One morning, not too long from now, you will look in the mirror and realize you have come to a place in your life that you once imagined but never thought you would see. It happened in the blink of an eye. As you look in the mirror your mind wanders and you might recall faded ideas of what old age and the Golden Years meant to you. It might have been the nice elderly couple next door that you mowed the lawn for, or how you helped your Grandmother to the dinner table. And now it's your turn.
When you look at your wife/partner you see your best friend and in return, she sees her handsome rascal. Your hair is grayer and your step not so quick and when you look in each other’s eyes you come to the realization that changes have happened and there is an end approaching. No one knows when. You both close your eyes and hope each other will be ok. Some couples will take action to ensure their partners will be ok because hope is not a strategy.
Like any life insurance policy, the death benefit of a Final Expense Life insurance policy is left to a named beneficiary. As such, it will bypass your will if you have one. This means there is no red tape or delay in getting the proceeds when a claim is filed. The death benefit is paid directly to your beneficiary within days as tax-free cash. This means your surviving partner or designated person can settle your affairs quickly and conveniently.
The best part is this – even if you have the assets to afford your burial, even if you do have a nest-egg, 401K, or other savings why would you spend it down if you didn’t have to? First, your nest egg may not be readily available as cash and could take weeks or longer to convert to cash; Second, the sum of your premium payments will usually never rise enough to be equal to your death benefit. This means that you will almost certainly get more out of your Final Expense policy than you pay into it.