Final Expense Insurance
Most people don’t like to talk about end-of-life issues, but it is important to plan for these types of concerns. While traditional life insurance policies are primarily meant to replace income that’s lost when a loved one dies, final expense insurance can help cover expenses associated with death, such as caskets, embalming, and other funeral costs. If not covered, these expenses can have a substantial financial impact on family members. However, with a solid final expense policy in place, your clients won’t need to worry about their surviving loved ones having to pay these costs out of pocket.
Different Types of Final Expense Insurance
Final expense insurance typically comes in two types of policies — guaranteed issue life insurance or simplified issue life insurance. Guaranteed issue policies tend to cost more because they will cover high-risk individuals with few questions asked. They also tend to offer lower maximum coverage amounts. Simplified issue life insurance, on the other hand, is for individuals who are considered only moderate risk. This type of policy will require your client to fill out a more detailed medical questionnaire but will offer much more coverage than a guaranteed issue policy.
When a client enrolls in final expense insurance, they name someone a beneficiary — usually a spouse, sibling, or a son or daughter — to use the death benefit money to execute their funeral plan. By providing your elderly clients with final expense insurance, you can help them rest easy knowing their affairs are in order as they approach the end of their life.
To learn more about the final expense insurance policies that we offer, or to begin contracting with MCC Brokerage, contact us today.