Final Expense Insurance 101

Welcome to Final Expense Insurance 101. I’m sure we can agree that no-one likes funerals. And, most of us avoid talking about end of life issues, especially our own. But the fact remains… death is all around us. How we plan for our final days makes the difference between allowing our family to grieve or leaving them to pay our debts. Which legacy do you prefer?

What is Final Expense Insurance?

The phrases “Final Expenses” or “Burial Expenses” both describe all of the costs associated with your death. So, anything paid when you die is considered your final expenses. Burial costs include items like your casket, embalming, and cemetery plot. Medical bills and outstanding debts, like your mortgage, can also be considered final expenses. So, you can look at final expense insurance as a gift that protects your loved ones and gives you peace of mind that your debts will be paid.
Real-life quote for Final Expense Insurance: "My Mom didn't have life insurance so the financial burden of her death fell on the shoulders of by brothers and me."Real-life quote for Final Expense Insurance: "Life insurance can't bring a parent back but it can make the road afterwards easier for those left behind."

Do I really need Final Expense Insurance?

Whether you need final expense insurance depends on your financial situation. When making your decision, consider that the final bill for an average funeral can be over $10,000. A basic funeral usually includes a memorial service, casket, headstone, processing your remains (transportation and embalming), obituary and death certificates. There are a number of additional costs for items like flowers or memorial cards.

Average Final Expenses Associated With A Funeral

Every funeral home and cemetery provides provides a list to disclose fees for their services. This General Price List ia influenced by the geographic location where you live and varies by the service provider. The following list is an average estimate of final expense costs across the country.

Average Final Expense List

Features of a Final Expense Insurance Policy

So far, we’ve described final expense insurance and discussed why you should consider coverage. Now let’s take a more detailed look at the details of a final expense insurance policy.

  • Final expense insurance never expires, as long as premiums are current. So, final expense insurance will be more expensive than a temporary (term life) insurance policy that covers a specific timeframe.
  • Over time, final expense insurance builds value, similar to an investment. Read more about how “Cash Value” can help support your financial goals.
  • If your funeral home accepts assignment, you can name them to receive the payout of your final expense policy. The funeral home pays any left over money to your named beneficiary. You will need to verify this feature with your chosen funeral home.
  • Final expense insurance does not require a medical exam. Often, an approval decision is returned after only a few brief questions. However, certain medical conditions may result in a waiting period before your coverage is active. You can read more about “Guaranteed Coverage” insurance for more information.

What’s Next

We specialize in finding final expense coverage that meets the needs of each applicant regardless their health situation. Are you ready to start the conversation? Complete our final expense quote form to see rates within seconds. Or, if you prefer, call us at 800-977-8902 to start our fast, simple process to find coverage that’s right for you.