In Michigan, individuals who purchase final expense life insurance typically fall into certain categories:
Seniors and Elderly Individuals: Many seniors and elderly individuals in Michigan purchase final expense life insurance to ensure that their funeral expenses are covered when they pass away. They may not have significant savings or assets that can be used to pay for these costs, and they want to alleviate the financial burden on their loved ones.
Individuals with Limited Financial Resources: People with limited financial resources who are concerned about the financial impact their death may have on their families often choose final expense life insurance. It allows them to leave behind a financial resource specifically designated to cover funeral costs, outstanding medical bills, and other end-of-life expenses.
Individuals without Traditional Life Insurance: Some individuals in Michigan may not have a comprehensive life insurance policy, such as term life or whole life insurance. Final expense life insurance serves as a more affordable and accessible alternative for them to obtain coverage specifically for funeral expenses.
Those with Specific Funeral Wishes: Individuals who have specific funeral wishes, such as a desire for a particular type of service or burial arrangement, may purchase final expense life insurance. This allows them to ensure that their wishes are carried out and paid for after their passing.
It's important to note that the reasons for purchasing final expense life insurance can vary from person to person.
However, the common thread among these individuals is the desire to provide financial protection for their loved ones and to ensure that funeral expenses are covered without placing a burden on their families.
Learn more about final expense insurance in Michigan.