Note: This post was originally published on July 17, 2018 and has been updated for clarity and accuracy based on current data.
The term “final expense life insurance” may be pretty self-explanatory—it’s life insurance to help cover your final expenses, right? Well, yes…but that’s not necessarily the whole story. Read on to learn more about what exactly final expense life insurance is and how it may be able to help protect your loved ones and your legacy!
4 Facts about Final Expense Life Insurance
Final expense insurance is a type of whole life policy. That means that as long as you continue to pay your premiums, your coverage won’t expire…unlike that Greek yogurt in the back of your fridge.
Because final expense life insurance is designed to help cover end-of-life costs, coverage typically maxes out around $20,000-$30,000, resulting in monthly premiums that are often much lower than traditional policies. So if you’re afraid of commitment (financially speaking), this type of life insurance may be a great option!
While “final expense life insurance” is sometimes used interchangeably with the terms “funeral insurance” and “burial insurance,” funds from final expense life insurance policies like the ones offered by Final Wishes Covered℠ can also be used to help cover outstanding medical bills or other debts left behind. If you’re lucky enough to NOT be among the 73% of Americans likely die with outstanding debt, any surplus simply goes to the beneficiary to use as needed.
Typically, there is no medical exam required when applying for final expense life insurance. Having someone show up at your door to weigh you and draw your blood may be convenient, but it’s not exactly fun. If you choose to apply for coverage through Final Wishes Covered℠, you’ll simply be asked to answer some questions about your current health and personal medical history. Pretty easy, right?
The Price Tag of Loss
The average cost of a traditional funeral is $8,000-$10,000. Final expense life insurance may help cover those expenses, which could take some of the financial burden off your loved ones’ shoulders and leave them with more space to grieve. Losing someone you love is hard enough…losing someone AND worrying about how you’re going to pay for their funeral can be overwhelming.
When you know there’s a final expense life insurance policy in place that may help pay for your end-of-life plans, you might also feel more freedom to choose how you’d like to be remembered.
Do you want a gorgeous casket and an elaborate reception with all your friends and family? How about a green burial, a small gathering at a farm-to-table restaurant, and a generous donation to your favorite environmental cause? Or maybe just a sweet, simple ceremony and an urn that allows a tree to grow from your ashes as a beautiful memorial.
With final expense life insurance, you can enjoy greater confidence that your final wishes, whatever they are, may be covered. Turns out our name is pretty self-explanatory, too.
Supercharge your Legacy
Even if you already own some other type of life insurance, final expense life insurance may be something you want to consider. If you currently have a term life policy, adding a final expense policy as a “backup plan” can help ensure that even if your term life insurance ends, you’ll at least have coverage to help with the cost of your funeral if something tragic should happen. If you already have a whole life policy, supplementing with final expense life insurance could mean more benefits going to your family rather than being used to pay for your funeral.
In other words, final expense life insurance may be a simple way to leave a stronger legacy.
Ready to learn more about how final expense life insurance could fit into your financial strategy? Start with a free online quote from Final Wishes Covered℠…or, if you prefer, call our free quote hotline at 888-432-7066. You can also join the conversation anytime by following us on Facebook, Twitter, and Pinterest.