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Posts Tagged ‘final expense insurance’
So after a good 40 some odd years of working my butt off, I’ve finally come to the point where I can gladly look forward to my retirement. To be honest, many people call it the golden years but I’m still trying to figure out what’s so golden about it. All I’ve known is work and even when I’ve had a week or two to sit and home and relax, I start to go stir crazy.The next few years should be a learning experience at the very least.
But with that being said, I was taught as a kid entering college a few very particular lessons that I still haven’t forgotten to this day.Financial well-being and security was the most important lesson of them all.Till now I have been aimed at building my nest egg lage enough to keep me going until retirement. Now that those days are upon me, though, I need to shift focus to other things.
I no longer have a 401K to put into but rather I’ll be pulling from which will be an odd experience. I took that as my cue, though, to set myself and my family up for my own well being and theirs. I hate to say it as it sounds a little creepy to me but the reality is that we all pass on when it’s our time and I wanted to make sure that my family wasn’t stuck with my financial burdens when that day comes.Dealing with the extras that are added on was the hard and unexpected thing about my parents passing, funeral expense, medical bills debts they had, and even legal fees.
At that moment it was the thing I did not want to deal with, the last thing I wanted to be reminded of, so I did the research on keeping my family clear of the mess when I pass. For that, I’ve found the one simple solution and it’s known as final expense insurance. Final expense insurance is truly what I’ve been looking for. It covers any expense that I may incur between now and then and, if they stick around after I do, they pick up the tab.I feel great knowing that my family will have less stress.
To better care about the well being of your family, you need to do something about your final expenses once you die. The way this is done is with final expense life insurance.
Insurance like this which provides for all of your final expenses is permanent insurance, meaning there are no term term limits to worry about. You do not need to commit to ten or twenty year terms with their higher premiums just to get more extended coverage. This is for a finite time - your lifetime - and carries a premium that is fixed.
Ideal Final Expense Policies Must Have
A high quality insurance policy is made up of certain items. When you are looking for a way to take care of final expenses in addition to any existing policies that you may have, you want something that is affordable. For example, you would not want coverage that will be more costly simply because you are older. You should be between fifty-five and eighty years of age to be guaranteed coverage.
Guaranteed coverage means that you will not be turned down for coverage, even if you are 80 years old. his is a rare find as many insurance companies require medical exams or have age limits for coverage. For those who do not have any life insurance or they don not have enough, this would place them in a very difficult situation if there were not policies available to them later in life. Actually, this would place the family in the difficult situation because the family would be the ones burdened with the expenses.
Another issue is that many policies don't vest for two or three years before benefits will be paid. This can be problematic if the insured dies before the vesting period expires. The meaninh here is that were paid, but coverage was not issued. This can also place the family in a bad situation. They know the policy exists and they think that they are going to receive coverage, but they find out that it was not time for the coverage to go into effect. This can cause quite a bit of panic.
What You Have To Do
You may have to answer some health questions because, if you did not, the final expense life insurance company would be taking quite the gamble. However you won't be required to take a lengthy medial exam as some policies require.
Next you should acquire free quotations to prove to yourself that life policies to take care of your final costs are not expensive. You can also rule out the cliche that purchasing a policy between the ages of 55 and 80 has to be so expensive you can hardly handle it. Discrimination should not be allowed just because you are older.
Now that I've retired I've shifted my focus as well. For many, many years now, I’ve poured my money into a 401K to prepare myself for this day and now that this day has arrived, I’ve decided to take my financial security outlook into the future once again.
I wanted to be certain that my family was protected when my time came. The last thing any family member wants to be burdened with when they lose a loved one is the expense side of things so I took it upon myself to see how I could help.
That’s when I came across final expense insurance.And it is very much what it says it is.An insurance policy insuring that when it is my time there won't be a large debt left weighing down my family.
Even though I’m in great health now and don’t really have any outstanding debt, 60 years of life have taught me that there are always curveballs that get thrown your way.As medical costs can only go upwards, even my final week or so might put a large burden on my family.
By taking out a policy for final expense insurance, I know I have them covered which puts my mind at ease. And we’ve all seen those commercials talking about burial expenses and such but those are a bunch of malarkey.
Purely driven by curiosity, I tried to price a funeral and there’s no real average across the board unfortunately. And furthermore, those insurance programs don’t offer my family the level of protection that I truly felt they deserved. Even if I had opted for something like a burial policy, what about laptop insurance the rest of my expenses?
I think it’s fair to say that none of us know when our time has come so it’s not something that we can easily prepare for. We can’t call up our utility company and tell them it will be ok to shut the water off on the 20th of next month as I won’t be around any longer.
I plan on breathing for quite a bit longer to be truthful. But by taking out a line of final expense insurance, I know when my plan finally fades, my expenses won’t be rolled over and onto my loved ones. This, by itself, means it’s some of the most valuable insurance I’ve ever carried.