Burial Insurance: Practical Guidance From tim_fresh From Legacy of Love

How To Fund Your Funeral Plan With Final Expense Insurance

The cost of a funeral can be a significant and unexpected burden on a grieving family. Burial insurance—also known as final expense insurance—is a practical and affordable way to protect your loved ones from this financial stress. Here is some practical guidance from funeral planning expert tim_fresh from Legacy of Love.

It's a straightforward life insurance policy designed to cover the costs of your funeral, burial, and other end-of-life expenses. At Legacy of Love, we're here online, or via counselors like tim_fresh, to provide clear, practical guidance on burial insurance so you can make an informed decision that's right for you and your family.

Purpose and Coverage of Final Expense Insurance

• Covers End-of-Life Expenses: Final expense insurance primarily pays for funeral and burial costs, but the payout can be used for any purpose by the beneficiaries.
• Permanent Life Insurance: It's a whole life policy, meaning it lasts your entire life as long as you pay premiums.
• Smaller Death Benefit: Compared to traditional life insurance that you might purchase for income replacement for your family when you're younger, final expense policies have lower coverage amounts, typically ranging from $1,000 to $50,000.
• No Medical Exam Required (Typically): Many final expense policies don't require a medical exam, making them easier to qualify for, especially for older adults or those with pre-existing health conditions.

Final Expense Insurance Key Features

• Fixed Premiums: Premiums are typically fixed and won't increase over time, as long as you keep up with payments.
• Simplified Underwriting: The application process is often simplified, with fewer health questions and no need for a full medical exam.
• Cash Value Accumulation: Some final expense policies may build cash value over time, which you can borrow against or withdraw from during your lifetime.
• Guaranteed Death Benefit: The death benefit is guaranteed to be paid out to your beneficiaries as long as the policy is in force.
• Beneficiary Flexibility: You can choose your beneficiaries and they can use the payout for purposes beyond funeral expenses (medical bills, outstanding debts of the deceased, etc.).

Avoiding The Worry of Financial Strain

Burial insurance can cover a wide range of expenses, including funeral services, viewing costs, burial or cremation, transportation, and even outstanding medical bills. With a Legacy of Love plan, your beneficiary receives a lump sum payment, which they can use to pay for these expenses as they see fit. This gives them the flexibility to create a meaningful farewell without the worry of financial strain.

We understand that every family's needs are different. That's why Legacy of Love offers personalized guidance to help you determine the right amount of coverage for your specific wishes and budget. We'll walk you through the options, answer your questions about things like graded benefits and pre-need policies, and help you find a funeral insurance plan that provides the right level of protection. Our goal is to make the process of securing insurance for burial as simple and stress-free as possible.

Pre-Need Insurance Besides burial insurance / final expense insurance, your other option to consider is a pre-need insurance policy to fund your funeral plan. You may have heard of pre-need insurance plans offered by funeral homes. These plans typically lock in the funeral home as the beneficiary of the policy. But what if you move or that funeral provider goes out of business? A pre-need insurance plan with Legacy of Love is different… and better. With our plan, you name the beneficiary. You can use the policy proceeds at any funeral home. You have portability and flexibility. If this sounds like an interesting alternative, LEARN MORE about a Legacy of Love pre-need insurance plan.

Watch this short video to hear Sandra explain why she chose a final expense insurance policy:

 

Summary

Take the first step towards protecting your family from future financial burdens. We can help you find a burial insurance plan that fits your needs and gives you peace of mind knowing you've made a smart and caring choice for your family.

Want to learn more about why burial insurance from Legacy of Love may be the right method to fund your final expenses? Call 704-732-3019 or fill out our online form and we'll respond right away.

Back ↵