Final Expense Planning: Understanding Your Options

The last thing that most people want to talk about, and much less plan, are their final expenses. With the average cost of funerals steadily increasing, it shouldn’t be left on the backburner or for loved ones to figure out when the time comes. Having a plan would not only help your family, but it would also allow the grieving process for them to be a lot less difficult.

About Final Expense Life Insurance

Final expense insurance has become a popular option for most people, as it allows funds to be readily available when needed for funeral expenses.

Final expense life insurance is not to be confused with life insurance. It does not leave your family with a bunch of extra funds. The purpose of this insurance is to not leave the burden of paying for a funeral that ultimately comes with death. Afterall, planning a funeral in general creates enough on your family’s plate without having to come up with the funds to pay for it. This type of insurance helps alleviate that stress and allows them to focus solely on the final plans and grieving. 

Knowing the Cost of Funerals

Most people know that funerals aren’t cheap, but what they don’t understand is exactly how much they can be – and they’re usually to be paid for all up-front. 

Depending on the area, funerals can cost anywhere from $7,000 to $10,000. That includes the plot, services, casket and much more. What that doesn’t usually include is flowersCremation, while a cheaper option, can still cost up to $5,000. Final expense insurance and pre-planning funeral arrangements can really help your family when the time comes, so it should definitely be considered.

Who Should Get Final Expense Insurance?

Anyone, regardless of health and age, can qualify for final expense insurance. Many people who have pre-existing health issues have gotten final expense insurance because most insurance companies don’t require you to complete a medical exam.

It is also a great option for seniors who no longer need life insurance for an income replacement, because it usually covers up to the age of 100, and sometimes longer depending on the company. 

It is also a very affordable insurance to obtain. Because it is usually significantly smaller than typical life insurance, that means the premiums are smaller as well.

In addition to paying for funeral and burial costs, final expense insurance can also help with medical bills and debt, helping your family out even more.

Being prepared for your final expenses can help ease your family’s burden during this already difficult time. While you may not want to have everything planned out, having financials ready for your family to use and plan for your funeral can make their time of grief a lot easier.

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