1. Coverage for Funeral Expenses: The primary purpose of Final Expense Insurance is to cover the costs associated with your funeral, burial, and related expenses. This includes expenses such as funeral home services, casket or urn costs, embalming, memorial services, transportation, and more.
2. Death Benefit Payout: Upon your passing, the death benefit of the policy is paid out to the beneficiary you designated. The beneficiary can use these funds to cover the various expenses related to your final arrangements.
3. Affordable Premiums: Final Expense Insurance is often designed to be affordable, with lower premium payments compared to larger life insurance policies. This allows individuals to secure coverage without placing a significant financial strain on their budget.