Final Expense Insurance

Final Expense insurance coverage allows the family to feel secure knowing that the funeral and burial costs and arrangements are already taken care of should a loved one pass away.


What is Final Expense?

Final expense policies can save your loved ones a lot of money and stress at the time of your death. With the high cost of funerals, the last thing anyone wants to think about after they lose a loved one is paying for and planning final arrangements. Final expense can help ease that burden by paying for many of the costs associated with funerals. In this article, you’ll learn how final expense policies are different from traditional life insurance, who can buy it and how much you should buy.

Final Expense vs. Life Insurance

Unlike the high face value most regular life insurance policies contain, final expense is written with a much lower face value and is intended solely to take care of the cost of a person’s final arrangements. A regular life insurance policy ranges from $250,000 to $1,000,000, while a final expense policy is typically purchased for $5,000 to $50,000.


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Who Can Buy It?

Anyone can buy final expense coverage. Most often, however, it is purchased by those who are near to death and do not already have a regular life insurance policy in place. Many final expense policies can be underwritten without the designated insured submitting to a medical exam.

How Much Should You Buy?

It’s a good idea to discuss with your loved ones, or whoever will be your policy’s beneficiary, your wishes for the type of funeral you would like to have. If you are helping someone else who is near death buy a final expense policy, you may want to consider the funeral’s cost including the funeral service, flowers, catering, a casket, a burial plot and headstone and any paid funeral procession arrangements such as police escorts. In general, funeral costs can range from $6,000 to $10,000 or more.

No one likes to think about what will happen after they are gone, but don’t forget about the people who will be left behind and will need to take care of your final arrangements. If you don’t already have a regular life insurance policy, buying a final expense policy is a good alternative that will help your loved ones pay for your funeral costs. To get started, compare your options between final expense coverage and life insurance, decide if you’d like to submit to a medical exam or not and determine how much final expense you should buy.