Final expense insurance is a type of whole life insurance designed to cover the costs associated with a funeral, burial, and related end-of-life expenses. Policies are typically smaller in face value than traditional life insurance, usually ranging from $5,000 to $25,000, and are easier to qualify for, even if you have health conditions that have previously made life insurance difficult to obtain. If you want to spare your family the financial stress of funeral costs, final expense insurance is worth considering.
How Much Does a Funeral Cost?
According to the National Funeral Directors Association, the median cost of a funeral with viewing and burial is over $8,000 and that does not include cemetery costs, a headstone, flowers, or obituary fees. When all expenses are included, a traditional funeral can easily exceed $12,000–$15,000.
Without any prior planning or insurance, that cost falls directly on surviving family members, often at one of the most difficult moments of their lives.
Who Should Consider Final Expense Insurance?
Final expense insurance is particularly valuable for seniors who do not have a traditional life insurance policy, have been declined for coverage due to health reasons, or want a simple affordable way to pre-plan and protect their family. Unlike traditional life insurance, final expense policies generally do not require a medical exam, only answers to health-related questions.
Coverage is typically available to applicants between the ages of 50 and 85.
How Does Final Expense Insurance Work?
You pay a fixed monthly premium for a whole life policy. The premium never increases, the policy never expires as long as premiums are paid, and the benefit is paid directly to your named beneficiary tax-free. Your family can use the funds for funeral expenses, outstanding medical bills, legal fees, or anything else they need.
As an independent agent/broker, I work with multiple carriers to find the most competitive rates based on your age and health profile.
Call or text 315-727-4933, or email tcangemi@RetirementHPMS.com to get a quote.
Planning ahead today can make things easier for your family tomorrow.
