Final Expense
Final Expense Insurance
Our experienced team of professionals is committed to guiding you through the process of selecting the right Final Expense Insurance plan. We understand that every individual has unique circumstances, and we are here to help you make informed decisions that align with your specific requirements.
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Final Expense
What is final expense life insurance?
Losing a loved one is never easy. The added stress of making final arrangements during a time of mourning can be very difficult for anyone. On top of that, funerals can cost a lot more than you think, which can further add a significant financial burden to those left grieving.
You can’t always control what happens to you and your family. With final expense whole life insurance, you can help protect their financial security, future and peace of mind – so that money doesn’t have to be the main focus.
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How can Final Expense Insurance help you?
Out-of-Pocket Medical Bills
Despite Medicare or private insurance coverage, elderly households may still face considerable financial risk from out-of-pocket health care expenses at the end of life.
Legal and Accounting Costs
The legal proceedings referred to as probate, and related accounting fees, can be a shock to family and loved ones. Probate costs vary by state while the probate process can take months, or years.
Funeral and Burial Expenses
The average cost of a funeral is $7,848.1 While many believe that cremation is a far less expensive option, data shows that the cost is only 15% less than the traditional funeral.
Benefits of final expense insurance
- Premiums remain level and may be payable beyond age 100.
- The death benefit is guaranteed as long as premiums are paid as required.
- You can choose between monthly or annual premium payments.
- The cash value of the policy accumulates tax-deferred.
- Your beneficiary chooses whether or not to use the death benefit for burial expenses.
- Your policy may earn dividends (there's no guarantee). If it does, those dividends can accumulate while earning interest, purchase paid-up additions, be used to reduce a premium that's due, or be paid in cash – it's up to you.
Note :-
This policy could be considered a Modified Endowment Contract at certain issue ages, and as such, any distributions (e.g., loans, dividends paid in cash or accumulated, or a policy assignment) will be subject to current income tax to the extent there is taxable gain in the policy. In addition, a tax penalty equal to 10% of the taxable amount will be applied to funds distributed prior to the owner's age 59½. In order to defer taxation, the paid-up additions dividend option should be chosen.