If you are considering buying final expense insurance, you need to be aware of the different kinds of final expense policies that are available on the market today. I’ve seen many people who bought final expense life insurance from a big name final expense insurance company that weren’t aware of some of the shortcomings of their final expense insurance policy. Here are 4 questions you absolutely must get answers to.
- Will I be covered for the full policy amount on my final expense insurance policy immediately after my insurance policy goes into effect? Many final expense policies are what are called graded benefit policies where you may receive very little money in the first two to three years.
- Will my final expense insurance premiums ever go up? Be sure your premiums are fixed for the rest of your life, no matter how long you live. If you have a final expense policy that increases down the road, you could find yourself with an insurance policy you can’t afford just when you need it the most.
- Will my final expense life insurance coverage ever decrease? As we all know and experience every day, the prices of things tend to go up over time. You want to be sure that your final expense policy’s coverage not only never goes down but the amount of insurance coverage you purchase allows for increases in funeral costs and other final expenses.
Finding answers to these critical questions is critical when you purchase final expense insurance or as some call it, burial expense insurance. Never let an agent pressure you into such an important purchase. You want to make an informed decision just like you would with any other major purchase that affects you for many years in the future.