January 25, 2025 • 20 mins
Final Expense Insurance
Introduction
This document summarizes key aspects of final expense insurance (also called burial insurance, end-of-life insurance, or funeral insurance), drawing upon five different sources. These sources offer a comprehensive look at the product, its benefits, drawbacks, and suitability for various individuals. The goal is to present a clear and informative overview to help make informed decisions about this type of insurance.
Core Concept: What is Final Expense Insurance?
- Definition: Final expense insurance is a type of whole life insurance policy designed to cover end-of-life expenses. It typically has a smaller death benefit than traditional life insurance and is often targeted at older individuals.
- "It's a form of life insurance which you pay a monthly premium for...Its eventual payout is specifically designed to cover end of life expenses." - Safewill
- "Final expense insurance is a small whole life insurance policy that is easy to qualify for." - Investopedia
- Purpose: It aims to provide funds to beneficiaries to cover funeral costs, medical bills, legal fees, and other expenses associated with death.
- "The beneficiaries of a final expense life insurance policy can use the policy’s payout to pay for a funeral service, casket or cremation, medical bills, nursing home bills, an obituary, flowers, and more." - Investopedia
- "A burial insurance plan can provide immediate peace of mind, knowing that you’re covered upon the first premium payment and that the policy will pay for your funeral costs." - Choice Mutual
- "Your beneficiaries will be able to apply the death benefit from final expense insurance to a variety of costs, such as: funeral and burial costs, medical bills, legal fees, hospice care, everyday bills." - Aflac
- Flexibility: Despite being designed for end-of-life costs, the death benefit can be used for any purpose.
- "However, beneficiaries can use the death benefit for any purpose, from paying property taxes to taking a vacation." - Investopedia
- "Since final expense coverage is a type of life insurance, the final result will merely be a tax-free cash payout. Your beneficiaries can spend the money on anything. There are absolutely no restrictions." - Choice Mutual
- "Moreover, if they have the needed funds to meet obligations, the benefit can be used in any other way the beneficiary chooses." - Investopedia
- Differentiation: It is often sold as a smaller policy to make it more affordable, focusing on funeral costs and related expenses.
- "There is no difference between final expense insurance and life insurance, other than the fact that insurers sell the smaller final expense insurance policies to make it more affordable." - Investopedia
- "Whilst this policy typically has lower death benefits than traditional life insurance or a funeral insurance policy, this makes what your monthly premium payments a lot more affordable." - Safewill
- Synonymous Terms: It is important to note that final expense insurance is frequently referred to as “burial insurance,” “end of life insurance,” “funeral insurance,” or “cremation insurance.”
- "Final expense insurance is also frequently referred to as “burial insurance,” “end of life insurance,” “ funeral insurance,” or “cremation insurance.” These labels (regardless of who uses them) are all synonyms." - Choice Mutual
Key Benefits of Final Expense Insurance
- Affordability: Premiums are typically lower due to th
Mark as Played
Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:00):
All right.
So we've got a whole stack ofarticles here, all about final
expense insurance.
Speaker 2 (00:06):
Yeah.
Speaker 1 (00:07):
You've been thinking about end of life planning.
Speaker 2 (00:09):
Right.
Speaker 1 (00:10):
And trying to make things easier for your family.
Speaker 2 (00:12):
That's important.
Speaker 1 (00:13):
Yeah, it really is.
I mean, no one really likes tothink about it, but it's one of
those things that Better to beprepared.
Yeah, exactly why not right.
So we've got articles here fromSafe Will and Bestopedia,
choice, mutual, experian andAflac, and then we've also got
some insights from KBI Benefits.
Speaker 2 (00:32):
Those are some great resources to get us flooded.
Speaker 1 (00:34):
Yeah, and they cover a lot.
So you know we're going tobreak it all down.
Speaker 2 (00:38):
Okay.
Speaker 1 (00:38):
But you already know the basics of life insurance
right.
Speaker 2 (00:41):
Yeah, I'm pretty familiar with the basics.
Speaker 1 (00:49):
Okay, so let's just jump right into what makes final
expense insurance differentSounds good.
Sometimes it's called burialinsurance or funeral insurance.
Right, but it's all the sameconcept, exactly.
Basically it's designed tocover those end-of-life costs,
but is it really just forfunerals?
Speaker 2 (00:58):
That's a common misconception actually.
Speaker 1 (01:00):
Oh, okay.
Speaker 2 (01:00):
While it's often marketed for funeral expenses,
the beneficiary can actually usethe money for anything Really
Medical bills, outstanding debts, even that trip to Vegas you
mentioned earlier.
Speaker 1 (01:11):
Wow.
Speaker 2 (01:12):
Just kidding, of course, but you get the idea.
Speaker 1 (01:14):
Yeah, so it's really important to choose the right
beneficiary.
Speaker 2 (01:18):
Absolutely Open communication is key.
Speaker 1 (01:20):
Yeah, for sure.
Speaker 2 (01:21):
And that brings up an interesting question who really
needs this type of insurance?
Speaker 1 (01:27):
Right.
Speaker 2 (01:28):
I mean, if someone has a sizable estate or their
family is already financiallycomfortable, is it still
necessary?
Speaker 1 (01:34):
That's a good question.
I was thinking the same thing.
Speaker 2 (01:36):
Because even if the estate can eventually cover
everything, there's still theissue of timing.
Speaker 1 (01:42):
Right Probate can drag on and families might be
stuck waiting for funds, exactlyLike when they need them the
most.
Speaker 2 (01:49):
That's one of the major advantages of final
expense insurance.
Yeah, it's designed for quickpayouts, often within a couple
of days.
Speaker 1 (01:55):
Okay, so it can provide immediate relief when
it's most needed, exactly so.
We've talked about what it isand who might benefit from it.
Let's get into the pros andcons of final expense insurance.
Speaker 2 (02:05):
Sure, let's start with the positives.
Final expense insurance isgenerally more affordable than
traditional life insurance.
Speaker 1 (02:11):
Okay.
Speaker 2 (02:12):
Especially for older individuals, and the approval
process is usuallystraightforward.
Speaker 1 (02:16):
I was going to say that sounds pretty good so far.
Speaker 2 (02:18):
Often just a simple health questionnaire.
Speaker 1 (02:20):
Okay, so no medical exams for most policies.
Speaker 2 (02:24):
Right, which is a big relief for a lot of people.
Speaker 1 (02:26):
Yeah, I would say so.
Speaker 2 (02:28):
And another plus the premiums are usually fixed, so
they won't go up over time.
Speaker 1 (02:32):
Oh, that's good to know.
Speaker 2 (02:33):
And the coverage is guaranteed.
Speaker 1 (02:34):
Okay, so the death benefit is locked in.
Speaker 2 (02:37):
As long as the premiums are paid.
Speaker 1 (02:38):
So that predictability can be valuable.
Speaker 2 (02:40):
Absolutely Knowing those final expenses are taken
care of can really alleviate alot of stress.
Speaker 1 (02:45):
For both the policyholder and their loved
ones.
Speaker 2 (02:48):
Exactly.
Speaker 1 (02:49):
I also saw something called living benefits mentioned
in a few articles.
Speaker 2 (02:52):
Oh yeah, those can be a great addition.
Speaker 1 (02:54):
What exactly are those?
Speaker 2 (02:56):
So some final expense policies offer riders called
living benefits, which allow thepolicyholder to access a
portion of the death benefit.
Speaker 1 (03:04):
Oh wow.
Speaker 2 (03:05):
If they're diagnosed with a terminal illness, it can
help cover medical expenses orother needs during a difficult
time.
Speaker 1 (03:12):
So it's almost like getting some of the benefit
early.
Speaker 2 (03:14):
In a way, yes.
Speaker 1 (03:16):
Yeah.
Speaker 2 (03:17):
But it's essential to understand how these riders
work and what the specific termsare.
Speaker 1 (03:21):
That's important to keep in mind.
Definitely Okay.
So we've talked about theupside.
What about the downsides?
Speaker 2 (03:27):
Well, one thing to consider is the lower payout.
Speaker 1 (03:30):
Oh yeah.
Speaker 2 (03:30):
The death benefit for final expense insurance is
typically much smaller thantraditional life insurance.
Speaker 1 (03:36):
So you're saying it might not be enough to cover
everything?
Speaker 2 (03:39):
It depends on your individual needs and
circumstances.
Speaker 1 (03:41):
Right.
Speaker 2 (03:42):
Another thing to watch out for is waiting periods
.
Speaker 1 (03:44):
Okay.
Speaker 2 (03:51):
Some policies, particularly those with
guaranteed acceptance regardlessof health Right, have a waiting
period before the full deathbenefit is paid out, and I think
there's also something called agraded benefit policy.
Speaker 1 (03:56):
Right, you got which is like a partial waiting period
.
Speaker 2 (04:00):
Exactly.
Think of it like a staircasewhere the payout steps up each
year.
Speaker 1 (04:04):
Until it reaches the full amount.
Speaker 2 (04:05):
Right.
Speaker 1 (04:06):
So it's like a middle ground between standard and
guaranteeing issue policies.
Speaker 2 (04:10):
Exactly.
Speaker 1 (04:10):
Okay.
One thing that Choice Mutualmentioned was that you know, if
you live long enough, you mightactually end up paying more in
premiums over time than thedeath benefit itself.
Speaker 2 (04:21):
It's a possibility and it's something to consider
when making your decision.
It's a little bit scary tothink about, honestly, I
understand, but that's why it'sso important to weigh the pros
and cons carefully.
Speaker 1 (04:31):
Yeah.
Speaker 2 (04:32):
And of course there's always the potential for
misleading marketing in thisindustry.
Speaker 1 (04:36):
Oh yeah.
Speaker 2 (04:37):
Some companies might make exaggerated claims or
promise incredibly low pricesthat turn out to be inaccurate.
Speaker 1 (04:44):
So it's buyer beware.
Speaker 2 (04:45):
Always, always, read the fine print and do your
research.
Speaker 1 (04:48):
Speaking of misleading marketing, let's talk
about the different types offinal expense insurance.
Speaker 2 (04:53):
Oh, okay.
Speaker 1 (04:54):
Because it can get a little confusing.
Speaker 2 (04:56):
You're right.
The most common type isstandard final expense insurance
.
You answer health questions,but there's usually no medical
exam.
Speaker 1 (05:03):
Okay, and then there's guaranteed issue.
Speaker 2 (05:06):
Right, where you're accepted regardless of your
health.
Speaker 1 (05:08):
Yeah.
Speaker 2 (05:08):
But there's often a waiting period for the full
benefits.
Speaker 1 (05:11):
And then, of course, we talked about the graded
benefit policy.
So how does someone navigateall of this and make sure
they're getting the right policyfor their situation?
Speaker 2 (05:20):
Well, it can feel overwhelming, but with a little
guidance it doesn't have to be.
Speaker 1 (05:24):
Okay.
Speaker 2 (05:25):
Comparing policies from different companies is
essential.
Speaker 1 (05:28):
So don't just settle for the first one you come
across.
Speaker 2 (05:30):
Exactly.
Look closely at the coverageamounts, waiting periods,
premiums and any additionalfeatures, like those living
benefits we discussed.
Speaker 1 (05:38):
So don't just jump at the lowest price.
Speaker 2 (05:41):
Right.
Make sure you understand whatyou're paying for and whether it
truly meets your needs.
Speaker 1 (05:45):
And be wary of any advertising that seems too good
to be true.
Speaker 2 (05:49):
Exactly.
Chances are it probably is.
A few of the articles,especially the one from Experian
, recommend working with anindependent insurance broker.
Speaker 1 (05:59):
That sounds like a good idea.
Speaker 2 (06:00):
Yeah, they can help you compare options from
multiple companies and find thebest fit for your specific needs
and budget.
Speaker 1 (06:06):
So they can offer unbiased advice and help you
understand the fine print ofeach policy Exactly.
Speaking of fine print, let'stalk about some of those sneaky
marketing tactics you mentionedearlier.
Speaker 2 (06:18):
Oh yeah, those are important to be aware of.
Speaker 1 (06:20):
What are some things people should watch out for?
Speaker 2 (06:23):
well, first and foremost, be wary of ads that
promise free final expenseinsurance free final expense
insurance yeah, there's no suchthing as a free lunch,
especially when it comes toinsurance well, it makes sense
you'll always be payingsomething one way or another
okay, what else?
I see a lot of ads with lineslike coverage starting at just
(06:43):
pennies a day.
Speaker 1 (06:44):
Oh yeah.
Speaker 2 (06:45):
But something tells me it's not that simple.
Speaker 1 (06:47):
Probably not.
Speaker 2 (06:47):
You're right to be skeptical.
These claims can be misleading.
They often highlight the lowestpossible premium.
Speaker 1 (06:54):
Right.
Speaker 2 (06:55):
For a very limited amount of coverage, which might
not be enough to cover youractual needs.
Speaker 1 (07:00):
So they're technically telling the truth,
but not the whole truth.
Speaker 2 (07:03):
Exactly and watch out for claims about new state
regulated life insuranceprograms or government burial
insurance.
Speaker 1 (07:10):
Oh yeah, I've seen those.
Speaker 2 (07:12):
While there might be legitimate state programs, it's
crucial to remember that theonly government provided
coverage of this kind is the VAlife program, and that's
specifically for disabledveterans.
Speaker 1 (07:24):
Got it.
So anything else claiming to begovernment backed is probably
not what it seems.
Speaker 2 (07:29):
Right.
Speaker 1 (07:30):
I also remember reading about the Colonial Pen
$9.95 plan.
Speaker 2 (07:34):
Oh yes, their ads can be a bit deceptive.
Speaker 1 (07:36):
What's the story there?
Speaker 2 (07:38):
Their ads imply that seniors can get thousands of
dollars in coverage for that lowprice.
Speaker 1 (07:42):
Right.
Speaker 2 (07:43):
But in reality it's often for a much smaller amount
and the actual cost can varysignificantly based on age and
health so it's another case ofmaking it sound too good to be
true exactly so what's the maintakeaway from all of this
marketing talk?
Don't believe everything yousee in an ad.
Do your research, comparequotes from reputable companies
and don't be afraid to askquestions an informed consumer
(08:04):
is a protective consumer.
Speaker 1 (08:06):
Okay, so we've heard a lot of ground here.
In part one we have.
We talked about what finalexpense insurance is, who it's
for, the pros and cons and evensome sneaky marketing tactics to
watch out for.
Speaker 2 (08:17):
It's a lot to digest.
Speaker 1 (08:18):
But we're not done yet.
We've still got more to delveinto.
Speaker 2 (08:22):
When we come back for part two, we'll dive deeper
into the different policyoptions and what factors you
should consider when choosingthe right one for your needs.
Speaker 1 (08:30):
Stay tuned okay, so welcome back.
We laid a pretty solidfoundation in part one yeah, I
think we covered a lot yeah, sonow let's actually dig into
those different policy optionsfor final expense insurance.
All right, it's kind of likechoosing a cell phone plan oh,
yeah, how so many choices right.
And what works for one personmight not be the best for
(08:50):
another.
Speaker 2 (08:51):
Exactly.
It's like with those phoneplans.
It's crucial to understand whateach option entails before you
make a decision.
Okay, so, as we talked aboutbefore, the most common type is
standard final expense insurance.
Speaker 1 (09:03):
Right.
Speaker 2 (09:04):
This usually involves answering some health questions
, okay, but you can often skipthe medical exam.
Speaker 1 (09:09):
Oh, thank goodness.
Speaker 2 (09:10):
Yeah, nobody enjoys those.
Speaker 1 (09:11):
Right.
Speaker 2 (09:12):
So, but what if someone isn't in perfect health?
Speaker 1 (09:14):
That's what I was wondering.
Speaker 2 (09:15):
Are they automatically out of luck?
Speaker 1 (09:17):
Right.
Speaker 2 (09:17):
Not at all.
That's where guaranteed issuepolicies come in Okay, as the
name suggests.
Speaker 1 (09:22):
Yeah.
Speaker 2 (09:22):
Your guaranteed acceptance, regardless of your
health history acceptanceregardless of your health
history.
So no health questions, nohealth questions.
Speaker 1 (09:29):
No exams, no exams, no exams.
It sounds too good to be true.
Well, there is a trade-off.
Speaker 2 (09:36):
Okay, guaranteed issue policies typically have a
waiting period?
Speaker 1 (09:38):
Okay, usually two to three years before the full
death benefit is paid out.
Speaker 2 (09:43):
So if the policyholder passes away during
that waiting period, yeah.
What happens?
Speaker 1 (09:49):
The beneficiaries would receive a refund of the
premiums paid Okay, plus someinterest, but not the full death
benefit.
Speaker 2 (09:56):
Got it, so it's like a safety net.
Speaker 1 (09:58):
Exactly.
Speaker 2 (09:58):
But with a bit of a delay Right, which brings us
back to those graded benefitpolicies.
Yes, it's almost like a hybridapproach.
You could say that with gradedbenefit policies there's a
partial waiting period and thedeath benefit increases
gradually each year.
Speaker 1 (10:14):
OK.
Speaker 2 (10:15):
The policy is in force.
Speaker 1 (10:16):
So you're slowly building up to that full benefit
amount.
Exactly OK.
But even within these types ofpolicies, I imagine the
specifics can vary.
Speaker 2 (10:26):
Oh, absolutely.
That's why it's so important toshop around and compare quotes
from multiple companies.
Speaker 1 (10:31):
Don't just settle for the first one, you see, Exactly
.
Speaker 2 (10:34):
Each company has its own underwriting guidelines,
pricing structures and evencustomer service practices.
Speaker 1 (10:40):
It's like any major purchase, you know a little
research.
Absolutely, it's a long way, along way.
So what are some key thingsthat people should pay attention
to?
When they're comparing thesepolicies.
Speaker 2 (10:51):
The most obvious are the premium costs and the death
benefit amount.
Okay, but don't stop there.
Okay, look closely at thewaiting periods, any exclusions
or limitations in the coverage,and whether there are any
optional riders that might bebeneficial.
Speaker 1 (11:05):
Like those living benefits we talked about.
I remember Choice Mutualmentioned that some companies
have better financial ratings.
Speaker 2 (11:12):
Oh yeah.
Speaker 1 (11:13):
Than others.
Speaker 2 (11:13):
That's a great point.
Speaker 1 (11:14):
What does that even mean and why should people care?
Speaker 2 (11:17):
So financial strength ratings are basically an
assessment of an insurancecompany's ability to pay out
claims.
Speaker 1 (11:23):
Okay.
Speaker 2 (11:24):
They're assigned by independent agencies like AMBEST
and Standard Poor's.
Speaker 1 (11:29):
Okay.
Speaker 2 (11:30):
And they're based on factors like the company's
reserves, investments andoverall financial stability.
Speaker 1 (11:37):
So it's a way to gauge how reliable a company is.
Speaker 2 (11:39):
Exactly.
You want to make sure they'llactually be there when your
loved ones need them.
Speaker 1 (11:43):
Right.
Speaker 2 (11:44):
Choosing a company with a strong financial rating
gives you peace of mind thatyour beneficiaries will receive
the death benefit as promised.
Speaker 1 (11:51):
You don't want the company to go belly up.
Speaker 2 (11:53):
Right, exactly.
Speaker 1 (11:54):
When it's time to pay up.
Speaker 2 (11:55):
That's the last thing you want.
Speaker 1 (11:56):
Okay, so that's definitely something I'll be
keeping in mind.
Speaker 2 (11:59):
Good.
Speaker 1 (11:59):
We've talked a lot about the financial and
logistical points of this.
Speaker 2 (12:02):
Yeah.
Speaker 1 (12:02):
But there's also an emotional side to all of this.
Speaker 2 (12:14):
It's not just about the numbers.
Speaker 1 (12:14):
Right, one of the most significant benefits of
final expense insurance is thepeace of mind it provides.
Speaker 2 (12:17):
Okay, both of the policy holder and their loved
ones.
Okay, it's about taking care ofthose you leave behind, even
after you're gone.
Speaker 1 (12:20):
That sense of responsibility, exactly that
you've taken steps to ease theburden Right On your family.
Speaker 2 (12:25):
Mm-hmm.
Speaker 1 (12:26):
During a difficult time.
It's powerful, yeah, but thatpeace of mind is only really
effective if everyone's on thesame page.
Speaker 2 (12:33):
That's so true, yeah.
Having those open and honestconversations with your loved
ones about your end-of-lifewishes, including your insurance
plans, is crucial.
Speaker 1 (12:41):
Yeah.
Speaker 2 (12:41):
It can prevent confusion, conflict and a lot of
heartache down the road.
Speaker 1 (12:46):
It's about making sure your wishes are understood
Exactly and respected.
Yes, but sometimes those wishescan be expensive.
They can be.
I remember KBI benefits brokedown the potential costs of
end-of-life arrangements.
Yes, and it was a lot more thanI expected.
Speaker 2 (13:00):
It could be a real eye-opener.
Speaker 1 (13:02):
Yeah, we're talking funeral home fees, embalming
caskets or cremation costs,transportation, memorial
services, obituaries, flowers.
Speaker 2 (13:11):
It all adds up.
Speaker 1 (13:12):
It all adds up quickly, so that's where having
this final expense insurance inplace can make a difference.
Speaker 2 (13:18):
Absolutely.
Speaker 1 (13:19):
It's not just about providing for your loved ones.
It's about protecting them fromthat financial burden.
Speaker 2 (13:24):
Right During a time of grief.
Speaker 1 (13:25):
Exactly.
It allows them to focus oncelebrating your life, honoring
your memory yeah, not worryingabout how to pay for everything
it takes care of thosepracticalities right so they can
focus on what truly matters soit sounds like creating a legacy
Speaker 2 (13:39):
yeah of care and consideration I like that not
just a financial safety netthat's a beautiful way to put it
this has been really insightfulhas.
Speaker 1 (13:48):
We've explored those policy options and really delved
into the emotional andfinancial implications.
Speaker 2 (13:53):
For sure.
Speaker 1 (13:54):
But there's still more to consider right.
Speaker 2 (13:56):
Indeed, in part three we'll shift our focus to you,
the listener.
We'll discuss the key factorsto consider when deciding if
final expense insurance is rightfor you, and we'll leave you
with some final thoughts toponder as you continue on this
important journey of planningfor the future.
Speaker 1 (14:12):
Stay tuned okay, so we're back for the final part of
our deep dive into finalexpense insurance it's been
quite a journey it really has.
We've covered a lot of ground,but now it's time to bring it
all home and figure out how thisapplies to you, the listener.
Speaker 2 (14:30):
Exactly.
Speaker 1 (14:31):
Is final expense insurance the right choice for
you?
Speaker 2 (14:34):
That's the big question.
Speaker 1 (14:35):
Yeah.
Speaker 2 (14:36):
And there's no one-size-fits-all answer,
unfortunately Right, but we candefinitely walk through some key
factors to help you make aninformed decision.
Speaker 1 (14:42):
Okay, so what are some of the most important
things to consider?
Speaker 2 (14:45):
Well, we've talked about age and health playing a
role.
Speaker 1 (14:48):
Right, could you elaborate on that a little bit
Sure.
Speaker 2 (14:51):
So if you're younger and in good health, traditional
life insurance might actually bea more cost-effective option in
the long run.
Those policies typically offerlarger death benefits at lower
premiums, especially if you havea longer life expectancy.
Speaker 1 (15:06):
But, on the other hand, if someone is older or has
health conditions that maketraditional life insurance
difficult or expensive to get.
Speaker 2 (15:14):
Exactly.
Speaker 1 (15:15):
Then those guaranteed issue final expense policies.
Speaker 2 (15:18):
Those can be a lifesaver.
Speaker 1 (15:20):
Yeah.
Speaker 2 (15:20):
They provide that peace of mind, knowing that your
final expenses are covered,regardless of your health
history.
Speaker 1 (15:26):
Okay, so age and health are definitely important
factors.
Speaker 2 (15:30):
Yeah.
Speaker 1 (15:30):
What about your financial situation?
Speaker 2 (15:32):
Right your overall financial picture is crucial.
Speaker 1 (15:35):
How does that play into the decision?
Speaker 2 (15:37):
Well, do you have existing assets?
Speaker 1 (15:39):
Okay.
Speaker 2 (15:40):
That could cover your final expenses.
Speaker 1 (15:42):
Things like savings, investments, property exactly
yeah if so, you might not need aseparate final expense policy
but even if you have thoseassets, there's still that issue
of timing right right estatesettlements can take time yeah
your loved ones might needimmediate access to funds to
cover those initial expenses.
Speaker 2 (15:59):
Final expense insurance fills that gap by
providing a quick payout Rightthat can help your family
navigate those challenging earlydays.
Speaker 1 (16:08):
So it's about taking care of those immediate needs.
Speaker 2 (16:10):
Exactly.
Speaker 1 (16:11):
While the rest of the estate is being settled.
Speaker 2 (16:13):
Right.
Speaker 1 (16:13):
Something that really struck me in a few of the
articles, especially the onefrom SafeWheel, was the
importance of personalpreference.
Oh, absolutely you know it'snot just about the numbers.
Speaker 2 (16:22):
It's not just about cold hard numbers, Right?
Some people simply find immensecomfort in knowing that their
final expenses are taken care of.
Speaker 1 (16:32):
Right.
Speaker 2 (16:32):
No matter what their financial situation might be.
It's a personal decision.
Speaker 1 (16:36):
Yeah.
Speaker 2 (16:37):
And there's no right or wrong answer.
Speaker 1 (16:39):
So it's about that peace of mind, exactly, and
alleviating the burden not justfor your loved ones, but for
yourself as well.
Speaker 2 (16:45):
Absolutely.
Speaker 1 (16:46):
Speaking of loved ones, we talked about choosing a
beneficiary Right.
Any final thoughts on that?
Speaker 2 (16:54):
It's so crucial Think carefully about who you trust
To handle those fundsresponsibly and in accordance
with your wishes.
Speaker 1 (17:02):
Right.
Speaker 2 (17:03):
Open communication is key.
Make sure they understand yourintentions and have clear
instructions.
Speaker 1 (17:09):
Communication is everything.
Speaker 2 (17:10):
Yeah, it really is.
Speaker 1 (17:12):
Okay, so I want to circle back to something we
touched on earlier.
Speaker 2 (17:14):
Okay.
Speaker 1 (17:15):
End-of-life planning that goes beyond just the
financial side of things.
Speaker 2 (17:18):
Right, that's an incredibly important point and
often overlooked.
What were your thoughts on that?
Well, we focused on coveringthe costs, but there's so much
more to consider when planningfor the end of life.
Speaker 1 (17:29):
Right.
Speaker 2 (17:29):
It's about your legacy, your values, how you
want to be remembered.
Speaker 1 (17:33):
It's about living a full life and making choices
that align with your beliefs.
Exactly Even as you face yourown mortality.
Speaker 2 (17:40):
Right.
Speaker 1 (17:41):
So what are some practical steps that people can
take beyond just purchasinginsurance?
Speaker 2 (17:46):
Well, have you considered creating a living
will or advanced directives?
Speaker 1 (17:51):
I haven't really, but I know I should.
Speaker 2 (17:53):
These documents allow you to outline your medical
preferences and ensure yourwishes are honored, even if
you're unable to communicatethem yourself.
So it's about taking control ofyour own narrative exact even
in those final chapters it canbe daunting to think about, but
it's a gift you give yourselfand your loved ones yeah, it's
about clarity it is peace ofmind and ensuring that your
(18:16):
voice is heard even when you'reno longer able to speak.
Speaker 1 (18:19):
Wow, that's powerful yeah so, as we wrap up our deep
dive into final expenseinsurance Right, what's the one
key takeaway?
Speaker 2 (18:27):
Well, I hope listeners have gained a deeper
understanding of what finalexpense insurance is, how it
works and the various factors toconsider when deciding if it's
right for them.
It's not just about death.
It's about life and how wechoose to approach those final
chapters.
Speaker 1 (18:43):
It's about taking ownership of our own stories,
making choices that align withour values.
Speaker 2 (18:48):
Yes.
Speaker 1 (18:48):
And ensuring that we leave behind not just memories
Right, but a legacy of care andconsideration for those we love.
Speaker 2 (18:54):
Beautifully said.
Speaker 1 (18:56):
Final expense insurance can be a valuable tool
in that process, but it's justone piece of the puzzle.
Speaker 2 (19:01):
Right.
Think about the bigger picture.
Have those difficultconversations, yeah, and make
informed choices that bring youand your loved ones peace of
mind.
Speaker 1 (19:10):
Well, this has been an incredible journey yes thank
you so much for joining us forthis deep dive into final
expense insurance my pleasure wehope you found it informative,
empowering and maybe even alittle bit thought-provoking.
I hope so, and we encourage youto continue exploring these
topics, asking questions andmaking choices that bring you
peace and clarity.
Speaker 2 (19:31):
Absolutely.
Until next time Take care.
All right.
So we've got a whole stack ofarticles here, all about final
expense insurance.
Speaker 2 (00:06):
Yeah.
Speaker 1 (00:07):
You've been thinking about end of life planning.
Speaker 2 (00:09):
Right.
Speaker 1 (00:10):
And trying to make things easier for your family.
Speaker 2 (00:12):
That's important.
Speaker 1 (00:13):
Yeah, it really is.
I mean, no one really likes tothink about it, but it's one of
those things that Better to beprepared.
Yeah, exactly why not right.
So we've got articles here fromSafe Will and Bestopedia,
choice, mutual, experian andAflac, and then we've also got
some insights from KBI Benefits.
Speaker 2 (00:32):
Those are some great resources to get us flooded.
Speaker 1 (00:34):
Yeah, and they cover a lot.
So you know we're going tobreak it all down.
Speaker 2 (00:38):
Okay.
Speaker 1 (00:38):
But you already know the basics of life insurance
right.
Speaker 2 (00:41):
Yeah, I'm pretty familiar with the basics.
Speaker 1 (00:49):
Okay, so let's just jump right into what makes final
expense insurance differentSounds good.
Sometimes it's called burialinsurance or funeral insurance.
Right, but it's all the sameconcept, exactly.
Basically it's designed tocover those end-of-life costs,
but is it really just forfunerals?
Speaker 2 (00:58):
That's a common misconception actually.
Speaker 1 (01:00):
Oh, okay.
Speaker 2 (01:00):
While it's often marketed for funeral expenses,
the beneficiary can actually usethe money for anything Really
Medical bills, outstanding debts, even that trip to Vegas you
mentioned earlier.
Speaker 1 (01:11):
Wow.
Speaker 2 (01:12):
Just kidding, of course, but you get the idea.
Speaker 1 (01:14):
Yeah, so it's really important to choose the right
beneficiary.
Speaker 2 (01:18):
Absolutely Open communication is key.
Speaker 1 (01:20):
Yeah, for sure.
Speaker 2 (01:21):
And that brings up an interesting question who really
needs this type of insurance?
Speaker 1 (01:27):
Right.
Speaker 2 (01:28):
I mean, if someone has a sizable estate or their
family is already financiallycomfortable, is it still
necessary?
Speaker 1 (01:34):
That's a good question.
I was thinking the same thing.
Speaker 2 (01:36):
Because even if the estate can eventually cover
everything, there's still theissue of timing.
Speaker 1 (01:42):
Right Probate can drag on and families might be
stuck waiting for funds, exactlyLike when they need them the
most.
Speaker 2 (01:49):
That's one of the major advantages of final
expense insurance.
Yeah, it's designed for quickpayouts, often within a couple
of days.
Speaker 1 (01:55):
Okay, so it can provide immediate relief when
it's most needed, exactly so.
We've talked about what it isand who might benefit from it.
Let's get into the pros andcons of final expense insurance.
Speaker 2 (02:05):
Sure, let's start with the positives.
Final expense insurance isgenerally more affordable than
traditional life insurance.
Speaker 1 (02:11):
Okay.
Speaker 2 (02:12):
Especially for older individuals, and the approval
process is usuallystraightforward.
Speaker 1 (02:16):
I was going to say that sounds pretty good so far.
Speaker 2 (02:18):
Often just a simple health questionnaire.
Speaker 1 (02:20):
Okay, so no medical exams for most policies.
Speaker 2 (02:24):
Right, which is a big relief for a lot of people.
Speaker 1 (02:26):
Yeah, I would say so.
Speaker 2 (02:28):
And another plus the premiums are usually fixed, so
they won't go up over time.
Speaker 1 (02:32):
Oh, that's good to know.
Speaker 2 (02:33):
And the coverage is guaranteed.
Speaker 1 (02:34):
Okay, so the death benefit is locked in.
Speaker 2 (02:37):
As long as the premiums are paid.
Speaker 1 (02:38):
So that predictability can be valuable.
Speaker 2 (02:40):
Absolutely Knowing those final expenses are taken
care of can really alleviate alot of stress.
Speaker 1 (02:45):
For both the policyholder and their loved
ones.
Speaker 2 (02:48):
Exactly.
Speaker 1 (02:49):
I also saw something called living benefits mentioned
in a few articles.
Speaker 2 (02:52):
Oh yeah, those can be a great addition.
Speaker 1 (02:54):
What exactly are those?
Speaker 2 (02:56):
So some final expense policies offer riders called
living benefits, which allow thepolicyholder to access a
portion of the death benefit.
Speaker 1 (03:04):
Oh wow.
Speaker 2 (03:05):
If they're diagnosed with a terminal illness, it can
help cover medical expenses orother needs during a difficult
time.
Speaker 1 (03:12):
So it's almost like getting some of the benefit
early.
Speaker 2 (03:14):
In a way, yes.
Speaker 1 (03:16):
Yeah.
Speaker 2 (03:17):
But it's essential to understand how these riders
work and what the specific termsare.
Speaker 1 (03:21):
That's important to keep in mind.
Definitely Okay.
So we've talked about theupside.
What about the downsides?
Speaker 2 (03:27):
Well, one thing to consider is the lower payout.
Speaker 1 (03:30):
Oh yeah.
Speaker 2 (03:30):
The death benefit for final expense insurance is
typically much smaller thantraditional life insurance.
Speaker 1 (03:36):
So you're saying it might not be enough to cover
everything?
Speaker 2 (03:39):
It depends on your individual needs and
circumstances.
Speaker 1 (03:41):
Right.
Speaker 2 (03:42):
Another thing to watch out for is waiting periods
.
Speaker 1 (03:44):
Okay.
Speaker 2 (03:51):
Some policies, particularly those with
guaranteed acceptance regardlessof health Right, have a waiting
period before the full deathbenefit is paid out, and I think
there's also something called agraded benefit policy.
Speaker 1 (03:56):
Right, you got which is like a partial waiting period
.
Speaker 2 (04:00):
Exactly.
Think of it like a staircasewhere the payout steps up each
year.
Speaker 1 (04:04):
Until it reaches the full amount.
Speaker 2 (04:05):
Right.
Speaker 1 (04:06):
So it's like a middle ground between standard and
guaranteeing issue policies.
Speaker 2 (04:10):
Exactly.
Speaker 1 (04:10):
Okay.
One thing that Choice Mutualmentioned was that you know, if
you live long enough, you mightactually end up paying more in
premiums over time than thedeath benefit itself.
Speaker 2 (04:21):
It's a possibility and it's something to consider
when making your decision.
It's a little bit scary tothink about, honestly, I
understand, but that's why it'sso important to weigh the pros
and cons carefully.
Speaker 1 (04:31):
Yeah.
Speaker 2 (04:32):
And of course there's always the potential for
misleading marketing in thisindustry.
Speaker 1 (04:36):
Oh yeah.
Speaker 2 (04:37):
Some companies might make exaggerated claims or
promise incredibly low pricesthat turn out to be inaccurate.
Speaker 1 (04:44):
So it's buyer beware.
Speaker 2 (04:45):
Always, always, read the fine print and do your
research.
Speaker 1 (04:48):
Speaking of misleading marketing, let's talk
about the different types offinal expense insurance.
Speaker 2 (04:53):
Oh, okay.
Speaker 1 (04:54):
Because it can get a little confusing.
Speaker 2 (04:56):
You're right.
The most common type isstandard final expense insurance
.
You answer health questions,but there's usually no medical
exam.
Speaker 1 (05:03):
Okay, and then there's guaranteed issue.
Speaker 2 (05:06):
Right, where you're accepted regardless of your
health.
Speaker 1 (05:08):
Yeah.
Speaker 2 (05:08):
But there's often a waiting period for the full
benefits.
Speaker 1 (05:11):
And then, of course, we talked about the graded
benefit policy.
So how does someone navigateall of this and make sure
they're getting the right policyfor their situation?
Speaker 2 (05:20):
Well, it can feel overwhelming, but with a little
guidance it doesn't have to be.
Speaker 1 (05:24):
Okay.
Speaker 2 (05:25):
Comparing policies from different companies is
essential.
Speaker 1 (05:28):
So don't just settle for the first one you come
across.
Speaker 2 (05:30):
Exactly.
Look closely at the coverageamounts, waiting periods,
premiums and any additionalfeatures, like those living
benefits we discussed.
Speaker 1 (05:38):
So don't just jump at the lowest price.
Speaker 2 (05:41):
Right.
Make sure you understand whatyou're paying for and whether it
truly meets your needs.
Speaker 1 (05:45):
And be wary of any advertising that seems too good
to be true.
Speaker 2 (05:49):
Exactly.
Chances are it probably is.
A few of the articles,especially the one from Experian
, recommend working with anindependent insurance broker.
Speaker 1 (05:59):
That sounds like a good idea.
Speaker 2 (06:00):
Yeah, they can help you compare options from
multiple companies and find thebest fit for your specific needs
and budget.
Speaker 1 (06:06):
So they can offer unbiased advice and help you
understand the fine print ofeach policy Exactly.
Speaking of fine print, let'stalk about some of those sneaky
marketing tactics you mentionedearlier.
Speaker 2 (06:18):
Oh yeah, those are important to be aware of.
Speaker 1 (06:20):
What are some things people should watch out for?
Speaker 2 (06:23):
well, first and foremost, be wary of ads that
promise free final expenseinsurance free final expense
insurance yeah, there's no suchthing as a free lunch,
especially when it comes toinsurance well, it makes sense
you'll always be payingsomething one way or another
okay, what else?
I see a lot of ads with lineslike coverage starting at just
(06:43):
pennies a day.
Speaker 1 (06:44):
Oh yeah.
Speaker 2 (06:45):
But something tells me it's not that simple.
Speaker 1 (06:47):
Probably not.
Speaker 2 (06:47):
You're right to be skeptical.
These claims can be misleading.
They often highlight the lowestpossible premium.
Speaker 1 (06:54):
Right.
Speaker 2 (06:55):
For a very limited amount of coverage, which might
not be enough to cover youractual needs.
Speaker 1 (07:00):
So they're technically telling the truth,
but not the whole truth.
Speaker 2 (07:03):
Exactly and watch out for claims about new state
regulated life insuranceprograms or government burial
insurance.
Speaker 1 (07:10):
Oh yeah, I've seen those.
Speaker 2 (07:12):
While there might be legitimate state programs, it's
crucial to remember that theonly government provided
coverage of this kind is the VAlife program, and that's
specifically for disabledveterans.
Speaker 1 (07:24):
Got it.
So anything else claiming to begovernment backed is probably
not what it seems.
Speaker 2 (07:29):
Right.
Speaker 1 (07:30):
I also remember reading about the Colonial Pen
$9.95 plan.
Speaker 2 (07:34):
Oh yes, their ads can be a bit deceptive.
Speaker 1 (07:36):
What's the story there?
Speaker 2 (07:38):
Their ads imply that seniors can get thousands of
dollars in coverage for that lowprice.
Speaker 1 (07:42):
Right.
Speaker 2 (07:43):
But in reality it's often for a much smaller amount
and the actual cost can varysignificantly based on age and
health so it's another case ofmaking it sound too good to be
true exactly so what's the maintakeaway from all of this
marketing talk?
Don't believe everything yousee in an ad.
Do your research, comparequotes from reputable companies
and don't be afraid to askquestions an informed consumer
(08:04):
is a protective consumer.
Speaker 1 (08:06):
Okay, so we've heard a lot of ground here.
In part one we have.
We talked about what finalexpense insurance is, who it's
for, the pros and cons and evensome sneaky marketing tactics to
watch out for.
Speaker 2 (08:17):
It's a lot to digest.
Speaker 1 (08:18):
But we're not done yet.
We've still got more to delveinto.
Speaker 2 (08:22):
When we come back for part two, we'll dive deeper
into the different policyoptions and what factors you
should consider when choosingthe right one for your needs.
Speaker 1 (08:30):
Stay tuned okay, so welcome back.
We laid a pretty solidfoundation in part one yeah, I
think we covered a lot yeah, sonow let's actually dig into
those different policy optionsfor final expense insurance.
All right, it's kind of likechoosing a cell phone plan oh,
yeah, how so many choices right.
And what works for one personmight not be the best for
(08:50):
another.
Speaker 2 (08:51):
Exactly.
It's like with those phoneplans.
It's crucial to understand whateach option entails before you
make a decision.
Okay, so, as we talked aboutbefore, the most common type is
standard final expense insurance.
Speaker 1 (09:03):
Right.
Speaker 2 (09:04):
This usually involves answering some health questions
, okay, but you can often skipthe medical exam.
Speaker 1 (09:09):
Oh, thank goodness.
Speaker 2 (09:10):
Yeah, nobody enjoys those.
Speaker 1 (09:11):
Right.
Speaker 2 (09:12):
So, but what if someone isn't in perfect health?
Speaker 1 (09:14):
That's what I was wondering.
Speaker 2 (09:15):
Are they automatically out of luck?
Speaker 1 (09:17):
Right.
Speaker 2 (09:17):
Not at all.
That's where guaranteed issuepolicies come in Okay, as the
name suggests.
Speaker 1 (09:22):
Yeah.
Speaker 2 (09:22):
Your guaranteed acceptance, regardless of your
health history acceptanceregardless of your health
history.
So no health questions, nohealth questions.
Speaker 1 (09:29):
No exams, no exams, no exams.
It sounds too good to be true.
Well, there is a trade-off.
Speaker 2 (09:36):
Okay, guaranteed issue policies typically have a
waiting period?
Speaker 1 (09:38):
Okay, usually two to three years before the full
death benefit is paid out.
Speaker 2 (09:43):
So if the policyholder passes away during
that waiting period, yeah.
What happens?
Speaker 1 (09:49):
The beneficiaries would receive a refund of the
premiums paid Okay, plus someinterest, but not the full death
benefit.
Speaker 2 (09:56):
Got it, so it's like a safety net.
Speaker 1 (09:58):
Exactly.
Speaker 2 (09:58):
But with a bit of a delay Right, which brings us
back to those graded benefitpolicies.
Yes, it's almost like a hybridapproach.
You could say that with gradedbenefit policies there's a
partial waiting period and thedeath benefit increases
gradually each year.
Speaker 1 (10:14):
OK.
Speaker 2 (10:15):
The policy is in force.
Speaker 1 (10:16):
So you're slowly building up to that full benefit
amount.
Exactly OK.
But even within these types ofpolicies, I imagine the
specifics can vary.
Speaker 2 (10:26):
Oh, absolutely.
That's why it's so important toshop around and compare quotes
from multiple companies.
Speaker 1 (10:31):
Don't just settle for the first one, you see, Exactly
.
Speaker 2 (10:34):
Each company has its own underwriting guidelines,
pricing structures and evencustomer service practices.
Speaker 1 (10:40):
It's like any major purchase, you know a little
research.
Absolutely, it's a long way, along way.
So what are some key thingsthat people should pay attention
to?
When they're comparing thesepolicies.
Speaker 2 (10:51):
The most obvious are the premium costs and the death
benefit amount.
Okay, but don't stop there.
Okay, look closely at thewaiting periods, any exclusions
or limitations in the coverage,and whether there are any
optional riders that might bebeneficial.
Speaker 1 (11:05):
Like those living benefits we talked about.
I remember Choice Mutualmentioned that some companies
have better financial ratings.
Speaker 2 (11:12):
Oh yeah.
Speaker 1 (11:13):
Than others.
Speaker 2 (11:13):
That's a great point.
Speaker 1 (11:14):
What does that even mean and why should people care?
Speaker 2 (11:17):
So financial strength ratings are basically an
assessment of an insurancecompany's ability to pay out
claims.
Speaker 1 (11:23):
Okay.
Speaker 2 (11:24):
They're assigned by independent agencies like AMBEST
and Standard Poor's.
Speaker 1 (11:29):
Okay.
Speaker 2 (11:30):
And they're based on factors like the company's
reserves, investments andoverall financial stability.
Speaker 1 (11:37):
So it's a way to gauge how reliable a company is.
Speaker 2 (11:39):
Exactly.
You want to make sure they'llactually be there when your
loved ones need them.
Speaker 1 (11:43):
Right.
Speaker 2 (11:44):
Choosing a company with a strong financial rating
gives you peace of mind thatyour beneficiaries will receive
the death benefit as promised.
Speaker 1 (11:51):
You don't want the company to go belly up.
Speaker 2 (11:53):
Right, exactly.
Speaker 1 (11:54):
When it's time to pay up.
Speaker 2 (11:55):
That's the last thing you want.
Speaker 1 (11:56):
Okay, so that's definitely something I'll be
keeping in mind.
Speaker 2 (11:59):
Good.
Speaker 1 (11:59):
We've talked a lot about the financial and
logistical points of this.
Speaker 2 (12:02):
Yeah.
Speaker 1 (12:02):
But there's also an emotional side to all of this.
Speaker 2 (12:14):
It's not just about the numbers.
Speaker 1 (12:14):
Right, one of the most significant benefits of
final expense insurance is thepeace of mind it provides.
Speaker 2 (12:17):
Okay, both of the policy holder and their loved
ones.
Okay, it's about taking care ofthose you leave behind, even
after you're gone.
Speaker 1 (12:20):
That sense of responsibility, exactly that
you've taken steps to ease theburden Right On your family.
Speaker 2 (12:25):
Mm-hmm.
Speaker 1 (12:26):
During a difficult time.
It's powerful, yeah, but thatpeace of mind is only really
effective if everyone's on thesame page.
Speaker 2 (12:33):
That's so true, yeah.
Having those open and honestconversations with your loved
ones about your end-of-lifewishes, including your insurance
plans, is crucial.
Speaker 1 (12:41):
Yeah.
Speaker 2 (12:41):
It can prevent confusion, conflict and a lot of
heartache down the road.
Speaker 1 (12:46):
It's about making sure your wishes are understood
Exactly and respected.
Yes, but sometimes those wishescan be expensive.
They can be.
I remember KBI benefits brokedown the potential costs of
end-of-life arrangements.
Yes, and it was a lot more thanI expected.
Speaker 2 (13:00):
It could be a real eye-opener.
Speaker 1 (13:02):
Yeah, we're talking funeral home fees, embalming
caskets or cremation costs,transportation, memorial
services, obituaries, flowers.
Speaker 2 (13:11):
It all adds up.
Speaker 1 (13:12):
It all adds up quickly, so that's where having
this final expense insurance inplace can make a difference.
Speaker 2 (13:18):
Absolutely.
Speaker 1 (13:19):
It's not just about providing for your loved ones.
It's about protecting them fromthat financial burden.
Speaker 2 (13:24):
Right During a time of grief.
Speaker 1 (13:25):
Exactly.
It allows them to focus oncelebrating your life, honoring
your memory yeah, not worryingabout how to pay for everything
it takes care of thosepracticalities right so they can
focus on what truly matters soit sounds like creating a legacy
Speaker 2 (13:39):
yeah of care and consideration I like that not
just a financial safety netthat's a beautiful way to put it
this has been really insightfulhas.
Speaker 1 (13:48):
We've explored those policy options and really delved
into the emotional andfinancial implications.
Speaker 2 (13:53):
For sure.
Speaker 1 (13:54):
But there's still more to consider right.
Speaker 2 (13:56):
Indeed, in part three we'll shift our focus to you,
the listener.
We'll discuss the key factorsto consider when deciding if
final expense insurance is rightfor you, and we'll leave you
with some final thoughts toponder as you continue on this
important journey of planningfor the future.
Speaker 1 (14:12):
Stay tuned okay, so we're back for the final part of
our deep dive into finalexpense insurance it's been
quite a journey it really has.
We've covered a lot of ground,but now it's time to bring it
all home and figure out how thisapplies to you, the listener.
Speaker 2 (14:30):
Exactly.
Speaker 1 (14:31):
Is final expense insurance the right choice for
you?
Speaker 2 (14:34):
That's the big question.
Speaker 1 (14:35):
Yeah.
Speaker 2 (14:36):
And there's no one-size-fits-all answer,
unfortunately Right, but we candefinitely walk through some key
factors to help you make aninformed decision.
Speaker 1 (14:42):
Okay, so what are some of the most important
things to consider?
Speaker 2 (14:45):
Well, we've talked about age and health playing a
role.
Speaker 1 (14:48):
Right, could you elaborate on that a little bit
Sure.
Speaker 2 (14:51):
So if you're younger and in good health, traditional
life insurance might actually bea more cost-effective option in
the long run.
Those policies typically offerlarger death benefits at lower
premiums, especially if you havea longer life expectancy.
Speaker 1 (15:06):
But, on the other hand, if someone is older or has
health conditions that maketraditional life insurance
difficult or expensive to get.
Speaker 2 (15:14):
Exactly.
Speaker 1 (15:15):
Then those guaranteed issue final expense policies.
Speaker 2 (15:18):
Those can be a lifesaver.
Speaker 1 (15:20):
Yeah.
Speaker 2 (15:20):
They provide that peace of mind, knowing that your
final expenses are covered,regardless of your health
history.
Speaker 1 (15:26):
Okay, so age and health are definitely important
factors.
Speaker 2 (15:30):
Yeah.
Speaker 1 (15:30):
What about your financial situation?
Speaker 2 (15:32):
Right your overall financial picture is crucial.
Speaker 1 (15:35):
How does that play into the decision?
Speaker 2 (15:37):
Well, do you have existing assets?
Speaker 1 (15:39):
Okay.
Speaker 2 (15:40):
That could cover your final expenses.
Speaker 1 (15:42):
Things like savings, investments, property exactly
yeah if so, you might not need aseparate final expense policy
but even if you have thoseassets, there's still that issue
of timing right right estatesettlements can take time yeah
your loved ones might needimmediate access to funds to
cover those initial expenses.
Speaker 2 (15:59):
Final expense insurance fills that gap by
providing a quick payout Rightthat can help your family
navigate those challenging earlydays.
Speaker 1 (16:08):
So it's about taking care of those immediate needs.
Speaker 2 (16:10):
Exactly.
Speaker 1 (16:11):
While the rest of the estate is being settled.
Speaker 2 (16:13):
Right.
Speaker 1 (16:13):
Something that really struck me in a few of the
articles, especially the onefrom SafeWheel, was the
importance of personalpreference.
Oh, absolutely you know it'snot just about the numbers.
Speaker 2 (16:22):
It's not just about cold hard numbers, Right?
Some people simply find immensecomfort in knowing that their
final expenses are taken care of.
Speaker 1 (16:32):
Right.
Speaker 2 (16:32):
No matter what their financial situation might be.
It's a personal decision.
Speaker 1 (16:36):
Yeah.
Speaker 2 (16:37):
And there's no right or wrong answer.
Speaker 1 (16:39):
So it's about that peace of mind, exactly, and
alleviating the burden not justfor your loved ones, but for
yourself as well.
Speaker 2 (16:45):
Absolutely.
Speaker 1 (16:46):
Speaking of loved ones, we talked about choosing a
beneficiary Right.
Any final thoughts on that?
Speaker 2 (16:54):
It's so crucial Think carefully about who you trust
To handle those fundsresponsibly and in accordance
with your wishes.
Speaker 1 (17:02):
Right.
Speaker 2 (17:03):
Open communication is key.
Make sure they understand yourintentions and have clear
instructions.
Speaker 1 (17:09):
Communication is everything.
Speaker 2 (17:10):
Yeah, it really is.
Speaker 1 (17:12):
Okay, so I want to circle back to something we
touched on earlier.
Speaker 2 (17:14):
Okay.
Speaker 1 (17:15):
End-of-life planning that goes beyond just the
financial side of things.
Speaker 2 (17:18):
Right, that's an incredibly important point and
often overlooked.
What were your thoughts on that?
Well, we focused on coveringthe costs, but there's so much
more to consider when planningfor the end of life.
Speaker 1 (17:29):
Right.
Speaker 2 (17:29):
It's about your legacy, your values, how you
want to be remembered.
Speaker 1 (17:33):
It's about living a full life and making choices
that align with your beliefs.
Exactly Even as you face yourown mortality.
Speaker 2 (17:40):
Right.
Speaker 1 (17:41):
So what are some practical steps that people can
take beyond just purchasinginsurance?
Speaker 2 (17:46):
Well, have you considered creating a living
will or advanced directives?
Speaker 1 (17:51):
I haven't really, but I know I should.
Speaker 2 (17:53):
These documents allow you to outline your medical
preferences and ensure yourwishes are honored, even if
you're unable to communicatethem yourself.
So it's about taking control ofyour own narrative exact even
in those final chapters it canbe daunting to think about, but
it's a gift you give yourselfand your loved ones yeah, it's
about clarity it is peace ofmind and ensuring that your
(18:16):
voice is heard even when you'reno longer able to speak.
Speaker 1 (18:19):
Wow, that's powerful yeah so, as we wrap up our deep
dive into final expenseinsurance Right, what's the one
key takeaway?
Speaker 2 (18:27):
Well, I hope listeners have gained a deeper
understanding of what finalexpense insurance is, how it
works and the various factors toconsider when deciding if it's
right for them.
It's not just about death.
It's about life and how wechoose to approach those final
chapters.
Speaker 1 (18:43):
It's about taking ownership of our own stories,
making choices that align withour values.
Speaker 2 (18:48):
Yes.
Speaker 1 (18:48):
And ensuring that we leave behind not just memories
Right, but a legacy of care andconsideration for those we love.
Speaker 2 (18:54):
Beautifully said.
Speaker 1 (18:56):
Final expense insurance can be a valuable tool
in that process, but it's justone piece of the puzzle.
Speaker 2 (19:01):
Right.
Think about the bigger picture.
Have those difficultconversations, yeah, and make
informed choices that bring youand your loved ones peace of
mind.
Speaker 1 (19:10):
Well, this has been an incredible journey yes thank
you so much for joining us forthis deep dive into final
expense insurance my pleasure wehope you found it informative,
empowering and maybe even alittle bit thought-provoking.
I hope so, and we encourage youto continue exploring these
topics, asking questions andmaking choices that bring you
peace and clarity.
Speaker 2 (19:31):
Absolutely.
Until next time Take care.
Popular Podcasts
United States of Kennedy
United States of Kennedy is a podcast about our cultural fascination with the Kennedy dynasty. Every week, hosts Lyra Smith and George Civeris go into one aspect of the Kennedy story.
Stuff You Should Know
If you've ever wanted to know about champagne, satanism, the Stonewall Uprising, chaos theory, LSD, El Nino, true crime and Rosa Parks, then look no further. Josh and Chuck have you covered.
Dateline NBC
Current and classic episodes, featuring compelling true-crime mysteries, powerful documentaries and in-depth investigations. Follow now to get the latest episodes of Dateline NBC completely free, or subscribe to Dateline Premium for ad-free listening and exclusive bonus content: DatelinePremium.com