Taking care of funeral costs is sadly not a cut-and-dry matter. It’s not uncommon to see GoFundMe campaigns from families seeking to dignify a loved one with a burial or cremation service.
On average, funerals cost between $7,000 and $9,000 for most people. You can prevent your descendants from having to cover your final wishes out of pocket by shopping for the right insurance coverage.
Let the tips below get you up to speed when you’d like to learn more about final expense insurance, how much it costs, and what you should know about these plans.
What Is Final Expense Insurance?
Understanding final expense insurance will help you determine what kind of fit it might play in your life. This refers to a type of whole life insurance policy that you can opt into, which will cover your burial or other final wishes.
It’s not necessarily included with every life insurance plan, so make sure you know what’s included and sign up for it if you find this coverage worthwhile.
The Cost of Final Expense Insurance
How much does final expense insurance cost? Expect these plans to cost you between about $40 per month and $60 per month.
The final expense insurance cost that you pay will depend on several factors, such as your age and the amount of coverage you would like to opt into. These plans typically don’t require a lot of coverage, so you should never have to pay an inordinate cost in monthly premiums.
The Benefits of Final Expense Insurance
There are plenty of reasons to get burial insurance and coverage for all final expenses. You should consider final expense insurance for seniors a must-have part of your plan.
Here are some of the benefits you will appreciate when you add this coverage to your life insurance plan:
- You won’t have to burden your loved ones, and they will have time and space to grieve without worrying about money or planning
- It can coincide with your will so you never have to worry about how your funeral will be paid for
- Final expense insurance covers details like burial costs, cremation, the cost of the casket, outstanding medical and nursing home bills, the writing of an obituary, floral arrangements, and several other funeral details
The key is to research the plan that you are looking into so you have 100% clarity on what you’re getting. This will let you opt-in to whichever type of coverage you think you need.
Final Expense Insurance 101
Now that you know more about final expense insurance, you can begin shopping around for the perfect plan. It all starts by knowing the cost of final expense insurance, so you can find the help of pros that will create a quality plan for you.
Your death can send a ripple effect of grief throughout your family, so give them the gift of not also having to worry about the business end of things.
Let USA Life help you with all of your insurance needs. To request a quote, contact us on our site or call us at (866)948-4295.