whole life insurance

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What’s the Difference Between Final Expense Insurance and a Pre-Need Plan?

There are subtle differences between final expense insurance and pre-need plans. Both allow you to preplan your funeral using insurance. Final expense plans allows you the ability to appoint a beneficiary and use the proceeds to pay for items such as debt or medical bills outside of funeral expenses. Most final expense policies range from $5,000 to $40,000, depending on the individual. Pre-need insurance allow you to “lock-in” today’s prices for guaranteed funeral services when you die. You don’t have to worry about inflation or rising overhead costs if you prepay for these guaranteed services. Pre-need plans can be paid in one lump sum or in installments.

Young widow laying flowers at the grave

The Truth About Prepaid Funeral Contracts

You’ve probably seen advertising espousing the benefits of prepaying your funeral costs. Prepaid funeral arrangements, on the other hand, are often seen as a financial misstep by most experts. Here’s why…it may be tempting to relieve your family’s financial stress during this difficult time, but there are better options. Remember that there are two main …

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