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A Guide to Funeral Expense Insurance

A Guide to Funeral Expense Insurance

Funeral expense insurance is a form of life insurance that provides funds to cover your final expenses hen you pass away.  It prevents your loved ones from being left with a large bill that they can’t afford to pay and ensures that you will have the final services that you prefer without anyone having to cut corners due to the cost.  Funeral expense insurance is generally a very affordable form of life insurance because it is in such a relatively low amount.

Funeral expense insurance is one of the few types of life insurance that are readily available to people who are in their senior years. At this point, traditional life insurance becomes prohibitvely expensive for many people, and term policies that may have been taken out during younger years have often expired.  This leaves many seniors with the dilemma of providing for their funeral expenses so that it does not fall to their families to take care of it.  Because it is the older segment of the population that is often seeking funeral expense insurance, much of the advertisement for these types of policies is aimed at seniors.

This does not mean that funeral expense insurance is solely for people in their senior years.  Anyone can take out a life insurance policy designed to pay for final expenses.  Many companies, however, do specialize in policies for people over 50 and write policies solely for that age group.  If you are younger and seeking to obtain funeral expense insurance, you will probably have to go through a more traditional insurance company and take out a small whole or universal life insurance policy to cover your final expenses.  Again, because the benefit amount of the policy is quite small in this case, you will find that the premiums are very affordable.  Starting at a younger age can also mean that the premiums are even more affordable than at an older age.

Funeral expense insurance is usually taken out in amounts much lower than a regular life insurance policy.  This means that it should not be treated as a replacement for a regular life insurance policy if you have dependants who would be adversely affected by your death.  If you have children or a mortgage that you want taken care of in the event that something should happen to you, you should take out a standard life insurance policy to cover those expenses.  Funeral expense insurance is not required to be used for that purpose, but is generally available in benefit amounts that make it unlikely to help beyond paying for final expenses.

Funeral expense insurance is an affordable way to make sure no one is left paying for an expensive funeral when you pass away. If you do not already have money set aside for this or other arrangements then it makes sense to take out a small policy that will take the burden off of your family and friends.  Contact your insurance agent to inquire about funeral expense insurance, and remember that the sooner you start the policy, the lower your premiums will be.

Photo courtesy of garryknight.

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