Should You Have Final Expense Life Insurance

It is a very common question to be asking yourself, "Do I need life insurance?" The answer to this question is often times a yes, but knowing that you need life insurance is just the beginning.

There are many types of life insurance that should be purchased depending on where you are at in life. A life insurance plan for a young parent is dramatically different than a parent who's children are in college which is completely different than the needs of a person getting into the senior citizen age group.

That being said, we can now go into finding out where final expense life insurance fits in with your life plan and if it is right for you.

Where are you at in your life?

I mentioned above that determining a life insurance plan is determined by what stage you are in your life. But there are other aspects in your life that you will need to look at to find out if final expense life insurance is for you.

1) Your current financial state - The better your financial state the less likely you are to need final expense life insurance, but even with a strong financial state I would suggest taking it into consideration. There are a couple different things to look at here:

Having money saved will allow your loved ones to pay your funeral expenses. Some decide they want to save for their own funeral, but remember that the price of your funeral can add up quickly.

Your debt also plays an important in your financial state. Even if you have $30,000 in savings, it can be wiped out depending on how much debt you have. Debt is one of the first financial obligations your family has once you pass on.

Future costs need to be considered with your current financial situation. While you may have low debt and a strong bank account, you have to consider if this will continue to be the case. As you grow older, you may find that medical expenses and living expenses will begin to decrease your savings. While it looks like you may have enough for your final expenses today; a few years down the road may be dramatically different.

2) Your funeral - Some individuals want to have a large exquisite funerals for all their friends and family to come together and celebrate. While others prefer to be cremated and released into the wind. Figuring out what type of funeral you would like to have will help you determine how much it will all cost, allowing you to create a plan to save.

3) What do you want to pass on to your family? - You may not have much and you may not have the opportunity any more to produce your own income, but you still want to leave something for your family. My uncle was in this very situation;

He was quite young still with his wife still working but he decided that when he went it would not be a stressful time. The life insurance policy he had allowed his family to pay for the funeral and take a family vacation together for a weekend. He decided that he wanted to be able to bring his family together and bring them joy one more time even though he could not physically be there.

The benefits that final expense life insurance bring

Like a lot of insurance policies, the name implies a lot of what is covered. Final expense insurance can be used to cover the financials associated with your death. This can be anything from your debt to costs associated with you passing away, like the funeral. But there are intangible benefits that your family will receive because of final expense life insurance.

It leaves them with peace of mind as your final days approach knowing that things will be taken care of financially.

The focus can be put on mourning for you instead of stressing over debt that the collectors want immediately.

This also allows you to take care of your family in the future, without much of the hassle that other life insurance policies make you go through.

So should you have final expense life insurance?

The answer to this question is that it depends. Take all of the above information and determine if it is right for you. Are the benefits truly beneficial for you? Does your financial state allow you not to have it? What do you want to leave for your family when you go? Answering these questions will give you a strong idea of whether you should have a final expense life insurance policy.

It is your decision, but that does not mean you have to decide alone. Talk with your family and see what they want. Then take the information above and talk with a trusted, experienced expert who can help you decide if it final expense insurance is right for you.


Tags# Life Insurance, Life Insurance Policy, Life Insurance Plans, Life Insurance in India

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