Already Have MA Life Insurance? How MA Final Expense Insurance Can Help You.

Many people who have traditional life insurance do not see a need to purchase additional final expense insurance. This article discusses why it may be important to purchase additional final expense life insurance to cover your funeral expenses to avoid unnecessary fees and interest on unpaid balances after the funeral services have been completed.
It is first important to identify what is Final expense insurance versus traditional life insurance. Final expense life insurance is purchased at a lower face amount compared to traditional life insurance. For instance, with a traditional life insurance plan a person may need to use the funds to pay off their debts, mortgages, and to maintain a certain life style for their spouse and or children. Final expense life insurance is used to provide immediate funds for a person’s funeral usually $10,000-$15,000.

There is no medical exam with Final expense insurance. During the application process you have to answer a few medical questions and there is no underwriting. In certain states like Massachusetts there is a guaranteed issue of up to $5,000 coverage even if you are in poor health. Life insurance policies usually require a paramedical exam and underwriting prior to approving coverage. With Final Expense Life insurance you are usually issued policies within a week or two opposed to waiting sometimes over a month for approval with traditional life insurance.

Unlike traditional life insurance, Final expense funds are usually dispersed within 24 hours after the funeral service is provided. There is usually a lengthy waiting period to receive funds with traditional life insurance policies because the beneficiary has to provide death certificates and other required documentation to the insurance company. This can sometimes take months to settle your claim and receive the money to pay for services. As a result, you will incur unnecessary fees on outstanding balances after the funeral services have been performed. Many people usually expect to use their savings when to fund their funeral but do not realize that the last six months of their lives can be the most expensive time in their lives. Unfortunately, at this time many people spend up their savings and do not have any money to contribute towards the funeral. This is where final expense life insurance can come in handy. A small policy usually $10,000-$15,000 can be made available to the family within 24 hours after the services have been performed. This will help ease the family’s financial burden at the time of grief.