Final expense insurance, also known as funeral insurance or burial insurance, is a type of life insurance policy that is specially designed for paying funeral and end-of-life expenses
While traditional life insurance plans will cover a variety of different expenses, it also comes with higher premiums, and final expense insurance is an excellent alternative for those looking to cover final expenses without breaking the bank now.
The United States has seen a steep increase in funeral expenses in recent years
Social security typically only provides around $250 to go towards final expenses, and with funeral costs ranging between $7,000 and $10,000 on average, the government contribution is barely a drop in the bucket. Due to US rules and laws, some final expenses will always be incurred, regardless if a family decides to have a formal funeral or not. Even limited final expenses can be enough to put families into financial distress, and final expense insurance helps to provide peace of mind and a way to alleviate this stress even before it occurs.
Costs Associated With Final Expenses
Final expenses include several different costs, some of which families may be well aware of, and others some may not think about until the time comes. If a person is ill and hospitalized prior to their passing, these medical costs will need to be paid back. While forgoing a traditional funeral can save a good chunk of money, the cost of cremation still runs around $2,000 to $3,000 on average. No matter what, final expenses come with a big bill.
What final expense insurance does is takes care of all the costs associated with one’s end-of-life
Medical bills, flowers, funeral, cremation, burial, transportation, and more may be covered by one’s policy, as a person pre-pays for their final expenses to lift the burden from the shoulders of their loved ones. Unlike traditional life insurance policies, which can take months to collect payment from, final expense insurance can pay out as quickly as 24 to 48 hours post death in order to pay final expenses up front rather than going into debt first.
An Affordable Answer For Peace Of Mind
Final expenses insurance is highly affordable, and premiums will never increase, and coverage never decrease as long as your policy is in good standing. Most final expenses insurance plans accept applicants between the ages of 50 and 80, with some raising applicant ages to 85 years, and little to no medical history is often required. Essentially, final expense insurance provides an affordable peace of mind for families to ensure they’re able to provide the celebration of life a loved one deserves.
End-of-life costs are often a person’s final big expense, and final expense insurance makes sure it’s taken care of. Contact Living Legacy today to learn more about your eligibility for final expense insurance, and what this type of insurance can do for you and your family.