The Financial Impact of Final Expenses: How Burial Insurance Can Provide Peace of Mind for You and Your Loved Ones
Burial insurance is a basic kind of life insurance coverage. Some life insurance types contain some waiting periods, which usually occur the first two years after you activate a policy. However, most people seeking final expense insurance can qualify for a plan that has no waiting period. What Is a Waiting Period?
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What is Considered a Final Expense?
With a name like final expense insurance, most would assume it only has one use. But as you will see, there are a variety of ways to interpret what a final expense is. Final expenses are typically left up to your loved ones, but can also apply to your debts in some cases.
What Final Expenses Are Typically Covered by Final Expense Insurance?
What final expense insurance covers depending on how you define “cover”, the death benefit size, and the reason why the policy was initially purchased. Any way you look at it, final expense insurance can only help. Defining “Cover” This term can be interpreted in one of two ways – complete and partial coverage.
What is final expense insurance?
Sometimes referred to as “burial insurance” or “funeral insurance,” final expense insurance is a type of whole life insurance available in smaller face amounts that’s intended to help ease the financial burden of end-of-life costs. Typically, final expense life insurance is designed to be easier to qualify for than other types of life insurance, with premiums to fit most any budget. A medical exam is not required for simplified issue coverage like final expense, which may make it a good option for those with pre-existing conditions who aren’t able to qualify for other types of life insurance.
Transamerica FE Express Solution
Transamerica FE Express SolutionSM provides level premium whole life insurance policies with face amounts from $5,000 to $50,000 and a guaranteed death benefit to help cover end-of-life expenses. But it’s more than just simple burial insurance. You get budget-friendly coverage with no medical exam. Plus, you can add an optional benefit — at no additional premium cost — that can help you with funeral planning, legal documents, estate planning, and more.
Transamerica FE Express Solution is designed to be a smart, quick, and easy way to help you protect loved ones, so everyone can focus on living their best lives.