Who Needs Final Expense Insurance?
"Who needs final expense insurance?" This may be a question you've asked yourself as you research the various types and options of life insurance coverage available on the market.
The answer is clear: Anyone between the ages of 45 to 85 who wishes to eliminate the stress and financial burden their end of life expenses could impose on their family would need final expense insurance.
Final Expense Insurance Explained
Final expense insurance is a type of life insurance that is specifically designed to cover costs associated with end of life experiences. It covers services such as funerals, wakes, burials, or cremations, and related costs like a burial plot or headstone, the funeral director's fees, embalming, and the hearse. It can also take care of other lingering bills or debts you may not want to leave behind.
The process for actually obtaining a final expense insurance policy is very straightforward. It is mostly the case that these policies have what is known as "Guaranteed Acceptance" or "Guaranteed Approval," which means you will not be denied coverage based on a medical exam or your health history. This makes the product attractive to seniors, particularly those over 70 and those who may have been deemed "Uninsurable" by other insurance companies.
Benefits of Guaranteed Issue Final Expense Coverage
The added benefit of the guaranteed issue final expense plan is that it allows for quick and easy purchase. With no medical exams to wait for, you can gain peace of mind instantly, knowing your loved ones will not be left having to pay for your burial and funeral costs.
Why Do People Buy Final Expense Insurance?
The primary motivation is the desire to protect loved ones from the financial burden of their burial and funeral expenses. Embalming, hearse hires, and memorial services can add up, becoming a considerable burden for those who are grieving.
Having a final expense insurance policy in place brings a sense of comfort to policyholders. They know they won't add financial stress to their family members' emotional stress following their passing. Instead, they can focus on remembering their loved one and grieving healthily.
This insurance offers peace of mind, not only after passing but also during one's life. Those covered know that their final expenses won’t fall to their family or loved ones, meaning they can live their retirement years with one less burden to worry about.
Another crucial point worth noting is that final expense insurance is not just for the elderly or those over 70. Anyone interested in making sure their family isn't burdened by their final expenses can purchase one.
Who Can Buy Final Expense Plans?
You can buy a life insurance policy to cover final expenses for yourself, your spouse, or partner.
In addition, adult children or grandchildren can also help procure this coverage for their elderly parents or grandparents. Taking responsibility for their final expenses is a practical way of offering support during a difficult time.
When Do You Need Final Expenses Protection?
This underlines the importance of underwriting. Knowing when you need final expense insurance is a significant step to buying a policy. Typically, the time to consider this insurance is when you start thinking about retirement, or if health begins to decline, or if you don't have the savings to cover your funeral expenses.
What Doesn’t Final Expense Insurance Cover?
It's also important to note what final expense insurance doesn't cover. While it takes care of funeral costs and any related services, it doesn't protect against large debts such as a mortgage or significant medical bills. Therefore, pairing a final expense policy with another type of life insurance may be an intelligent approach.
How to Get a Quote for Coverage?
Now that we understand "who needs final expense insurance," it's time to highlight how you can get an insurance quote. With the rise of digital insurance companies, it's easier than ever to get a quote and apply for coverage online.
Most providers offer a free quote process that will ask for your age, gender, location, and a few medical questions (although remember with guaranteed issue, you won't be turned down). This information allows insurers to estimate the risk and provide you with an appropriate rate.
How to Apply for a Final Expense Policy?
After the quoting process, you can go ahead and apply for the policy. You should be prepared to give some more detailed information at this point, but again, nothing too invasive due to the guaranteed acceptance feature.
Apply for Final Expense Coverage
If you're worried about understanding the nuances, rest assured that insurers will typically provide plenty of resources to help you understand the policy, the payment plan options, and what exactly it covers. Don't hesitate to ask questions – this is about your peace of mind, after all.
With the above knowledge, it's clear to answer the question "who needs final expense insurance?"
Final expense insurance can be a financial lifesaver for your loved ones, and with guaranteed acceptance, it ensures that nobody is left out without coverage because of health issues.
Burial, Funeral and Related Final Expenses in the U.S.A.
Here are some Sample Costs for Burial and related Final Expenses:
- Metal Casket - $3,500
- Funeral Service Fee - $2,340
- Vault - $1,395
- Cremation Casket - $1,200
- Embalming - $769
- Headstone - $199 to $10,000
- Flowers - $150 or more
- Burial Plot - $1,000 - $4,000
- Dressing and Casketing - $297
- Viewing - $401
- Hearse - $283
- Transfer to Funeral Home - $336
- Utility Vehicle - $160
- Urn - $295
- Ceremony - $534
- Pamphlets / Prayer Cards - $175
What is the Average Cost of a Funeral in the U.S.A?
It depends on whether you opt for a burial or cremation.
The average cost of a funeral and burial is $7,360, according to the latest data from the National Funeral Directors Association (NFDA). If you get a vault — required by many cemeteries — that number rises to $8,755.
The average cost of a funeral and cremation is a little lower: $6,260.
Amount of Coverage Available for Final Expenses
The amount of insurance for burial and funeral coverage available will vary by insurer, usually from $3,000 up to $25,000. Note, if you need more insurance, you may purchase a policy from more than one insurance company.
Age Requirements to Get Insured
The availability of burial expense plans may vary by insurer, but could be 45-85 years of age, to get guaranteed approval insurance for burial and related final expense costs.
How Much Money Does a Final Expenses Life Insurance Policy Cost?
We always suggest shopping around because some insurance companies are more competitive than others. Besides that, companies base their rates on health, age, and location. The cost of a final expense policy can vary from $10 to $200 or more per month depending on your age, gender, tobacco use, state of residence and the type and amount of insurance you need.
The sooner you start thinking about your final expenses, the sooner you can relieve your loved ones of this potential burden. Make the decision about your final expenses easier for your family by considering final expense insurance today.
Whether you are interested in buying life insurance for yourself or a beloved family member, you now understand the benefits of having a final expense insurance policy. Remember, the process is quick, easy, and potentially lifesaving. Ensure peace of mind today for yourself and your loved ones. Start the journey by requesting a free price quote and apply for coverage right away.
Top Pick – Mutual of Omaha
Mutual of Omaha offers guaranteed acceptance whole life insurance for people age 45 to 85. Choose $2,000 up to $25,000 of coverage. Rates start as low as $8.84 per month. There’s no medical exam and no health questions. You cannot be turned down. You can get a quote and apply online now. Start Here to get a FREE Quote.
- Your life insurance policy comes with a 30 day Risk-Free, Money-Back Guarantee
Can I Buy Final Expense Insurance for My Parents?
Who Needs Final Expense Insurance?
Disclosure: Compensated Affiliate