How to Buy Life Insurance to Cover End-of-Life Needs

The thought of your loved ones paying for your end-of-life needs may bother you. Yet, you may be older. Buying a traditional life insurance policy may seem impossible. It is possible, however, for most people to purchase an end-of-life policy that provides the type of coverage necessary. You may be able to tailor it to meet your unique goals. Here is more to consider about this.

What Is Final Expense Insurance?

This type of life insurance that exists to cover end-of-life needs, known as final expense insurance, can be worthwhile for some people. It can help to cover most of the big costs associated with these last months and years of your life.

For example, you may want to leave behind money for your family to use to cover funeral expenses. You may want it to cover any last medical bills or debts you have as well. It’s important to consider this policy in the grand scheme, though. It is not the best option for many. However, it often provides enough money to cover the immediate final expenses related to your death.

What to Think About Before You Buy

First, remember that even if you are a bit older, you may still qualify for life insurance policies. Traditional term life and whole life policies are available to some people in their 40s, 50s, and beyond. Your age and health play a role in qualifying, but there is no reason not to try to apply for these plans. These policies may offer more coverage and better terms for you than final expense insurance. If you qualify for them, be sure to consider them.

Final Expense Options May Work Best

For others who do not qualify for traditional life insurance, the investment in a final expense policy can work. However, these policies tend to have only a basic level of coverage. Usually, this is just enough to help cover your costs as noted. However, there are other options available that can add to this smaller death benefit. One key thing to know about this type of policy is that your beneficiary still has control over how to use these funds. They can use them for any needs they desire.

Work with your life insurance agent. Find out if you have enough coverage right now. Then, talk about purchasing additional protection to help fund your goals. You can also count on your attorney to help structure your policies and estate plan to ensure your wishes always come before any other decisions made with the death benefit.