We often worry about what would become of our loved ones should we pass away
. We of course want them to be happy but there is also the concern of the high costs they might have to pay on our deaths. Funerals, along with everything else, have become much more expensive over time. If we pass on before those we love we want them to be taken care of. Final expense insurance plans, also called burial insurance, can save those we care about from this burden. These plans can cover the costs of expensive funerals and are often available with no medical check.
When you set someone up as the beneficiary of final expense insurance plans they are free to use the money however they need. However these policies are mainly designed to cover the exorbitant costs of funerals these days. These policies carry a cash value that can be borrowed against should the need arise. Often with these types of insurance the premiums will not increase while the benefits will not decrease. Unlike term life these policies do not expire after a set period. Since there is commonly no medical exam, you can apply for these kinds of insurance pretty easily. But even so it is a decision that you should take lightly.
Different state and local laws can affect the costs of funerals. Areas with limited land often have higher costs for cemetery plots. Even cremation can be fairly costly. Visiting a funeral home can give you rough idea of the costs your loved ones might be facing. They should have a written price list that you can examine to figure out the expenses of things life a casket and grave liners. While these prices are bound to change by the time they are needed it can give you a starting point. When you are looking for final expense insurance plans, these costs can give you an idea of where to start.
When considering final expense insurance plans it is important to carefully consider the coverage that will be needed. It is good to make sure that at least once a year you get a written statement detailing the status of your plan. As with any contract you should carefully examine the terms before signing. Some states have "free look" laws that allow you to examine a contract before having to decide whether or not to sign.