Final Expense Insurance

Final expense insurance is a type of whole life insurance with a specific purpose: to pay for any costs associated with your death, such as funeral expenses.

What is the average cost for final expenses?

In fact, funerals with a viewing and burial in 2021 cost around $7,848 on average while funerals with cremation cost approximately $6,971 on average.

Why do people buy final expense insurance?

You can use final expense insurance to pay for end-of-life expenses, including medical bills, in-home care, burial, cremation and funeral costs. Seniors can consider the death benefit when helping to plan their funeral services, knowing their loved ones won’t be burdened with the expenses when they die.

Is final expense the same as burial insurance?

Simply put, final expense insurance and burial insurance are basically the same things. In fact, final expense insurance, burial insurance, and funeral insurance are all the same thing because they all share a common purpose.

Can I buy final expense insurance for my parents?

Yes, you can purchase life insurance for your parents to help cover their final expenses. It offers some peace for your family during this difficult time. In order to buy a policy on a parent, you will need their consent along with proof of insurable interest.

What is the best type of life insurance for seniors?

A guaranteed issue life insurance policy is often the best option for seniors in poor health. This is a type of life insurance that does not require a medical exam or answer any health questions, and you can’t be turned down in any case.

How do you pay final expenses?

Most families will use cash, check or credit card to pay for all or part of the funeral expenses. Most funeral homes today expect payment in full up-front. Sometimes you can pay a portion using an installment plan negotiated with the funeral home.