Final Expense Life Insurance
Carolina Insurance Partners Final Expense Life Insurance
Planning ahead for life after death is a sensitive topic that many choose to avoid at all costs. But preparing for final expenses now can help your loved ones avoid financial pitfalls in the future. At Carolina Insurance Partners, our team is dedicated to helping you secure a brighter financial future by planning ahead with our final expense life insurance products.
Final expense life insurance is an excellent way to ensure your loved ones remain financially stable following your death. Start planning ahead for your family by contacting our team about our final expense life insurance policies today!
What is Final Expense Life Insurance?
Final expense life insurance is simply another term that providers use to describe small whole life insurance policies. Insurance providers may also refer to these policies as funeral insurance, burial insurance, or modified whole life insurance. These policies are much easier to qualify for since the death benefit is lower (usually between $2,000 and $50,000).
Not only are final expense life insurance policies easier to qualify for, but policyholders can enjoy more affordable premiums since the death benefit is smaller. While designated beneficiaries may use the death benefit however they please, final expense life insurance policies are typically used to pay for the following:
• Funeral Arrangements
• Memorial Services
• Embalming & Caskets
By securing a final expense life insurance policy, you can help your surviving family members avoid the financial burden of paying for funeral arrangements. Learn more about obtaining a small whole life insurance policy by contacting Carolina Insurance Partners today.
Types of Final Expense Life Insurance
There are a few different types of final expense life insurance that policyholders may wish to obtain: guaranteed issue and simplified issue. Each of these policies provides special benefits for policyholders depending on their life situation. Carolina Insurance Partners provides both options to help policyholders get the unique coverages they need.
Guaranteed Issue Life Insurance
A guaranteed issue life insurance policy provides a guaranteed death benefit to designated beneficiaries. One of the main reasons people prefer these policies is because they do not require medical questions, exams, or medical records in order to get approved. Policyholders should be warned, however, that there is generally a two- to three-year waiting period before benefits can be paid out. If the insured dies before the waiting period is over, no death benefit will be paid out to beneficiaries. However, most insurance companies will pay out all insurance premiums plus 10% interest to designated beneficiaries if the policyholder dies before the waiting period ends.
Simplified Issue Life Insurance
Another great option is simplified issue life insurance. Similar to guaranteed issue life insurance policies, simplified issue policies do not require medical exams in order to qualify for coverage. Compared to guaranteed issue life insurance, simplified policies offer a higher maximum, meaning you can receive a greater death benefit to pay for final expenses. Explore your options for simplified issue final expense life insurance by connecting with Carolina Insurance Partners today!
How to Use Final Expense Life Insurance
In order to use your final expense life insurance, your designated beneficiary will need to file a claim with your insurance provider after you pass away. Claims processing takes time, so it’s likely that your beneficiary will need to pay for final expenses out-of-pocket and get reimbursed with the indicated payout once the claim has been approved. After claims approval, your beneficiary will receive a check for the specified amount in your policy. The funds they receive may be used as reimbursement for any out-of-pocket expenses related to your death, and any leftover funds may be used however they wish.
Benefits of Final Expense Life Insurance
Final expense life insurance is a great way to plan ahead for your family’s financial future after you die. The following are just some of the benefits of securing a final expense life insurance policy:
• Decreased financial burden for loved ones when paying for funeral expenses
• Provide a financial cushion for other end-of-life expenses, including medical bills, property taxes, and more
• Leave a legacy that allows beneficiaries to pursue life goals, like making a down payment on a house or going back to school
Death benefits may be used however the beneficiary wishes, and depending on the amount you leave in your policy, they may be able to use some of the benefit they receive to pursue life goals. Not only can final expense life insurance be used to pay for funeral expenses, but beneficiaries can also use these funds to pay for property taxes, decedent debts, and other unexpected expenses related to your passing. Contact our team to find out more about how final expense life insurance can benefit your family.
Carolina Insurance Partners for Your Life Insurance Needs
No matter what stage of life you’re in, obtaining a final expense life insurance policy is an excellent way to ensure your family’s financial well-being after you die. Don’t let your loved ones carry an unnecessary financial burden after you’re gone: Contact Carolina Insurance Partners to secure the final expense life insurance policy you need to provide a brighter financial future for your family!