What is Final Expense Insurance?
Final Expense Insurance is also known as pre-need, burial, and funeral insurance. This type of insurance is a whole life insurance policy that is intended to cover the cost of one's funeral expenses. These types of policies have a death benefit that generally ranges from $5,000-$35,000. The death benefit would be paid to whoever is named as the beneficiary. This policy is the same as pre-paying for your funeral expenses. You may even choose to select your funeral home, type of service, flowers, headstone, burial plot, and other relevant expenses. This will help you lock in the best price as the cost of funerals continues to increase annually.
Final Expense Insurance is a way to insure that you don't leave any burdens behind for your beneficiary. Your policy pay out is guaranteed as long as your premium payments are current. The cash amount is given to your beneficiary in the form of a check from the insurance company at the time of your passing. Your family can use this cash for any expenses they need to take care of, for example, funeral and burial expenses, plus any unpaid medical bills.
The face amount will never decrease and the premiums will never increase, and you will never be cancelled as long as your premium payments are kept current.
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Our families are the most important part of our lives. We want to protect them now and in the future. One definite way to do that is through a Final Expense Insurance Policy.
Final Expense Plan Features
Premium rates never increase
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Coverage never decreases
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Policies available from $5,000 to $35,000
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Many plan benefits begin the very first day
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Coverage for ages birth to age 85 and for healthy people up to 90
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No Physical exam
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Builds cash value over time
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Policies available to fit most budgets
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Coverage carries from state to state
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Coverage cannot be taken away by insurer regardless of health or age (premium payment must be current)
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Funerals typically average $10,000 or more depending on the type of funeral and burial arrangements that are made. Don't wait and push this burden on your loved ones. The cost of the average funeral is expected to rise to $18,000 by 2030.
*Source: 2010 NFDA General Price List Survey
Senior Care Resources
HUD- Housing & Urban Development
FDA- Food & Drug Administration for Seniors
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