Planning for end-of-life expenses can be difficult to think about, but it is a thoughtful way to lessen the burden on your loved ones after your passing. Purchasing final expense burial insurance will not only give you peace of mind, but it will set your family up for the future.
According to the National Funeral Directors Association, the average cost of a funeral is $8,300, which includes a burial service and viewing. This price is only expected to increase over time. Ensure your family can cover your final expense costs with a final expense burial insurance plan.
Final Expense Benefits will review everything you need to know when purchasing final expense burial insurance. Our expert agents understand the final expense insurance market and are available weekdays to help you. Call us at (866) 786-0725, Monday through Friday, 9 a.m. to 5 p.m. ET. Feel free to check our free online quoting tool for a personalized estimate.
If you’re interested in these or any of our other life insurance options, call us at (866) 786-0725 to learn more. Be sure to check our free online quoting tool for personalized pricing estimates.
What is Final Expense Burial Insurance?
Final Expense insurance is a form of permanent whole life insurance designed to pay for final expenses such as burial, cremation, and funerals.
On average, most final expense burial insurance plans have a face amount cap of around $50,000 but this all depends on your age and your current state of health.
A great attribute of final expense burial insurance is that even seniors with pre-existing health conditions can qualify without having to be asked medical questions or take a medical exam.
Things to Consider Before you Buy Final Expense Burial Insurance
When doing your research, it’s important to know there is no “one size fits all” final expense burial insurance plan. The plan your brother, spouse, or neighbor has may not be the best plan for you.
Here are a few things you should keep in mind when shopping for final expense burial insurance:
- Are you prescribed medications for any pre-existing conditions?
- Are you a smoker?
- What form of payment will you use?
As you’ll see in our review below, each insurance company has different requirements. This doesn’t mean you’ll pay more because you have a certain condition or the form of payment you choose to use, it’s just that each carrier views these things differently.
How Much Does Final Expense Burial Insurance Cost?
On average, final expense burial insurance can cost between $40 and $75 per month per $10,000 in coverage.
It takes minutes to apply and some of the top insurance carriers don’t even ask you medical questions.
| Company |
Male 50y/o |
Female 50y/o |
Male 60y/o |
Female 60y/o |
Male 70y/o |
Female 70y/o |
|---|---|---|---|---|---|---|
|
$34 |
$27 |
$50 |
$40 |
$70 |
$56 |
|
|
$31 |
$26 |
$43 |
$35 |
$71 |
$53 |
|
|
$31 |
$24 |
$44 |
$33 |
$75 |
$53 |
|
|
$34 |
$29 |
$45 |
$35 |
$79 |
$59 |
|
|
$33 |
$26 |
$48 |
$36 |
$82 |
$58 |
These figures are estimates only, based on a $10,000 final expense insurance policy with no applicant pre-existing conditions.
If you’re interested in these or any of our other life insurance options, call us at (866) 786-0725 to learn more. Be sure to check our free online quoting tool for personalized pricing estimates.
Our Top 5 Reasons Why You Need to Purchase Final Expense Life Insurance
1
Dying is Expensive
With the rise of inflation, it’s anticipated the average cost of a funeral will increase from the already high $7,000-$12,000 national average.
We all have an expiration date. We don’t know when, but we do know it’s inevitable. Knowing what it costs, why wouldn’t we purchase insurance?
2
Final Expense Burial Insurance is Safe from Debt & Taxes
If you have debt, Final Expense Burial Insurance gives you a way to evade creditors and leave behind money for your funeral costs.
One of the beautiful features of final expense insurance is the ability to leave money to whoever you choose, without it being subject to creditors, probate, and even taxes.
The beneficiary you choose will receive a lump-sum tax-free benefit to use however you’d like.
3
Affordable Monthly Premiums
A 65-year-old non-smoking female can get $10,000 of coverage for $41.01. That’s $4.10 per $1,000 coverage.
As you can see in the example above, final expense life insurance is an extremely affordable way to leave thousands of dollars to your family.
There is no alternative option that offers a more affordable route to ensure your legacy and final wishes are preserved.
4
Guaranteed Benefits
If you buy the final expense burial insurance today and die in a week, your beneficiary in most cases would receive the full benefit amount.
One of the biggest advantages final expense life insurance gives us is the ability to predict the future. What do I mean by that you may ask yourself?
Well, obviously you’re unable to literally predict the future, but you can plan for it.
Final expense insurance gives you a guaranteed benefit regardless if you pass away in 7 days or 7 years.
5
Speed of Payment
When you pass, your family will immediately begin your final arrangements. Having access to funds quickly is vital in making this happen.
One of the biggest issues with alternative methods to funding your final arrangements is access to the funds. Often, it requires you to go through probate among many other lengthy steps.
With final expense life insurance, your beneficiary will receive funds typically 48-72 hours after filing the claim.
Conclusion
We hope this article has provided some much-needed insight and reasons why you should start planning your final arrangements and making final expense life insurance one of your first purchases.
If you need any assistance and would like to speak to one of our licensed advisors, give us a call at (866) 786-0725, Monday through Friday, 9 a.m. to 5 p.m. ET. Feel free to check our free online quoting tool for a personalized estimate.
Frequently Asked Questions
Is Final Expense Burial Insurance the Same as Final Expense Insurance?
Let’s put it this way. Funerals are expensive, and you get that. Considering final expense coverage options aren’t expensive, you would trade a minor monthly expense to ensure your beneficiaries are secure.
Are Two Life Insurance Policies Necessary?
Necessary is debatable. We’d recommend asking yourself, “could we handle funeral costs comfortably?” if the answer is no, final expense options are a great idea considering the low monthly cost.
Will My Final Expense Life Insurance Monthly Payment Be Too High?
Not at all. Final expense coverage generally ranges between $30 and $70 a month, on average. Factors that can affect this price include height, weight, age, preexisting conditions, etc.
How To Pick A Funeral Home For Cremation?
The two most apparent concerns are the cost and services offered. It’s important to conclude what you’re looking for before anything else.
