Having open conversations about end-of-life plans may not be easy, but it is vital to protect your loved ones from the burden of unexpected expenses, such as funeral and burial costs.
Final expense life insurance, also known as burial insurance, is specifically designed to cover a range of end-of-life expenses. Policies vary amongst different insurance providers, but you can expect coverage for medical care, funeral and burial costs, and other essential end-of-life expenses.
Are you curious about what final expense insurance is, what it covers, and how it affects costs? You’re not alone. Many Americans seek information about this valuable coverage option.
Final expense life insurance offers peace of mind by assisting with costs associated with end-of-life arrangements. It may surprise you to learn that the average funeral in America costs between $6,000 and $12,000, making funeral insurance a necessity if you want to help your loved ones afford funeral costs.
While coverage details vary, final expense insurance policies often extend beyond funeral expenses. They can also provide coverage for:
- Medical bills, cremation
- Celebratory events
- Outstanding bills.
The amount your family receives after your passing also depends on various factors, including:
- The age at which you enrolled
- Your health at the time of enrollment
- The insurance company
- The total premiums paid.
If you plan on getting any sort of final-expense insurance, you will need to pay a monthly premium. Generally, the earlier you invest in this coverage, the lower your premiums will be.
For instance, a young and healthy adult may pay as little as $20 per month for a policy, while a senior with pre-existing medical conditions might pay over $100 in monthly premiums. Because of this large premium gap, it’s important to explore a variety of final expense insurance quotes from multiple sources. By doing so, you can potentially find better deals and broader coverage options.
It’s worth noting that funeral expense insurance differs from traditional life insurance. While both policies are intended for end-of-life coverage, they have distinct differences. Final expense insurance aims to provide modest coverage specifically for funeral arrangements, regardless of the chosen services.
Take control of your end-of-life plans today by considering final expense insurance and give your loved ones the financial support they need during a difficult time.