Final Expense Insurance

Final expense insurance is designed to bring peace of mind to family members after a loved one’s death. It helps with end-of-life costs, including funeral arrangements and medical bills. 

What is final expense insurance?

When family members pass away, their loved ones are left to take care of the costs related to funeral and burial or cremation expenses, as well as any bills and debts left behind. The average funeral ranges from $7,000 to $9,000, with higher costs if a vault is needed, as in the case of many cemeteries. Social Security pays only $255 after the death of a loved one. Final expense insurance is a solution that guarantees a paid benefit (of $10,000 or $15,000) after death. 

Beneficiaries can use the amount to pay for any necessary expenses. Some policies offer advising for final arrangements and help the insured to prepare documentation of their final wishes. Final expense insurance differs from pre-paid funeral arrangements in that the money will be used for the same purpose but is guaranteed, whereas a funeral home may go bankrupt before the time comes, losing your money.

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How much does it cost?

Most policies cover between $1,000 and $20,000. Over the lifetime of your policy, you will have a fixed monthly premium. As long as you pay your premiums, your policy is guaranteed. Monthly premiums usually cost between $30 and $75 per month, and the rate never goes up. If you first sign up later in life, around age 70, your premiums may be higher in the range of $70 to $120 each month.

What does it cover?

The paid benefit of $1,000 to $20,000 can be used as the beneficiary sees fit but is intended to help cover the costs of funeral and burial arrangements.

Am I eligible for final expense insurance?

The best time to apply is between the ages of 55 and 85. Over the age of 85, you are less likely to be accepted. Applying for final expense insurance is easy, with minimal health questions. No medical exam is required. The health questions often include HIV status, heart disease, cancer, smoking, drug use, and dementia.