Funeral / Burial / Cremation


What Defines a Final Expense Insurance Policy?

When most people think about financial insurance policies, they think about medical insurance.  However, did you know that final expenses or the expenses associated with funeral services and other after-death debts become financially devastating for the family and a spouse left behind?

If you want to make sure that your final expenses (doctor bills, hospital bills and funeral bills) will get paid and that you don’t leave your loved ones with a bill they can’t pay, then you’ll need to purchase a final expense insurance policy. With that in mind, the following will examine what final expenses usually exist and how an insurance policy can protect your spouse and family members from incurring major bills.  

Costs of Final Expenses

Final expenses constitute all the expenses associated with the care you received before and after your death.  These bills include medical bills, burial, cremation embalming, and funeral.  Even the headstone or urn and include credit card debt as well.  

The total cost for just funeral expenses averages a whopping $9,000.  That excludes any medical bills, credit card debt or other debts and expenses pending payment.

Final Expense Insurance Policies

Most people cannot afford the bills that accumulate as final expenses.  Therefore, the solution points to purchasing a final expense insurance policy. Final expense insurance policies can pay for all related costs associated with the death and can pay for the items listed previously on this page.  Final expense insurance policies typically sell for a specific amount — like $10,000, $15,000 and higher. The Insurance Company receives payment on a monthly basis for this type of insurance.  

Normally, a final expense insurance policy will cost less than $100 per month.  The cost of the insurance depends on risk and uses age, sex, the amount of coverage requested, and your health.  The insurance company can maintain higher profit margins and that could also figure in the amount paid for the coverage. On average, elderly seniors with health problems will pay more for final expense insurance than younger enrollees or seniors in better health.

Benefits of Final Expense Insurance Policies

Many reasons exist why Seniors should buy a Final Expense Insurance Policy.  The primary benefit provides funds to pay for the Funeral and other debts as well.  Then bills will get paid and loved ones will not need to go into debt with large bills after death.  The peace of mind knowing that all bills will get paid reassures policyholders that their family will not suffer monetarily.

Final Thoughts

Planning ahead, even for decades, will ensure that your family and loved ones will not pay for your final expenses.  Purchasing a Final Expense Insurance Policy can provide the solution.  Final Expense Insurance will eliminate the worry of your family incurring undue expenses after your death.

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