Final Expense in The Mount Rushmore State

If you’re aware of this but have failed to qualify for traditional life insurance policies, there’s no need to worry.

You can access final expense insurance even if you’re an older individual with health issues. These policies provide small amounts of coverage, but they ensure the benefits are sufficient to cover the costs of a standard funeral, burial, or cremation in South Dakota.

What Is Final Expense Insurance?

Many people refer to final expense insurance as funeral or burial insurance. These policies are fitting because they’re specifically designed to cover these expenses, among others. Depending on the insurer, they might use different names for these policies, but the coverage you get remains relatively the same.

You can think of South Dakota final expense insurance policies just like any other whole life insurance policy. They work for you in the same way. You purchase the policy and hold it until you die, as long as you pay your premiums on time. A death benefit payment will be dispersed to your beneficiaries if you die while the policy is active. You can choose whoever you like to be a beneficiary, as long as it’s someone you trust. Most people name immediate family members. 

Final Expense Benefits in South Dakota

South Dakota offers you tons of final expense plans to choose from. The plan that best suits your unique situation depends on your expectations for end-of-life expenses. It also takes into account your age and health.

If you already have substantial financial assets stored away, a smaller final expense policy may be appropriate for you. People who do not have these essential assets saved up should consider getting a larger policy. 

For the benefit amounts, your options vary. Some plans provide as little as $2,000, while others can go beyond $40,000. When this money is dispersed to the beneficiaries, they have the option to spend it on whatever they need to. Many people choose to have the money funded into a trust or directly to a funeral home to ensure their final wishes are carried out.