If a loved one is diagnosed with a terminal illness, needless to say, it is enormously difficult. If the person is the breadwinner of the family, this makes the situation even more complex too. However, final expense plans are a way of making the family’s burdens a little easier, providing them with funds which can be used to pay for things such as funeral expenses. Nonetheless, final expense insurance can be very difficult to acquire successfully, especially if your family member is terminally ill but not deceased.
Difficulties for those with terminal illnesses
Those with terminal illnesses and/or serious diseases are expected to have shorter life expectancies than someone the same age as them who is otherwise fit and healthy. Insurance companies work based on risk calculations, and someone who has been diagnosed with a terminal illness obviously presents a large risk to an insurance company, making them more of a liability financially.
These risk calculations are carried out whatever kind of insurance you end up getting. However, final expense insurance already has death in mind, so you can expect to face difficulties if you’re expecting to have a shorter life expectancy than other people in your demographic. Nonetheless, some insurance providers will offer an insurance plan to patients who are seriously ill, leaving the vast majority of terminally ill people with two options.
Option #1: Life Insurance Plans
Life insurance plans accumulate cash throughout your life, paying out to the beneficiaries upon the death of the policyholder. The money which is paid out can be used to take care of funeral expenses, as well as lifelong debts and other essential expenses related to one’s passing. Life insurance plans come in different forms, such as Whole Life Insurance and Term Life Insurance, and different types of life insurance plan may suit different people depending on their needs, life expectancy, and circumstances.
Option #2: Final Expense Plans
Final expense plans are designed to specifically take care of funeral costs when the policyholder passes away. These plans also allow you to dictate how you want to be remembered when you pass on. For example, you can specify whether you want to be buried or cremated, and you can say whether or not you would like there to be a wake after your funeral.
Although it sounds complex, you simply need to fill out some online forms in order to find the top final expense insurance quotes from a wide range of insurance providers, all of which have their own unique perks and advantages. The insurance carrier you go to will be sure to comply with the requests you made when you took out the policy, and you can adjust your coverage and premiums according to your needs and wishes.
Talking about funeral costs and passing on is difficult at the best of times, but it doesn’t need to be made worse by financial struggles. To talk about final expenses insurance plans for those with a terminal illness, speak to a member of our team today!