Explore Your Final Expense Insurance Options Today
Find out how affordable a final expense insurance policy can be. Contact us for a quote today.
Ease the Burden of Your Passing
Final expense insurance for seniors can help you cover end-of-life costs such as funeral expenses. According to the NFDA (National Funeral Directors Association), the median average funeral cost was $7,848 in 2021. A funeral with a ceremony, embalming costs, and burial can cost more than $10,000.
What Is Final Expense Insurance?
Final expense insurance or burial insurance is a type of whole life insurance plan that offers you a guaranteed death benefit for as long as your plan is active. However, because it is designed to only cover your final expenses and your death benefit will be much lower, it is a very affordable option for most seniors. Your death benefit can be as little as a few hundred dollars to $10,000 or more, depending on your plan. As long as you pay your monthly or yearly premium, you never have to worry about your policy expiring.
Types of Final Expense Insurance
Like whole life insurance, there are many great options for those considering final expense insurance. Here are the most popular types of plans:
Simplified Issue Final Life Insurance
This refers to a plan with a streamlined application process, minimal questions, and no medical exam. You can qualify for and obtain these plans relatively quickly.
Guaranteed Issue Final Life Insurance
When you choose a guaranteed issue final life insurance plan, the insurance company guarantees that they will approve your application for coverage regardless of your health or age.
Which Type of Plan to Choose?
Regardless of the plan you choose, all final life insurance plans are designed to be affordable and easy to obtain. Your final decision will depend on many additional factors, including the amount of the death benefit, monthly or yearly costs, plan features, and more.
Benefits of Life Insurance for Final Expenses
Because final expense insurance is a type of whole life insurance, these plans may offer additional benefits beyond covering your final expenses. Some of these benefits may include:
- Allowing you to choose your beneficiaries
- Flexible monthly or yearly payment options
- The value of your plan can build cash value and increase over time
- Your premium won’t go up as you age
- Most plans don’t require a health exam and won’t be canceled due to
your declining health - You may be able to borrow against the cash value of your plan
Your plan’s benefits will vary depending on the one that you choose. Our insurance agents can help you identify a plan that offers the most important features to you.
What Does Final Expense Insurance Cover?
Final expense life insurance covers cremation, burial, memorial services, medical bills, lawyer fees, and other costs. Your beneficiaries will receive your death benefit when you pass and will be responsible for determining how these funds are allocated to ensure that your final wishes are honored. Any remaining money from your death benefit can be passed onto your children or grandchildren.
Final Expense Insurance vs. Preneed Insurance
When considering your final expenses, preneed insurance is another option. These plans are designed to cover only your funeral expenses and aren’t as flexible as final expense insurance. When you choose a preneed plan, your beneficiary will likely be the funeral service provider and will only cover your funeral costs. With final expense insurance, your family or chosen beneficiaries will be able to allocate your funds as they see fit.
Who Is Final Expense Insurance For?
Final expense insurance is ideal for those over fifty who are nearing retirement and simply need a plan that covers their burial expenses. They are suitable for those who have already paid off large expenses in life, such as their mortgage and college expenses for their children, and who have their retirement income set up already. These plans are not designed for those who have dependents or a spouse that relies on their income for regular expenses. In those cases, it is better to consider a more comprehensive whole life insurance plan that offers more flexibility and funding options.
How to Get Quality Final Expense Insurance for Seniors
Step 1: Get Started
Contact us today to start searching for the best plans for your needs. We’ll be happy to answer any questions.
Step 2: Compare Your Options
We’ll help you compare quotes from dozens of the best final expense insurance companies to find one that fits your budget.
Step 3: Get Coverage
Once you have chosen your plan, we can help you begin coverage that day. Contact us today to begin.
Why Choose The Insurance Files?
At The Insurance Files, we are here to help you make this very important decision by providing expert third-party advice and friendly service. We can help you understand your options and your coverage so that you get the most out of this investment. Our team is always here to help you change or adjust your coverage or identify additional plans to support your needs. Contact us today to learn more about final expense insurance or all the other products we offer.
How Much Does Final Expense Insurance Cost?
Because we work with all the best final expense insurance companies in the industry, we can offer you some of the lowest rates on the best plans in the industry. We’ll help you compare these quotes and choose the right one for you. Contact us today to begin.