What Are The Risk Of Waiting to Buy Final Expense Insurance

Final expense insurance, also known as burial insurance, is a type of life insurance that is designed to cover the costs associated with a person's funeral and final expenses. It is a type of insurance that is growing in popularity as the costs of funerals continue to rise and the need for this type of coverage becomes more evident. However, many people are still unsure about the benefits of final expense insurance and hesitate to purchase a policy.

In this article, we will explore why waiting to buy final expense insurance is a bad idea and what makes it so important to have this coverage in place. Whether you're just starting a family or an older individual looking to secure your financial future, this article will help you understand why final expense insurance is a must-have for everyone.

The Importance of Final Expense Insurance

Final expense insurance is an important coverage that can provide peace of mind and financial security for your loved ones after you pass away. This coverage can help your family avoid financial stress during a time of grief and can also ensure that your final expenses are covered. In the event of your death, the death benefit from your final expense insurance policy can be used to pay for your funeral costs, outstanding debts, and any other final expenses.

The Rising Costs of Funerals and Final Expenses

Funeral costs and final expenses have been steadily rising over the years, and this trend is likely to continue. In fact, according to the National Funeral Directors Association (NFDA), the average cost of a funeral in the United States is now around $7,000 to $12,000. This is a significant amount of money, and many families are unable to pay these costs without some sort of financial help.

The Benefits of Buying Final Expense Insurance Early

One of the key benefits of buying final expense insurance early is that you can lock in a lower premium rate. As you age, the cost of life insurance increases, and this is also true for final expense insurance. By purchasing a policy at a younger age, you can secure a lower premium rate that will remain in place for the life of the policy.

Another benefit of buying final expense insurance early is that you can avoid the risk of being declined for coverage. While many insurance companies will still offer coverage to individuals with pre-existing medical conditions, the premium rates for these policies may be significantly higher. By purchasing a policy early, you can avoid this risk and ensure that you have the coverage you need when you need it most.

The Risks of Waiting to Buy Final Expense Insurance

One of the biggest risks of waiting to buy final expense insurance is that you may become uninsurable due to a pre-existing medical condition. If you have a chronic illness or condition, your chances of being declined for coverage increase significantly. Additionally, if you wait until you are older to purchase a policy, you will be facing higher premium rates and a greater risk of being declined for coverage.

Another risk of waiting to buy final expense insurance is that you may miss out on the benefits of a guaranteed issue policy. Guaranteed issue policies are policies that are guaranteed to be accepted, regardless of your health status. However, these policies typically have higher premium rates than other types of life insurance policies. By purchasing a final expense insurance policy early, you can lock in a lower premium rate and avoid the higher costs of a guaranteed issue policy.

Conclusion

Final expense insurance is an important coverage that everyone should consider. Contact Hardigan Insurance Services for a free consultation and quote at (888)299-2134