How Final Expense Insurance Can Protect Your Family And Loved Ones – Podcast Episode 36

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In this podcast, I’m going to be discussing how can final expense life insurance protect your family and loved ones, I’ve got six reasons to cover with you today. Let’s start out with number one. The first way final expense life insurance can protect your family or loved ones. It’s just by providing financial security. None of us knows the day we’re going to die. None of us knows when we’re going to need to come up with this money for a family member or loved one. Or we’re going to have to provide that for them. And that’s why insurance works. 

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So great. I mean, think about this, you’ve probably got a fire extinguisher in their in your house, you should have a fire extinguisher in the kitchen anyway. Well, why do you have that fire extinguisher in the kitchen? Well, you have it just in case, a fire happens at the wrong time. Or, you know, if a fire happens anytime, I guess that’s at the wrong time.

But the point is, is we have some security, there’s some protection, that if if we get a fire in the kitchen, we just pull the pin and we shoot the fire extinguisher out and puts puts it out life insurance final expense life insurance does the same thing. It it just extinguishes the worry for your family and loved ones because now they’ve got the fights nancial security, that they’re not going to have to pay for your final expenses at a time when they are probably going to be shocked and surprised and struggling financially anyway, you know, if you don’t provide the money for them. So yeah, just keep that in mind. 

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Our number two reason on how final expense life insurance can protect your family or loved ones is immediate access to funds. That is so important. When somebody passes away, we need to get that insurance money to the family quickly or in many cases to the funeral home. So even even if it might take a little bit for the insurance company to issue those funds, most funeral homes, what you can do is actually assign the policy over to them, and they will take care of things immediately.

So let’s see at a $15,000 policy you just signed signed that over to the funeral home, you guys come to an agreement with the funeral home or, you know the beneficiary does on the funds. And once the policy pays out, they get paid and you get what monies left over. 

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So it’s not like everything’s got to go to the funeral home. There’s plenty of flexibility there. But that way that provides financial security for the funeral home to move forward. And then if it does take a little bit longer, depending on the insurance company to get the funds, then you’re a Okay, now we recommend companies that pay quickly. That’s that’s very important.

So you got to be kind of careful which ones you choose a lot of those ones you see on TV, and kind of show up in junk mail in your mailbox. Yeah, those are those are ones you really should kind of stay away from our third reason on how final expense life insurance can protect your family or loved ones. Is it just relieves the financial burden?

Now, you know, I’ve never known anybody that probably died at the right time. Right? So you know, when somebody passes away, and there’s no money, you know, do you want family members to have to scramble to find money on GoFundMe, you know, to basically beg from Pete beg for people and say, Hey, out of the goodness of your heart, can you just donate some funds?

Do you want to have a chicken fry or bake sale or something like that, you know, everybody’s scrambling, trying to get money from people who already have other financial burdens and struggles that they’re dealing with. And it’s true, you know, out of the goodness of people’s hearts, they will participate in those. But that is a huge stress on the family and getting this final expense life insurance relieves that burden, that financial burden that and your your loved ones don’t have to worry about at that point your beneficiary will get the money straight from the insurance company. 

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The fourth way that final expense insurance can protect your family or loved ones is it’s just going to cover the funeral expenses and more. But wordless just this standpoint, you’re number four covers the funeral expenses, and that can be substantial because that can cover things like caskets and burial plots. and memorial services and flowers and just all sorts of things in, it’s kind of crazy, you know, when somebody passes away, there’s just a lot of expenses, even death certificates.

And it all adds up. And it’s just difficult on family members to keep having that money come out of their accounts for something that was not theirs to pay in the first place, you just didn’t take care of it. Now you transfer that burden onto them, just get enough insurance to transfer that burden on to the insurance company. And you don’t have to worry about it. 

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Our number five reason on how final expense life insurance can protect your family or loved ones is it covers outstanding debts. This is why I kind of paused up on number four, when it says covers funeral funds, cremation, whatever it would be funeral expenses. Yes, it does all that. But if you have more coverage, so let’s say you had a $15,000 policy and the burial was only $10,000, there’s $5,000 leftover. And that can be used for any number of things, maybe paying off a credit card bill.

You know, most people when they pass away, they’re going to have some medical expenses that were incurred, you know, in them in their demise, right. So there’s always some extra fun, you know, bills and everything just pop up that some extra funds would really be just a huge blessing to your family members and loved ones.

The other thing too, is, you know, if there’s any money left over, you know, if you don’t die right away, and it’s another five or 10 years, that extra money is just going to inflation proof the plan. So if the cost of the burial is $10,000, right, now, you may want to consider a 15 or $20,000 policy. Technically, you’re over insuring, yes, but we don’t know when you’re going to die.

And we don’t want you to die for a long time. So what we can do is just factor inflation in to your coverage. And that way, you don’t have to worry about getting a extra coverage later, you’re going to lock in your maximum savings right now at your youngest age. And it’s just going to actually take care of any inflationary price increases that are going to occur over time. 

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And the sixth way that final expense life insurance can protect your family members or loved ones, is just flexibility of use. And we’ve kind of talked that about that a little bit. But I mean, that can be, you know, just settling outstanding bills, estate administration costs, or just any other final expense, financial need, that should or could arise. There is loads of flexibility.

Of course, we want to make sure this pays for your final expenses. But say at some point, you got your policy and you wanted it to take care of burial. And then then you said, Well, you change your mind going, You know what, I’m just gonna get cremated. Instead, you can keep your existing policy and that just provide some extra funds to pay for these other things that pop up, there’s a lot of flexibility.

If you decided you didn’t need that much insurance, we could just call the insurance company and lower it down to an appropriate amount of coverage to if you wanted to save the money. So there’s just a lot of flexibility and within a final expense life insurance policy that can be used to protect your loved ones. So there we go. I hope that’s been helpful. How can final expense life insurance protect your family and loved ones there’s a whole bunch of ways and that six points that we’ve covered in this podcast.

NOTE: Show notes are AI transcribed, so there may be some spelling or grammatical errors.