Death benefits have a few different names, but they all provide the same basic coverage for final expenses.
When it comes to senior health and life insurance, there are a lot of factors to consider when you’re trying to find the best options for your lifestyle and circumstances. For health insurance, you have to think about whether you need chronic illness or prescription medication coverage, as well as additions such as vision and dental. For life insurance, an important factor to take into account is the available death benefits that are included as a means to assist your loved ones after you’re gone. Unfortunately, these benefits fall under several names, and it can be confusing when you’re trying to decide which one is right for you.
The Purpose of Death Benefits
As the name implies, death benefits are available as an additional policy in a whole life insurance plan that provides coverage for a variety of final expenses. The plans aren’t obtained separately, but they are given different names because they denote a slightly different purpose between each. While these policies are all meant to cover final expenses, the extent of their coverage is dictated by which type is included in your whole life insurance policy. The main purpose of this coverage is to help your loved ones. The expenses related to someone passing away can get very high, becoming a significant burden on your loved ones. The relief these benefits provide is important for family and friends that will need help to ensure your final wishes are realized without adding the stress of the associated costs.
Funeral, Burial, Final Expense Insurance
The three policies you’ll hear about are funeral, burial, and final expense. The thing is, they’re all basically the same thing. If it’s called funeral insurance, the main goal is to cover funeral expenses. For burial insurance, it is intended to cover funeral and burial expenses. All types of death benefits, regardless of what they’re called, also tend to offer some coverage for other common final expenses. Final expense insurance is meant to cover whatever final expenses are necessary, including medical bills, cremation fees, and funeral and burial expenses. Ultimately, they’re all the same—a death benefits policy that is included in your whole life insurance plan that is intended to help cover any final expenses and take pressure off of your loved ones.
Contact Aging Benefits Advisory Today!
If you need help navigating the world of senior health insurance, our advisors at Aging Benefits Advisory are here to assist. Take advantage of our free consultation to ensure that you receive the plan for your budget and needs. We specialize in Medicare Advantage, Medicare Supplements, Dental, Vision, and Final Expense for the senior market of Pinellas County, Pasco County, Manatee County, Hillsborough County, Polk County, Sarasota County, Citrus County, and Marion County, Florida. If you would like a free consultation, contact us online or give us a call at 727-266-0355. For more information, follow us on Facebook, Pinterest, and YouTube.