3 reasons why you should own life insurance

Hint: It not only covers final expenses

When you think about life insurance, you automatically think about the funeral expenses it will cover after you’re gone. But that’s not the only reason why you should own life insurance. When you’re contemplating whether to buy a Final Expense insurance plan, consider these three reasons why you should own life insurance:

1. Cover final expenses

A life insurance plan ensures your loved ones aren’t left with a financial burden after you’re gone. Funerals alone can range from $15,000 to $30,000, so covering these costs will reduce financial stress on both you and your loved ones. Final Expense insurance, a type of permanent life insurance, can help even further because it’s not limited to covering funeral costs. Depending on your policy, it can pay medical bills, mortgage payments, and more. Your family can dispense the money toward expenses as you advise or as they see fit.

What makes the best Final Expense insurance plan

2. Leave something to remember

Do you want to give money to your kids or grandkids after you pass? A Final Expense Whole Life insurance policy allows you to leave behind money for whomever you choose. You can designate policy beneficiaries to receive the tax-free death benefit after your passing.

3. Replace lost income

If you have dependents who rely on your income, you want to make sure they’re taken care of when you’re gone. Depending on the amount of your life insurance policy, the death benefit can act as a replacement for your dependents’ lost income or even help your surviving spouse supplement Social Security.

Decoding 3 types of life insurance death benefits

Final Expense Whole Life insurance

Great Western Insurance Company offers three Final Expense insurance products. Learn which one is right for you on the Final Expense insurance page or find an agent in your area.

Get a FREE Final Expense insurance quote

This article may contain links to third party websites, but Great Western Insurance Company is neither responsible nor liable for their content, accuracy, or security. Review our Terms and Conditions to learn more.
Photo credit: iStock


Request a free quote

Call 866-636-3286 or click the button below
to have an agent contact you to develop
a personalized free quote for our
Final Expense insurance plan.

Related articles

Differences among types of life insurance

Your situation determines which life insurance plan will work best to secure your financial future. To help you decide which plan is best for you, we'll walk through definitions and compare Term, Whole Life, Preneed, and Final Expense.

Read more

How senior life insurance needs change as you age

As you age, your financial situation changes. But one thing you probably haven’t considered is how your life insurance needs will change as you get older. The fact is, different types of life insurance fit your needs at various stages of your life.

Read more

Complicated grief: How to cope with death

If the loss of a loved one consumes your mind and causes your relationships to suffer, you may be experiencing complicated grief.

Read more

Checklist: What to do when someone dies

You've just lost a loved one. You're consumed by grief and can't think what to do next. Use this outline to walk through what to do when someone dies, step-by-step.

Read more

4 ways to turn grief into positive action

Some bereaved use actions instead of emotions to grieve and to turn grief into positive effects. These stories may inspire you to do similarly as you’re coping with grief.

Read more