Final expense insurance, often referred to as funeral or burial insurance, is intended to provide peace of mind for your loved ones after you’re gone. It’s a small, whole life insurance policy that pays your beneficiary money — the death benefit — which he or she may use to pay funeral costs or any pressing needs.
Losing a Loved Is Hard. We Make it Less Difficult.
Losing a loved one is never easy. It becomes even harder when unexpected bills arise and the deceased had no way to pay for his/her funeral. That all gets passed on to family members while they grieve their loss.
When you add up burial services, the funeral itself, and the vault, it can cost between $8,000 and $10,000. A funeral with cremation costs less, but you’ll still pay about $6,000 on average. With a final expense policy, you can rest easy knowing there will be money to pay for your loved one’s funeral or other expenses.
Who’s Eligible for Final Expense Insurance?
Typically, final expense policies are purchased by people 50 and older who want to manage funeral and burial costs for their loved ones. You can also buy insurance yourself, with the goal being to help your family after you pass away. They’ll have an easier time surviving their loss and moving forward if they have the funds to pay medical bills, credit card debt, or funeral costs.
If you’re over the age of 85, you’re typically ineligible for final expense insurance — you’re considered to be a high risk to insure. Other than that, there are no strict eligibility requirements.
What’s the Benefit of Final Expense Insurance?
You can anticipate about $9,000 in total funeral expenses when you pass. But you should consider other costs, too. Unfortunately, some people die with substantial amounts of unpaid debt. Social Security does offer a payment of $255, but this won’t get you very far.
Final expense insurance is a way to cover your loved ones’ financial areas once you’re no longer around. Plus, it forces you to talk about difficult things like death and funeral planning. If you want your ashes spread in a certain place, your family will be able to carry out your wishes.
What Does Final Expense Insurance Cost?
The cost of a final expense policy depends on your location, age, and health. Certain burial insurance plans have options for paying your premiums. You can pay them monthly or annually. Policyholders often appreciate the fixed premiums and the death benefit payout (although relatively small) will go to your beneficiary as long as you make payments.
The coverage amount, much like the premium, depends on your age and health. People insure themselves for $10,000 to $20,000 on average. However, coverage may be available for as little as $1,000 to $2,000.
Why Should I Buy a Policy?
Sadly, many folks don’t have enough in savings to cover the cost of their funeral. Death is expensive! It’s more than people think, and it requires some advance planning.
If you’re concerned about paying for your or a loved one’s funeral, you can benefit from an insurance policy. One of the best things? It’s easy to get approved. No medical exam is required!
Trust Us for the Rest of Your Life
We’re your trusted partner for life. Your final expense policy is permanent and it can provide security, comfort, and reassurance for your family. So, get started today. Protect your loved ones from taking on unwanted financial burdens — call for a quote or to get your questions answered!