How to Help a Loved One Choose a Final Expense Insurance Plan

Jul 5, 2021 | Life Insurance | 0 comments

Are you worried about how your family will cover your final expenses after you pass away? Don’t leave your grieving family to struggle making all the decisions as well as paying for your funeral, burial, and memorial service costs. 

You need to get a final expense insurance plan. Don’t worry if you don’t know what that means. And if you always seem to get confused by your many choices, you’re in the right place. So, keep reading to learn all you need to know about preparing for your passing, so your loved ones don’t have to. 

What Is Final Expense Insurance?

Final life insurance is a specific type of whole life insurance that covers the final bills one will incur after one passes. You don’t want your family to be burdened with covering the many expenses that come after they lose you. Instead, you can help them cover these expenses with final expense life insurance. 

There are several expenses you might not have thought about, and you don’t want your family to struggle to pay for them while they’re also grieving your loss. That’s why final expense and burial insurance have become so popular among senior citizens preparing for the end of life. 

Types of Final Expense Insurance

As usual, there are various types of final expense insurance for seniors, and it can be confusing to figure out which is the best option for you. Let’s break it down; some common types of insurance include: 

  • Guaranteed issue
  • Simplified issue
  • Preneed/burial insurance
  • Final expense whole life insurance

To ensure that your insurance covers all expenses, you need to make sure that your policy also covers funeral insurance. Many plans, namely the preneed/burial plans, only include the burial and funeral costs. However, there are many other costs incurred as well.  

Some costs you should consider include planning your memorial service, whether you want to be buried or cremated, as well as where you want your final resting place to be.  

Lastly, many plans come without required medical exams and are guaranteed to cover everybody. These are a great option if you have pre-existing medical conditions but still want to cover the costs for your family. 

What Does Final Expense Insurance Really Cost? 

As you consider your options, you’ll, of course, want to keep your budget in mind. There are many different variables that can drive up your cost. However, with the right planning and making your decisions now, you can adequately prepare without breaking the bank. 

The best final expense insurance policy doesn’t have to be pricey. And you want to be sure you get the best value for the option that covers all your needs. To do that, you’ll need to shop around. 

The average cost of insurance can vary depending on your age and gender. Typically burial insurance costs will be between $25-100 per month depending on your age, gender, and the amount of coverage you wish to purchase. As you look at your policy, don’t consider only your monthly cost. 

For example, if you’re still working, what will your family need to cover your lost wages? And if you have debt, including student loans or a mortgage, your family will be required to pay for these from your estate before they can use your money for your funeral expenses. 

So, be sure to consider all these factors as you weigh the different options available to you.  

Alleviate the Grief for Your Family Today

As you can see, final expense insurance is both important and difficult to choose. But you don’t want your family to have to make these hard choices while they’re also grieving. 

So, alleviate that burden by taking care of the hard stuff for them. To request a free quote, reach out to us today, and we can help you take care of your family even after you’re gone.

You May Also Like