Final Expense
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 One 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. Family members often have to raise money on Facebook or GoFundMe. Don’t be caught off guard with the unexpected loss of a loved one.
When you add up burial services, the funeral itself, and the vault, the national average of funeral and burial is $9,135. Post Covid funerals and burials have exceeded $20,000 in some states. These policies are perfect for people on a fixed income. Monthly payments will never increase and no medical examination in required. 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. Your final wishes
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 purchase a final expense policy for anyone aged 30 days to 89 years old with our insurance carriers. It’s smart to purchase a final expense policy for everyone in your family as a child can use the cash benefits of a final expense policy to help with college expenses, etc. Families in general will have an easier time surviving unexpected loss and moving forward if they have the funds to pay medical bills, credit card debt, or funeral costs.
It used to be that if you were over the age of 85, you would be ineligible for final expense insurance. We have insurance carriers that will insure individuals up to age 89 now! Make sure your loved one is covered.
What’s the Benefit of Final Expense Insurance?
You can anticipate about between $12,000 – $20,000 in total funeral expenses when you pass. Post Covid costs in some states are closer to the $20,000 range for a traditional funeral. Expect to pay between $6,000 – $8,000 for a cremation service. You should consider other costs, too. If you want to be buried in another state or another country, those are additional costs. 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. We can get anyone covered regardless of health condition. Certain burial insurance plans have options for paying your premiums. You can pay them monthly, bi-annually, or annually. Policyholders have the assurance of premiums that will never change regardless of age or health condition.
Available Coverage
The coverage amount, much like the premium, depends on your age and health. The amount is determined by if your final wishes is a traditional funeral and burial or a cremation along with other final expenses you might have including credit card expenses, etc. Policies are available from $1,000 – $50,000.
Why Should I Buy a Policy?
Our advice is, don’t use your savings as a nest egg to pay for enf of life expenses. That’s what a final expense policy is for! As people age, unexpected end of life expenses like medical expenses, nursing home or in-home care are common. 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.
Trust Us for the Rest of Your Life
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.
Affordable Life Insurance has relationships with Funeral Homes and Crematories in several states and will pass the savings we have negotiated with these partners to your family. We don’t just sell you an insurance policy, we help your family get through the process of planning your funeral and do our best to reduce your cost as you plan your loved one’s end of life arrangements.