Can I Combine Final Expense Insurance with Other Coverage?

Final expense insurance is a form of life insurance that is popular because it is easy to get and flexible when it comes to final costs. Because applicants do not have to have medical exams, most people will be able to purchase coverage regardless of medical conditions. In addition, benefactors can use the money when their loved ones die to pay for final expenses such as funeral and burial services, medical bills and even other types of debts. Because of its many benefits, final expense is often chosen by consumers to supplement other policies to ensure their loved ones are protected from financial difficulties and have plenty of funds available to cover final wishes.

Even if you have other life insurance policies such as standard life insurance, whole life insurance or burial insurance, having another type of coverage will provide even more financial resources for your family when you die. With a final expense insurance policy, your loved ones will be able to pay for your final expenses and use your other life insurance coverage to provide for their living expenses. In other words, combining final expense insurance with other life insurance will help you provide more financial options for the loved ones you leave behind.

Affordable Coverage Options

Final expense insurance is also affordable, making it easy to purchase even small value amounts to provide extra money for families in their times of grief. For example, if you have a $100,000 life insurance policy that you purchased to help your loved ones pay for living expenses when you die, you may choose to purchase a $10,000 final expense insurance policy for your family members to use for your final costs so they do not have to use your standard life insurance for these expenses. Or, if you have $25,000 in standard life insurance; you may select a higher face value for your final expense insurance policy. This would be a wise decision because your loved can use the remainder of your final expense insurance policy to pay for other expenses once your final costs are covered.

Maybe you have burial insurance which is money that your benefactor can use for burial expenses. If so, you can combine your policy with final expense insurance so there will be more money for any bills you leave behind. When you choose final expense insurance to supplement your other types of coverage, you can have the peace of mind in knowing that you are leaving your family with enough money to pay for your funeral costs and continue paying for expenses such as utility bills, mortgages and medical expenses.

Maximizing Coverage

Combining the coverage you have with a whole life final expense insurance policy is another great way to plan for the future. Not only will this type of coverage allow your benefactor to use your standard life insurance for his or her needs, but you will also be able to use the cash value it builds should you ever have a financial need. This type of permanent insurance is an investment for now and the future.

Even if you think you already have enough life insurance, do not underestimate how much money your family will need when they no longer have you to depend on. Senior life insurance with other types of coverage is a great way to maximize your loved ones' financial resources when you die. With a variety of coverage that includes final expense insurance, you can put worries about the future aside and focus on living.