Life Insurance

Life insurance is essential if you have dependents, such as a spouse, children or other family members who rely on your income. It can help replace lost income, cover outstanding debts and fund future financial needs like education or mortgage payments.

This depends on your specific needs. Term life insurance provides coverage for a specific term such as 10, 20 or 30 years. It pays a death benefit if the insured dies during the term but does not carry any cash value. Whole life Insurance offers coverage for the entire life of the insured and includes cash value growth. Term insurance is more affordable than whole life and is great for covering temporary needs such as loans or education expenses. Whole life is useful for guaranteeing that you leave a legacy or provide for final expenses. Many customers will purchase both as part of a complete portfolio of life insurance to meet their needs.

The amount of life insurance you need depends on factors like your income, debts, living expenses and future financial goals. The amount of coverage you need can also change over time. Some estimates say that 10 times your income is a good rule of thumb. However, we recommend you speak with your licensed QuoteSavant expert about your specific needs and purchase what you can afford. It doesn’t make sense to purchase a policy you can’t afford to keep long-term, but the only true mistake you can make is to not buy any life insurance at all.

Yes. In most cases, you can purchase life insurance for someone else if you have an insurable interest, such as a family member or business partner. Their consent is usually required, but this is very common.

Yes, it is possible to have multiple life insurance policies. Many customers purchase a combination of term and whole life policies along with participating in group life insurance policies through employers to meet their full need at the best price.

The beneficiary is the person or group that will receive the death benefit when the insured person passes away. Beneficiaries can be individuals, such as family members, or entities like trusts or charities.

Final expense insurance, also known as burial or funeral insurance, is a type of whole life insurance policy. It’s designed to cover the costs associated with your death, primarily focusing on end-of-life expenses like funeral arrangements and burial costs. It can even assist with outstanding medical, legal and credit card bills.

A few examples include embalming, caskets, flowers, service fees, cemetery plots, headstones, interment fees, unpaid medical bills, legal fees and unpaid credit card debt.

Final expense policies offer smaller death benefits, usually less than $35,000. This makes them more affordable, especially for seniors on a fixed income or those in medical debt from an ongoing illness. Your beneficiaries can use the death benefit for any purpose they choose.

Unlike traditional life insurance, final expense policies usually only require answering specific health questions – making it fast and easy to qualify. Some final expense insurance policies offer guaranteed acceptance, regardless of any health conditions. This can be a good option for people with pre-existing health conditions who struggle to qualify for traditional life insurance.

If you already have a life insurance policy, check your benefits. It might already provide enough coverage for your final expenses. In addition, while usually very affordable, make sure Final Expense insurance is something you can comfortably afford, and look to see if you have other savings or assets that could be used to cover your final expenses. A great way to decide if you want Final Expense insurance is to speak with a licensed QuoteSavant expert. You‘ll discuss your current situation, your needs and get a free quote to determine affordability and necessity.

This is a personal decision with no one-size-fits-all answer. However, there are some key situations to consider purchasing coverage sooner rather than later, especially since funeral and burial costs are rising. Even if you’re young and healthy, considering final expense insurance now can offer peace of mind and financial security for your loved ones later.

A few common reasons to purchase Final Expense insurance: You don’t have a savings or existing life insurance plan to cover your end-of-life expenses or outstanding debts, you wish to lock in lower premiums to avoid potential health issues that could limit your options or you wish to leave your family and friends a small inheritance once end-of-life expenses are paid.

Also consider major life changes such as retirement, starting a family or purchasing a large asset. These can impact your financial situation. Considering final expense before these changes ensures your loved ones are covered.

Yes! While guaranteed acceptance policies exist, keep in mind that pre-existing conditions can significantly increase premiums. In your situation it’s important to consult with an insurance agent like a licensed QuoteSavant expert to assess your specific needs, compare policies and find the right coverage for you – all for free.