CMFG Life Insurance Company, a financial services provider and underwriting company to TruStage®, has agreed to acquire Assurant’s preneed life insurance and final expense insurance business, which is underwritten by American Memorial Life Insurance Company (AMLIC) in the United States and Assurant Life of Canada (ALOC) in Canada. This arm of the Assurant business, which serves more than 2 million consumers in the United States and Canada, was purchased for approximately $1.3 billion and brings $6.5 billion of face value in force. Preneed life insurance allows families to prefund their prearranged funeral expenses. When someone purchases preneed coverage, they work directly with a funeral...
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Death is something that will come for all of us, but the cost of dying isn't cheap or even affordable for the majority of people. According to statistics from the NFDA (National Funeral Directors Association), families can expect to pay an average of $7640 for a funeral. Though the figure does not include other expenses like the cost of a vault, the headstone, closing of the ground, etc., all of which can add up to a few thousand dollars. One way that people see as a way out of having to spend what for many is an astronomical amount is to opt for cremation. However, in practice, that does not save much, according to the latest NFDA figure. The figures show that cremations worked out to...
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While death is most certainly guaranteed for all of us, the cost of dying isn’t necessarily cheap. Statistics from the National Funeral Directors Association (NFDA) show that families paid an average of $7,848 for a funeral with burial in 2021. However, that figure doesn’t include the cost of a vault, opening or closing of the ground or the cost of a headstone, which can easily tack thousands more onto your bill. And, if you hoped to escape these costs by opting for a cremation, that may not save you much. NFDA figures show that even the cost of a funeral with cremation worked out to $6,971 as of last count. Because the bill for a person’s final expenses is unavoidable, many individuals...
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End-of-life costs such as funeral costs and final medical bills may seem like costs you could plan for, but the truth is they often creep up on families who lose a loved one. According to data collected by GoBankingRates, end-of-life costs can range anywhere from $18,000 to more than $42,000, depending on where you live. To help cover some of these costs, many people look into final expense insurance. But what is final expense insurance, and is it always the best path forward? Below, we take a look at how final expense insurance works and factors to consider before you buy it. How does final expense insurance work? Technically, final expense insurance is a whole life insurance policy...
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Making a plan now to cover these end-of-life costs and protect your family can give you significant peace of mind. If final expense insurance is right for you, you’ll simply decide on a coverage amount, an agent will help you finish the paperwork, and you’ll begin to pay a small, monthly premium. What can final expense insurance be used for? The name may imply that final expense policies can be used only on funeral costs, but that is not the case. They can be used on anything and are designed to help the beneficiaries avoid a financial crisis when a loved one passes. Funds are often used to cover funeral costs, medical bills, paying off a mortgage, auto loans, or even used as a nest egg...
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Does life insurance pay for funeral expenses? Burial insurance, also known as final expense insurance and funeral insurance, is a relatively unknown product among many consumers. Yet, it can be an important part of your financial plan to ensure that you have the money for burial costs if something happens. This guide will look at what burial insurance is and how you can get more information about it. What is Burial Insurance? Burial insurance, also known as Final Expense Insurance, covers the cost of expenses when you die. For example, it pays for getting your body treated, a funeral, or cremation. Final expense insurance is for people who don’t have any other life insurance. Funerals...
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How life insurance can help with final expenses 5 Important facts to keep in mind Planning for end of life is never pleasant. But neither is the thought of leaving loved ones with unexpected expenses or debts after you’re gone. In many cases, these financial obligations can hold up the settling of your estate. Consider these five facts about final expenses and how life insurance can help pay for them. Funeral costs have been on the rise for as long as there have been funerals. Caskets and cemetery plots are just the beginning. Ceremony fees, transportation, headstones, even clergy donations can all add up. In 2019, the National Funeral Directors Association calculated that the average...
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How to Get the Best Rate on a Final Expense Insurance Policy Consider the following four criteria when choosing a final expense insurance policy: 1. Application Health Questions Every insurance company has slightly different qualifying questions on its application. Where it gets tricky is finding the lowest cost policy while taking into account the different qualifications to get approved. For example, someone who had cancer and was last treated more than two years ago could qualify for a level policy from Royal Neighbors that provides immediate full coverage. But if the same person applied to Mutual of Omaha, he or she would only qualify for a graded policy, which would have a two-year...
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Why Final Expense Life Insurance? Sooner or later, every family will have to face the costs associated with the passing of a loved one. Many people immediately think of funeral and burial costs when they hear the term final expenses. In reality, final expenses can include many different kinds of costs, such as medical bills, utility bills, taxes, and credit card debt. Preparing ahead for your final expenses can help ease your family’s financial and emotional burdens during an already difficult time. BetterLife can help you select a life insurance solution that is specifically designed to meet final expense needs and give your family the peace of mind they deserve. Relieve your family from...
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4. Does this kind of policy expire? The short answer is no. A final expense life insurance policy is a type of permanent life insurance policy. This means you’re covered until you pass away, as long as you’ve paid all your premiums. 5. How can the death benefit be used? While this policy is designed to help your beneficiary pay for end-of-life expenses, they are free to use the death benefit for anything they need. Some families use the death benefit to cover medical bills and funeral costs, but others pay for expenses like trips to scatter ashes. 6. How does final expense life insurance work? Just like any other permanent life policy, you’ll pay a regular premium...
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