Learn the Pros and Cons of Final Expense Insurance
16. Several different ways to pay
You can often pay your premiums on a monthly, quarterly, semiannual, or annual basis, depending on the company. You can usually set up automatic withdrawals from a checking or savings account on the day of the month you want.
Instead of setting up an automated withdrawal, perhaps you’d prefer to send in funds manually. In that situation, regular quarterly, semiannual, or annual payments will be expected. When it comes to no waiting time policies, monthly payments sent by mail are not an option. If you can only pay by mailing a monthly check or money order, you’ll have to wait.
17. The funds can be put toward any purpose
Due to the nature of life insurance, the payoff from final expense coverage will be strictly monetary the recipient(s) of your gift(s) are free to use the funds in any way they see fit. You are free to do whatever you like.
So, they can settle your final expenses, be it for a funeral or medical care, or credit card and other debts. Your family will be the sole beneficiary of any leftover funds. No more money will be given to the funeral home.
18. The recipient can be anyone or anything you choose, including a mortuary
The number of benefactors is up to you. The best option is to designate a beneficiary, perhaps a family member or friend. In any case, you can specify that the funeral home receives the money.
The majority of businesses let you designate many beneficiaries, both primary and secondary. Keep in mind that you have the freedom to modify and revise your beneficiary designations at any time.
19. There’s always someone else who can foot the bill
You can have a third party, such as a family member, foot the bill for your insurance. It’s usual for children to buy life insurance for their parents. If you don’t mind having someone else (even if they aren’t connected to you) foot the bill, they can be the one who pays for your policy.
20. Value in cash accumulates over time
Burial insurance, often known as whole life insurance, is a form of permanent financial protection. Little amounts from each payment are deposited here. It will also typically accrue interest. The money that builds up in your cash value account is yours to use for whatever you like. In addition, the policy’s cash value will be returned to you if you decide to terminate your coverage at any time.
