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Final Expense Insurance
Final Expense Insurance Policies: Final expense insurance, also known as burial insurance or funeral insurance, is a type of life insurance policy specifically intended to cover the expenses related to a person's funeral, burial, and other final expenses. The coverage amount is usually relatively low, typically ranging from $5,000 to $25,000.
Reasons for selling final expense insurance policies:
a. Affordability: Final expense insurance policies are often more affordable than traditional life insurance policies. They have lower coverage amounts and are generally easier to qualify for, making them accessible to individuals who may not be eligible for larger life insurance policies due to age or health conditions.
b. Simplicity: Final expense insurance policies are straightforward and usually have a simplified application process, making it easier for individuals to purchase coverage.
c. Specific Purpose: People buy final expense insurance to relieve their loved ones of the financial burden associated with funeral and burial expenses. This type of coverage provides peace of mind knowing that their final arrangements will be taken care of without imposing financial strain on their family.
Pre-Need Funeral Insurance
Pre-Need Funeral Insurance Policies: Pre-need funeral insurance, also called pre-arranged funeral insurance or pre-paid funeral plans, is a type of policy that allows individuals to pre-fund and pre-plan their funeral arrangements in advance. Policyholders work with funeral homes to specify their desired funeral services and lock in the cost at today's prices.
Reasons for selling pre-need funeral insurance policies:
a. Funeral Planning: Pre-need funeral insurance enables individuals to plan their funerals according to their preferences, ensuring their wishes are carried out after they pass away.
b. Price Lock: By pre-paying for funeral expenses, individuals can lock in the current prices of funeral services and protect themselves from future cost increases, potentially saving money in the long run.
c. Financial Relief for Family: Similar to final expense insurance, pre-need funeral insurance alleviates the financial burden on family members, as the funeral expenses are already covered according to the pre-arranged plan.