(855) 213-0460

Have you ever considered a final expense insurance policy? Burial costs, medical expenses and the cost of living – they’re all rising year after year. If you exhaust your estate paying for care later in life, you may not have the cash reserves to cover your final bills, funeral, and burial. In an emotionally stressful time for your loved ones, a final expense insurance policy could help ease their burden in your final days.

 Funerals Are Costly

 In just 10 years (between 2004 and 2014), funeral costs rose by 28.6 percent. The average funeral in 2014 was $7,181, up from $5,582 in 2004. That total includes costs like embalming, a viewing, and a burial. While cremation may lower this average slightly, most funeral directors still say to budget about $10,000 for your funeral. If you don’t have the money on hand, your family will have to pay the bill. It’s an added stressor that’s easily avoided with careful planning.

 Life Insurance Is No Longer Needed

 For many retired adults, your term life insurance policy expired or is about to expire, and you don’t see any reason to purchase another. After all, you no longer have children to raise or an income to replace. But don’t forget – your burial is the last major expense you’ll have to finance.

Final expense insurance is a permanent policy that doesn’t expire. As long as the premiums are paid, it stays in effect and will build cash value over time. It’s the perfect substitute for (or addition to) your current life insurance policy.

 It’s Not Based on Your Health

 Unlike life insurance, your final expense insurance premiums are not calculated based on your health at the time you sign up. The annual premium is established based on your age instead. You can personalize your policy based on how much money you’d like to make available to your family to settle up your expenses.

 You Can Assign Benefits to the Funeral Home

 If you’d like, you can select a specific funeral home as the beneficiary of your policy. Any excess money can be transferred to your family after burial costs are paid. They can use this money to pay your bills and settle your accounts and avoid taking on any financial burdens as their own.

When your family is dealing with the grief of your passing, your final expense insurance policy can make the funeral-planning process less nerve-wracking.