When you set out to establish future financial security, many choices are made for the benefit of your family. From detailed retirement planning to setting up 529 plan alternatives for college, your decisions make a difference in how everyone has solid financial footing.
So in the event of your death, the last thing you want is for your loved ones to deal with the complications of your funeral, burial, or cremation. Working with Leonard Financial Solutions to discuss final expense insurance may be the next logical step in taking care of important details so everyone has peace of mind.
What Are the Benefits of Final Expense Insurance in New Jersey?
Final expense insurance, also known as burial insurance, is a type of life insurance policy designed to help cover the costs associated with an individual’s death.
This policy typically pays out a pre-set amount—usually between $5,000 and $50,000—to cover funeral expenses and other end-of-life costs. It’s often more affordable than traditional life insurance policies. Other benefits include:
- Flexible and affordable premiums
- Medical screenings and physical exams aren’t required to be eligible for coverage
- Possible access to cash value accumulation, depending on the policy
However, the primary benefit of final expense insurance is that it can provide loved ones with financial protection should you pass away unexpectedly. This eases their financial burden during an already difficult time and assures they won’t be left with large debts to pay off.
Other Facts About Burial Insurance Plans
Final expense insurance is often marketed to seniors or older individuals, as it's seen as a way to provide financial security in their final years. However, people of any age can purchase this type of policy, depending on the insurance provider's specific policies.
Your beneficiary can use the proceeds for the intended funeral and burial expenses, they’re not legally bound to do so. The money can be used as the beneficiary sees fit, which could be a potential drawback if you want to ensure that the funds are strictly used for your final expenses.
Working with an experienced insurance agent can be an invaluable resource when it comes to finding the right final expense plan for your needs. Our advisors provide insight and guidance throughout the process, outline important features, and make sure you’re getting the best coverage possible. With our expertise and knowledge, we can help answer any questions or address any concerns you may have about purchasing a policy. And since you’ll be working one-on-one with us, you can rest assured that you’ll receive personalized service that meets your specific requirements.