Final Expense - Life Insurance

WHAT IS FINAL EXPENSE LIFE INSURANCE?

The basic purpose of final expense life insurance is to financially protect the people you care about. Final Expense Life Insurance, also known as burial insurance, can provide for your family in the event of your death. If you have dependents, consider what would happen to them if you were no longer here to support them. How would the quality of their life and their future be affected? By planning now, you can continue to provide for your family, even in the event of your death. Benefits can be used to pay for things like your burial expenses or outstanding debts.

HOW MUCH DOES FINAL EXPENSE INSURANCE COST?

For people between 50 and 85, final expense insurance is an affordable way to give your family peace of mind during a difficult time. If you have an existing life insurance policy, a final expense plan can also offer guaranteed death benefits to cover unexpected expenses. Keep in mind that the maximum amount of final expense coverage is around $35,000 so premiums are typically lower than other insurance and it’s guaranteed issue.

HOW MUCH FINAL EXPENSE INSURANCE DO I NEED?

Before you are able to know what kind of policy is best for you, you should consider what you want in a funeral and determine your needs. Do some research and determine how much the services you prefer would cost. Any costs involved with your service will be covered by your burial insurance policy. Some of these include:

Casket and case
Burial plot or vault
Headstone or marker
Service accommodations and decorations
Funeral flowers
Procession costs
Cremation (if you choose this option instead of a funeral)

The payout from a final expense plan comes with no strings attached, so your loved ones can use it however they need. Many families use the proceeds from a final expense insurance plan to also cover costs like:

Medical bills, hospice care, or other end-of-life expenses. In less than 20 years, annual U.S. healthcare costs have more than doubled from nearly $1.4 trillion to over $3.6 trillion. For seniors, this means essential expenses like co-pays, prescription drugs, emergency care, inpatient facilities, and nursing care will likely only continue to increase.
Credit card, auto loan, or other debts. Higher costs have forced many seniors to dip into savings and retirement funds to pay for pressing healthcare needs, leaving little room to take care of final obligations. A death benefit prevents your loved ones from being financially burdened with any remaining debts.
Day-to-day expenses for your partner. If you die leaving a spouse behind, they may struggle financially without your income or contributions. A payout allows them to cover the basics like housing, mortgage payments, or assisted living costs and other expenses.
An inheritance for your kids or grandkids. If you want to leave a legacy but haven’t been able to work it into your financial plan, final expense insurance is a great way to ensure it happens.

Take all these costs into consideration when deciding how much final expense insurance to buy. I can help you determine your coverage needs.