A final expense policy isn’t just paperwork—it’s a loving way to look out for your family when you’re no longer around. To ensure the policy remains effective and serves its purpose, there are a few key things you’ll want to avoid. Here’s what NOT to do when you have a final expense policy:
Never Miss a Payment
Life insurance companies have a strict policy regarding timely payments. Missing a payment is often the first step towards a policy lapsing. This can deprive you of certain benefits, reset the contestability period, or result in higher premiums with a new coverage. Once a policy lapses, it must be reinstated to get it back in force.
Some life insurance providers offer a 30-day grace period, depending on the policy type. If the policy is paid on the 31st day of the grace period, the coverage would no longer be valid, and the payment would be returned. So, make sure never to miss a payment.
Don’t Keep Your Policy a Secret
What good is a policy if your family doesn’t know about it? Make sure to let your beneficiaries know that you’re insured. Provide policy details, explain how to access it, and share contact numbers for the insurance company and your agent. Share relevant information to help your family know what to do.
Don’t Forget to Update Your Information
Life changes fast. Your insurance policy should stay current with your life changes. Remember to update your policy information whenever important details change – such as your beneficiaries, address, or other personal information. Keeping your policy details accurate ensures your coverage works as intended when your loved ones need it most. Regularly review your policy to ensure everything is in order.
A final expense policy represents a lasting commitment: we promise to protect your family after you’re gone, while you promise to maintain your coverage. Together, this partnership ensures your loved ones will have the financial support they need when the time comes. It’s more than paperwork – it’s peace of mind for your family’s future.
Want to protect your family’s future? Get a free, no-pressure quote today and give yourself peace of mind.
Mon – Fri:
8:30 am – 5:00 pm