Losing a loved one is a very emotionally difficult experience. You don’t want to add on the stress of finances to someone who is already dealing with a lot. Planning a funeral and everything else that comes with the death of a family member can be stressful enough. You don’t want to add financial stress to the list of things they already have to cope with.
According to The National Funeral Directors Association, the average funeral cost is around $7,000. This could leave your family in an uncomfortable spot when it comes to their finances and what to do after you’re deceased. Provide them with peace of mind with Final Expense Insurance.
Final Expense Insurance, a type of whole life insurance, is something that you may have forgotten about during your busy life, but it is important when considering what comes next for your family one you are gone. You may need it if you are not currently insured or have a pre-existing condition that has prevented you from obtaining a life insurance policy. You may also want this type of insurance if you want to leave money for your loved ones to cover the costs of burial that can be expensive.
Many people use these policies as a way to make sure their families will not be left with debt themselves after taking care of final expenses. These policies will help your loved ones way for funeral costs, medical bills, and any unpaid debt you leave behind—from credit card too. Your beneficiary can use the money they get from these policies to cover any expenses they choose so make their lives easier once you are gone. The biggest benefit of this type of insurance is that it will make both you and your family feel more at ease when taking care of funeral costs and arrangements.
You are guaranteed acceptance into these policies, which means that you will not have to have a health exam or answer tedious and lengthy questionnaires about your health. With many final expense providers, you will find that your premiums will be fixed and your benefits will never decrease.
Financial Strength Ratings are important when considering your insurance plan because they will help you decide which companies prove to be good investments. According to A.M. Best, ratings of an A or higher are your best options when it comes to insurance companies because it means they have “a superior or excellent ability to meet ongoing insurance obligations”. You want your Final Expense Insurance provider to have these high ratings because you need to be able to rely on and trust them to come through when you’re not around. Along with A.M. Best, you can also rely on reports from Fitch, Moody’s, S&P (Standard & Poor), and Better Business Bureau.
Below is a list of ten of the best Final Expense Insurance Providers:
10. Lincoln Heritage
This insurance provider, recommended by the Better Business Bureau has an A+ rating and a reputation for their final expense plans. Your loved ones could receive up to $20,000 and at no charge to them, this company also offers a representative from the Funeral Consumer Guardian Society® to help them through the process, according to their website. For this type of insurance, through Lincoln Heritage, there are no health exams to quality and typically, everyone will qualify no matter what. There is also an opportunity to add more onto your plan depending on your needs.
9. American National Insurance Company
With an A rating from both S&P and A.M. Best, American National Insurance Company offers an affordable policy called Legacy Life Insurance. With guaranteed acceptance, you will feel immediate relief about your worries when it comes to your family’s future, as long as you’re in between the ages of 50 and 80. You will also be happy to know that you will build cash with this policy so that your family will have their best possible chance covering your final expenses. With this plan, your rates will never change, and you decide your amount of coverage. You will always know what you’re paying and when. If you find that this isn’t the plan for you, they also issue a 30-day money back guarantee.
