Final Expense
Funerals are expensive and costs are rising fast and costing families thousands of dollars every year. A final expense policy is a whole life insurance policy that pays cash for funeral and other expenses such as medical, credit card, and household bills.
Funeral costs vary depending on the type of funeral wanted.
Is it going to be a traditional burial or a cremation?
Will an urn or a casket be needed?
Is a grave marker or a monument wanted?
Is there going to be floral arrangement, obituary, and a limousine to transport the family?
Depending on the consumer's needs or wishes, expenses can range from a few thousand dollars to upwards of $15,000 or more. A final expense plan allows the consumer to spell out their burial wishes and provide the funds to cover these costs so their family is not burdened with them.
Typically, as long as premiums are paid on time, rates can never be increased and benefits can never decreased. Obtaining a policy is simple ranging from simplified issue to guarantee issue. These plans can also be developed based on premium amount the consumer wishes to spend so they can be customized to fit most budgets.
These plans are usually marketed to those between the ages of 40 to 89, depending on the carrier. If you sell to the senior market, this product is a must in your portfolio.