Final expense insurance is a type of life insurance that provides your loved ones with a way to cover end-of-life expenses, including funeral arrangements and any other related expenses after your passing. The average funeral cost between $7,000 and $12,000 In 2020. These estimates include transporting remains to a funeral home, casket, embalming, viewing, burial, and other associated costs. Those average costs do not include a gravestone monument or marker, cemetery plot, or other things like food or flowers you may want at the funeral. The average price of a funeral with cremation in 2020 was between $6,000 and $7,000.
These high costs associated with funerals will end up being the responsibility of your family or other loved ones. That is unless you provide a way to help pay for your end-of-life expenses, to help alleviate the financial strain during an already difficult time.
If you are looking for a solution to help cover your funeral costs and other arrangements, you should consider final expense insurance.
It is important to understand that once the funds from your final expense policy have been paid to your designated beneficiary, they can use the money however they decide. So make sure sure you select a beneficiary you trust to allocate the funds appropriately.
Benefits of Final Expense Insurance
There are many benefits of choosing to purchase a final expense insurance policy. Some of the top reasons people buy these policies are listed below:
- In general, final expense insurance does not require a medical exam. Unless you have a serious pre-existing medical condition, your application will most likely be approved.
- Premiums remain level and may be payable beyond age 100.
- The death benefit is guaranteed as long as premiums are paid as required.
- Monthly or annual premium payment flexibility.
- Quick underwriting approval, sometimes the same day.
- High issue ages, which means even if you are older, you can still buy a policy.
I am an independent insurance agent experienced with final expense products. I will work with you to understand your financial situation and determine if a final expense policy will meet your needs. I will help you identify the policy to provide the appropriate coverage while staying within your budget. Discussing your needs and personal circumstances with an experienced insurance professional is essential to ensure you protect your family’s financial health and well-being after your death.
Choosing an insurance company that is financially strong with excellent financial and performance ratings from the major rating agencies is also essential. These agencies assign ratings to help consumers evaluate an insurer’s financial strength and claims-paying ability. I work with many insurance companies with high ratings and will help you decide which is the right fit for you.