Finance Advice for Funeral Planning

Final Expense Plan Pros and Cons

Have you ever considered what your funeral should be like, what kind of service there should be, or even what kind of casket you’d prefer? Have you sought finance advice from a professional?  If you’re over age 50, you probably have, and you may have even done some funeral planning.  Here are some of the advantages and disadvantages of creating a Final Expense Plan:

Final Expense Advantages

1. With a Final Expense Plan, you can select the amount of insurance, regardless of the price of your end-of-life needs.
2. The Final Expense Insurance policy does not guarantee the price of the funeral costs, but rather a fixed amount of proceeds.
3. When creating a Final Expense Plan, you have the flexibility to choose your beneficiary to be the Funeral Home, Cemetery, or your heirs… or any combination.
4. If you choose a funeral home or Cemetery as your beneficiary, any excess funds are passed on to your heirs or estate.
5. With a Final Expense Plan, if you have chosen the Funeral Home or Cemetery as your beneficiary, your family or heirs can use any excess funds for whatever they deem necessary, such as paying for outstanding debts such as your credit cards or mortgage, hospital bills due, or any other use of the funds they feel is appropriate.

Final Expense Disadvantages

1. If you choose your family or loved ones to be the beneficiary of your Final Expense Insurance, your family or loved ones have the right to decide to carry out your funeral plan…or not.
2. Since the amount of insurance is usually a fixed amount, it may not be enough to fully cover the total costs of your funeral and/or the costs related to the settlement of your estate.

Final Expense Insurance information, prices and FREE quotes may be obtained through our Pre-Screened and Qualified™ Final Expense Specialists. These Specialists can be insurance companies, their agents, and also Funeral Directors that have obtained the appropriate insurance licenses from their state.