How Does a Final Expense Insurance Plan Work?

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Final Expense Insurance Plan

A Final Expense insurance Plan Can Offer priceless Peace of Mind for your loved ones. The memories and impressions that you leave behind are how you will be memorialized when your time has come. Leave behind a legacy of celebration and joy.

senior couple searching online for final expense insurance plans

End-of-life planning can feel like a daunting decision, but it is one that shouldn’t be left as a burden for your loved ones. The slew of funeral costs adds up quickly and without a final expense insurance plan, many families struggle to provide coverage for the costs. This can lead to sacrificing tuition coverage, mortgage payments, and many other unplanned cuts. There is enough emotional baggage in a time of loss. Financial stress can overwhelm those that are left to cover the funeral and other end-of-life costs. By planning ahead for final expenses, you will be able to show your support for your loved ones in a time of need.

What Is Final Expense Life Insurance?

Final Expense Life Insurance is a whole life insurance plan designed to cover all the expenses associated with death. This can include final medical bills but is often focused on all the expenses that go into funeral costs such as embalming or cremation, caskets, and vaults, facilities charges, memorial services, and transportation. With your focus typically directed to current health care coverage costs, it is easy to overlook the necessary pre-planning for end-of-life costs. These costs are not something that can be put off until the last minute. Tie up all your loose ends so that loved ones are not left to sell their personal assets or dip into savings accounts in order to cover your funeral costs.

Is it Expensive?

No. a Final Expense Insurance plan is affordable and does not require a medical exam, unlike other life insurance plans. Because plans are created individually, you decide how much you would like to contribute.
You can compare Final Expense Quotes with our Insurance Calculator, and find the ideal final expense plan. Individuals with preexisting health conditions will never be turned away from a Final Expense insurance plan, either.

Compare Final Expense Insurance Plans

What Does Final Expense Life Insurance Cover?

The National Funeral Directors Association estimates that funeral related expenses typically cost more than $9,000 per person. And that is strictly expenses related to the funeral itself, and does not include a headstone, plot, flowers and other extras that we have come to expect at a memorial service. Whether you plan to be cremated or buried, there are many additional costs that accrue along the way. Insurance plans can be used to cover more than just funeral expenses. Your payout can cover:

  • Outstanding medical bills
  • Credit card debt
  • Rent or mortgage
  • Advance payments for terminal illness
  • probate taxes or other legal liabilities

Depending on your budget and final wishes, your Final Expense Insurance plan could cover costs ranging from $2,500 to $35,000. An experienced insurance agent can help you decide what amount is best for you and your family, depending on your planned arrangements and how much you would like to contribute to the plan on a monthly basis. It is also important to obtain a plan that will have extra protection for any future inflation related to funeral and burial expenses. We recommend buying at least 30% more coverage than what you would need today.

How do I choose a Final Expense insurance plan that is right for me?

The best way to find the Ideal Final Expense insurance plan online is by comparing top-rated insurance companies online. Our Final Expense Calculator will help you compare rates and decide which one is best for you and your family.

 

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