Final Expense Solutions in New Mexico

If you're worried about how your loved ones will manage the financial aspects of your funeral, burial insurance may offer a solution to your concerns. Final expense insurance is a product that provides policyholders with the opportunity to designate a payment to their beneficiaries upon their demise. These plans function similarly to traditional life insurance but are more cost-effective and accessible.

The distinction lies in the fact that final expense insurance typically offers smaller benefits compared to other life insurance policies. Nonetheless, these benefits are still sufficient to cover the average funeral expenses for a resident of New Mexico, which can easily exceed $18,000.

For more information about final expense insurance in New Mexico, continue reading below.

Understanding Final Expense Insurance

Final expense insurance, often referred to as burial insurance, is a life insurance policy with a moderate death benefit. These plans are designed to be more accessible to the average individual as they do not require a medical examination. Many people commonly associate final expense insurance with burial or funeral insurance because the payment is usually intended to cover those specific expenses.

However, these payments can also be utilized for other costs, including unpaid bills, medical, or legal expenses. It's essential to note that a final expense benefit is not intended to replace a deceased individual's income.

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Getting Final Expense Insurance in New Mexico

To purchase final expense insurance, you need to complete an application and qualify for coverage. These applications typically include various health-related questions that the insurance adjuster will use to assess the risk associated with insuring you. Unless there is a serious life-threatening condition, you can generally expect to qualify within a few days, if not the same day.

Prices for final expense insurance can vary based on your age and gender. A female under the age of 50 can pay as little as $25 per month, while a male over 80 might pay up to $190 per month. Both of these premiums are reasonable when compared to the average cost of a funeral in New Mexico, which is $6,800.

Shop for Final Expense Insurance in New Mexico

Count on Senior Life Services to provide assistance when you need it. To get help in choosing the right plan, contact us at 800-548-3249 for a free quote.

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