![]() ![]() The #1 most costly mistake people make when buying final expense and life insurance is… via mail order. Benefits start on the first day of coverage and can last your entire life. Once you’re approved, there’s no waiting period. Your acceptance is based on your answers to just three health questions and other details you may be asked to provide. If you’re between the ages of 50 and 80, you may qualify to purchase up to $50,000 in permanent life insurance with no medical exam. No-medical-exam life insurance is available If your life insurance is a permanent policy, also known as whole life insurance, that builds cash value over time, you may be able to access this cash value to help pay these bills.ĥ. There are many medical costs in the final months or years of life that may not be covered by Medicare or supplemental insurance. You may be able to use life insurance funds in advance A life insurance policy may make sense and the cash benefit your beneficiary receives can help cover some financial costs left behind such as every day costs or even estate taxes.Ĥ. Only now is it becoming apparent that final expenses can require a lot financially from loved ones. ![]() You may have created a will or estate plan without considering final expense costs. Final expenses can effect your will planning Credit card balances, medical bills and other unplanned financial expenses are also factors that you may have to consider.ģ. Household utility bills and outstanding car or home loans may have to be paid. Funerals aren't the only final expensesįunerals may be the most top-of-mind final expense, but many times, they’re not the only one. In 2014, the National Funeral Directors Association calculated that the average cost of a funeral was $8,343.Ģ. ![]() Ceremony fees, transportation, headstones, even clergy donations can all add up. Caskets and cemetery plots are just the beginning. Funeral costs have been on the rise for as long as there have been funerals. ![]()
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