One of the most difficult types of coverage for people to consider is insurance for final expenses. It is a challenging prospect for most people to discuss the possibilities of what will happen after they are gone. However, it is something that is very important to consider – the potential financial impact on loved ones who are left behind can be daunting, and exploration of options to mitigate those effects is an important task.
According to the FTC, “A traditional funeral, including a casket and vault, costs about $6,000, although ‘extras’ like flowers, obituary notices, acknowledgment cards or limousines can add thousands of dollars to the bottom line. Many funerals run well over $10,000.” Such a large expense requires careful planning, discussion between family members to ensure that final wishes are met, and that family is not overburdened with difficult decisions in their time of loss.
Providing a final expense policy is a tremendous asset for lessening the burdens of such a situation, and can be an excellent addition to a client’s portfolio, or stand alone item. While the majority of individuals who purchase final expense insurance are those who do not yet have a life insurance policy in place, keep in mind the great emotional (and financial) benefits that this can provide to an individual and their entire family and mention it for consideration to all – after all, with all the great options that National Agents Alliance can provide, you may be able to put together a better package (and deal!) for your client.