What Do I Need To Know About Final Expense Insurance?

What Do I Need To Know About Final Expense Insurance?

Funerals are no one’s favorite topic of conversation, but this inevitability is something on the minds of many middle-class families whether they like to talk about them or not. The cost of the average North American funeral has gone up 28% in the past 10 years, and in today’s economy, a funeral will typically cost between $7,000 and $10,000 on average. This type of expense can place families in quite a bit of debt, a debt that can be alleviated simply with final expense insurance.  

The Facts Surrounding Final Expense Insurance  

Final expense insurance is really a simple concept and one that differs quite a bit from traditional life insurance. A few facts surrounding final expense insurance are:  

Policy amounts

The average final expense insurance policy will be issued in amounts ranging from $5,000 to $30,000, depending on the plan and policy chosen. Some may require larger coverage amounts for covering final medical expenses.  

Age of applicants

Final expense insurance policies typically cover those applying between the ages of 50 to 80 years old, with some policies open to applicants up to the age of 85.  

The application process

Compared to life insurance policies, the application process for final expense insurance is relatively quick and simple. On the average application are very few health-related questions, with some applications asking no health-related questions at all.  

How to apply

While some final expense insurance policies will require a physical application, many can be completed entirely either online or over the phone.  

How does it pay out

Final expense insurance pays out directly to a beneficiary, rather than paying out to funeral homes or other services. This allows the beneficiary the ability to choose where to spend, where to save, and how to plan the celebration of life.  

Do I Need Final Expense Insurance?  

In 1960, the average funeral cost around $700, in 1980 the average funeral cost around $1,800, and by 2012 the average funeral cost over $7,000 not including a burial vault. This is quite a bit of financial stress placed on the family of a deceased loved one, and stress compounding on top of the emotional stress experienced after a loss. Final expense insurance takes this financial stress away and provides an easy way to plan a funeral without a financial burden.  

To learn more about final expense insurance and the solution it provides for peace of mind, contact Living Legacy today.

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