Why More And More People Are Buying Final Expense Insurance
As we approach 2014, why the current spike in Final Expense insurance purchases?
While funeral costs continue to rise, more middle-income people are turning to final expense insurance to cover these ultimate expenses and spare their relatives having to meet these costs when the time inevitably comes.
Final expense can be seen as a type of condensed life insurance policy, intended solely to provide coverage for end of life expenses. This type of plan can often be referred to as funeral insurance or burial insurance, but they are in fact exactly the same; a bespoke plan to help policyholders and their families deal with the costs associated with death.
There is great variance in both the cost of final expense insurance and the amount of payout received. Generally speaking, plans will pay out anything from $5,000 to $50,000. This is paid to the policyholder's chosen beneficiary on the event of their passing. Although the money is earmarked to pay for burial expenses, the beneficiary can use it as they see fit.
David Gordon of BeyondQuotes, a leading online provider of final expense insurance policies, says "People like final expense for a number of reasons, for a start, they are inexpensive as compared to your average life insurance plan. They also pay out very quickly, usually within seven days."
"Another factor that people are fond of is that usually no medical questions are asked. This is encouraging when you are buying a plan later in life, been diagnosed with a pre-existing condition or refused life insurance previously."
While trends in purchasing life and health insurance have recently taken a nosedive among the younger generation, the ever spiraling costs associated with final expenses have stirred a wave of policy purchases of final expense insurance sales among the more responsible persons within the 50+ age bracket. In 2012 there was $433 million spent on final expense plans and 2013's figures have already far exceeded that.
About Beyond Quotes
Beyond Quotes have been in the term life insurance industry since 1993, specializing in online quotes for term life insurance for seniors since the birth of commercial internet. With their motto 'sharing knowledge' they try and assist their clients in finding the ideal term life insurance or final expense insurance policy to suit their specific requirements.
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