Final Expense Insurance

Final expense life insurance, also known as funeral expense insurance or burial insurance, is a limited affordable policy created to pay for all of the expenses related to a person's demise.

What is final expense life insurance ?

It’s never easy to lose a loved one. Making last arrangements during a period of bereavement may be extremely stressful for anyone. Additionally, funeral expenses might be far higher than you might expect, which puts a heavy financial load on the bereaved.

“A funeral now costs more on average. Expect to need somewhere between $8,000 and $10,000.

You can experience a great deal of peace of mind by creating a plan now to pay for these final expenses and safeguard your family. If last-minute expense insurance is the appropriate choice for you, all you have to do is select the level of coverage, consult with an agent to complete the paperwork, and start making a small monthly premium payment.

What can final expense insurance be used for ?

The name may give the impression that last expense coverage can only be used for funeral expenses, although this is untrue. They are created to help the recipients escape a financial catastrophe after a loved one passes away and can be used on anything. Money is frequently used to pay for funeral expenses, medical expenses, mortgages, auto loans, and even a nest egg for a new house.

Are there alternatives to final expense insurance ?

Yes. There are other options besides final expense life insurance to pay for your final expenses. You can always save money for that reason by contributing a little portion of your paycheck to an account. A final expense policy has the advantage over this type of saving in that you and your family will always know how much money they will receive, regardless of when you dieon of your paycheck to an account. A final expense policy has the advantage over this type of saving in that you and your family will always know how much money they will receive, regardless of when you die. Some people also pay their final bills in advance while still living. This can also be a wise choice if you have money on hand.

A conventional whole or term life insurance policy is an additional choice. These typically offer higher coverage amounts, can safeguard your family’s way of life, and can pay for your final needs.

 

Should I have final expense life insurance?

You might not require final expense insurance if you have sufficient resources to pay for your final costs. It can be a strategy to make sure your family doesn’t accrue more debt in a time of need if you’re worried about how they’ll handle the bills. A last-event policy may also be an economical choice that lessens the financial burden put on your family after your passing if you have been denied coverage under larger life insurance policies because of your age or medical issues.

How much does a final expense policy cost?

That depends on your situation. As with all life insurance, there are a number of factors that will affect your insurance premium. The most important are:

  • The amount of the benefit

    Final expense policies typically cover anywhere from $2,000 to $50,000. Depending on how much you’d like to leave your family, your premiums can change quite a bit.

  • Your age and health

    The younger and healthier you are, the lower your final expense insurance premiums will be. However, that doesn’t mean if you are in your twilight years or have health problems that it’s unaffordable. This type of policy was can be an excellent addition to your financial safety net later in life.

    If you would like to explore life insurance to cover the final expenses, the best thing to do is work with a trusted insurance agent and shop around. Be sure to ask lots of questions and fully understand each type of life insurance policy. Our agents are here for you and can help find the right mix of products to ensure your family’s protection when you pass.