Final Expense
Final Expense life insurance policies can be purchased for smaller coverage amounts can range from $2,000- $30,000. Final expense coverage is a life insurance policy that you purchase for a specific dollar amount ("face value") & the policy is active as long as you continue making the monthly payments. If you die while the policy is still active, the insurance company pays the death benefit to the funeral home or your beneficiary(ies).
Final Expense is frequently referred to as Burial Insurance. The option to purchase smaller amounts of coverage is helpful for individuals on a fixed income who need insurance.
Benefits of Final Expense
- Permanent protection over a lifetime. Final expense coverage will stay in force, as long as you continue making premium payments.
- Premiums don't increase as you grow older. Your premiums are based on your age at the time you take out the policy, and they will remain the same for the life of the policy.
- Help to protect their loved ones from debts associated with the burial or funeral process. Final expense insurance coverage offers cash after you die that can be used to pay the cost of your funeral or memorial service, as well as the costs of cremation and/or burial.
- Tax-deferred cash value that builds over time. In addition to offering a fixed death benefit (the "face amount" of the policy), final expense insurance can also provide the option to accumulate cash value over time, inside the policy.
- Affordable premiums customized to fit their budget. Your policy, and the premiums you will pay, can be designed to fit your needs and available budget.
Whole Life
These policies are designed to provide coverage for an individuals whole (entire) life. Whole Life Insurance provides coverage up to age 121. This is perfect for those who want guarantees and who are focused on providing death benefit protection over cash value accumulation.
Benefits of Whole Life
- Guaranteed death benefit
- Guaranteed cash value
- Potential additional cash value by the receipt of any dividends declared by the company. Although not guaranteed, dividend payments are generally declared annually by the company.
- Level premiums that are guaranteed to never change.
No Lapse Universal Life
These Insurance Policies are perfect for the person who needs flexibility and coverage. One of the best features of universal life insurance is flexibility with your premium. You can pay higher premiums to add to your policy's cash value when you're able & increase cash accumulation that can be accessed without penalties and/or taxes (ask your agent). Or, if you need to reduce the premium for a period of time, you can make adjustments to the policy to accommodate that.
Benefits of Universal Life
- Affordability. Universal life insurance costs less than whole-life insurance policies
- No-lapse protection. If you don't pay the premium, some types of life insurance may lapse. With universal life insurance, your policy can include protection against lapsing by using the accumulated cash value to keep the policy in-force.
- Tax-advantaged savings. The cash value component of your universal life insurance policy provides a guaranteed minimum interest rate and offers tax-deferred accumulation.
- Premium payment flexibility. As your needs change, your universal life insurance policy premium payments and death benefits can be adjusted.
- Loan and withdrawal features. You may be able to take loans or withdrawals from the accumulated policy cash value when you need them with no penalty or age requirements.
Next Steps...
Get the affordable coverage you need to protect your family. Don't leave your family with the burden of your personal bills and debt to pay along with Final Burial Expenses. Let our Licensed Insurance Agents assist you with selecting affordable coverage to meet your needs.
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