The main purpose of final expense life insurance is to provide financial assistance to the family or loved ones of the insured individual to help them pay for funeral expenses, burial or cremation costs, medical bills, outstanding debts, and other related expenses that may arise after their passing. This type of insurance can help alleviate the financial burden on the family during an already difficult time.
There are several reasons why people in Kansas, as well as in other states, choose to buy final expense life insurance:
Covering funeral expenses: Funerals can be expensive, with costs ranging from several thousand dollars to tens of thousands of dollars. Final expense life insurance ensures that the funds are available to cover these costs, so the family doesn't have to bear the burden.
Ease of qualification: Final expense life insurance policies often have simplified underwriting processes and fewer medical requirements compared to traditional life insurance policies. This makes it easier for individuals, especially seniors or those with health issues, to obtain coverage.
Protecting loved ones: By purchasing final expense life insurance, individuals in Kansas can ensure that their loved ones are not left with the financial responsibility of paying for their funeral and other final expenses. It provides peace of mind knowing that their family will be taken care of after their passing.
Supplementing other life insurance policies: Some people may already have existing life insurance coverage but find that the death benefit is not sufficient to cover their final expenses. In such cases, they may choose to purchase an additional final expense policy to bridge the gap.
Cash value component: Some final expense life insurance policies may accumulate cash value over time. This feature allows policyholders to potentially access the cash value during their lifetime, providing an additional source of funds for emergencies or other financial needs.
It's important to note that the specific reasons people in Kansas buy final expense life insurance may vary from person to person, depending on their individual circumstances and financial goals. It's recommended to consult with an insurance professional to determine the appropriate coverage and policy that best suits one's needs. Get a final expense life insurance quote.