Benekiva Insight: Why Would Someone Need Final Expense Insurance?
As I look forward to attending the LIC Final Expense Workshop put on by LOMA this week, I’ve been reflecting on the need for final expense insurance.
Our financial needs change, just like we do, throughout our lifetime. Your first major expense could have occured when you bought your first car at 16. Maybe it came at 18, when you began paying for college. Later, you bought your first home and settled into paying a mortgage. You raised kids and then sent them to college. Now, you get to watch them raise kids of their own.
Final expense insurance differs from a Life Insurance policy in that Life Insurance protects your family financially in the case that your support is suddenly taken from them. Final expense insurance provides your family with a simple way to provide for your end-of-life costs - which can total $10,000 or more. Final expense insurance can also be used by your beneficiaries to cover any outstanding medical bills or other debts. These expenses can occur for families suddenly and they may find themselves under-prepared for the costs and planning.
When you look back at the life and family you’ve created, protecting them from incurring the financial burden of your end of life expenses must be a priority. Final expense insurance can benefit older individuals especially if they no longer have the level of life insurance they once had when their family was younger.
The COVID-19 pandemic has shown us just how quickly our lives can change. It’s also shown us how critical it is for insurance carriers to care about their policyholders and their beneficiaires.
Benekiva’s key mission is to offer customer-centric solutions that allow carriers to provide the best experience for both policyholders and beneficiaires. Our solutions are product-agnostic and can be leveraged by parent carriers and their subsidiaries
Benekiva solutions create a scalable digital ecosystem that supports end-to-end efficiencies, claims & servicing staff effectiveness, policyholder & beneficiary satisfaction, and new business opportunities for carriers that include asset retention.
We’re looking forward to sharing more ideas and insights about Final Expense Insurance over the next week. Follow us @Benekiva on Twitter, Instagram, & Linkedin to stay up to date.