, usually a family member or loved one, at the time of your death. The amount of the payout will vary depending on the plan you choose, but it is typically enough to pay for your end-of-life expenses such as burial or cremation, or even remaining medical bills or other expenses. Final expense insurance is a way for you to ensure that your family does not have out-of-pocket expenses while they are coping with your death.

Why Would I Need Final Expense Insurance?

While none of us like to think about our mortality or the fact that life will go on without us once we are gone, it’s incredibly important to plan for this time. Without final expense insurance, your family may have to pay for your burial, cremation, and other end-of-life expenses after your death out-of-pocket.

Losing a family member or loved one is one of the toughest things about life. Grief and mourning take time, but eventually, you begin to heal. When your family loses you, the last thing you want them to have to deal with is finding the finances to pay for your funeral or memorial service. That’s where final expense insurance comes in. Your loved ones do not have to face this stressful financial burden alone. You can provide them with a payout that will cover these expenses so that they can focus on grieving and healing.


How Can My Loved One Use the Final Expense Insurance?

The most common way for the beneficiary to use final expense insurance is to pay for end-of-life expenses such as your burial or cremation costs, headstone, casket, embalming, funeral or memorial services, and flowers. However, the beneficiary does not have to spend the final expense payout on these items. They can use it to pay for outstanding medical bills, legal fees, or even credit card bills. It’s essential that you choose someone you trust as your beneficiary, as this payout is intended to be used to relieve pressure from your family and pay for your end-of-life expenses but can be used for anything that the beneficiary chooses.


What Is the Difference Between Life Insurance and Final Expense Insurance?

Final expense insurance is a type of whole life insurance. However, final expense insurance is intended to cover only the costs of your end-of-life expenses, whereas many life insurance plans are designed to replace the income and other value that you contribute to your household. Final expense insurance is typically a less expensive life insurance policy option because it does not result in as large a payout. It is an ideal option for those who cannot pay the premiums and fees associated with larger life insurance policies but still want to offer their family protection from financial stress because of the costs associated with their final expenses.

 

Protect Your Loved Ones with Final Expense Insurance

Life, after you’re gone, is not something that you may want to think about. But there will come a time when your family has to cope with their loss. Planning for your demise by purchasing final expense insurance is one way that you can make this time easier for your family. It’s a way that even after you're gone, you can still protect them.

At Medi-Solutions Insurance Agency, our experienced agents are here to help you understand your life insurance and final expense insurance options. We’ll provide you with all of the information and tools necessary to choose a plan that will help your family through that unthinkable time. Contact our team today and ask to speak to one of our agents about final expense insurance to learn more about your options.

 

Information is for educational purposes only and should not be construed as an offer of insurance, advice, or recommendation.  The information provided is not intended as tax, financial, investment or legal advice.  Please consult legal or tax professionals for specific information regarding your individual situation.
Not connected or endorsed by the US Govt or the Federal Medicare Program.  Medi-Solutions Insurance Agency, LLC is an independent Life, Accident and Health Insurance Agency, NJ Ref#1642311.  Some plans and features may not be available in all states.

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