What Is Final Expense Insurance

Michael T. Braden August 29, 2024 FINAL EXPENSE INSURANCE

Final Expense Insurance Is Primarily Used To Cover Burial Expenses And Pay Off Debts, So Your Family Is Not Burdened By Them.

FINAL EXPENSE INSURANCE FOR SENIORS

Burial Insurance has been around forever; however, in the last 20 years or so, the terminology and marketing of these types of policies have changed to FINAL EXPENSE INSURANCE.

Initially designed to be enough insurance to cover the cost of one's own burial, so one's death would not become a financial hardship on surviving family members. But as with anything, life becomes more complex over time, as the world continues to grow and evolve.  Nowadays, Final Expense Insurance can cover Credit Card Debt, pay off Mortgages, Automobile Loans, and Student Loans, and cover Medical Bills, all in addition to"Funeral Expenses".

Today, an average funeral costs between $7,000 and $12,000.  This includes viewing and burial, basic service fees, transporting remains to a funeral home, a casket, embalming, and other preparations.  The average cost of a funeral with cremation is $6,000 to $7,000. 

FINAL EXPENSE INSURANCE FACTS

• No medical exams are necessary with Guaranteed Issue life or Final Expense life insurance policies.  Some companies may offer products at a slightly lower premium in exchange for the client agreeing to a physical exam.

• Once you purchase a Final Expense life insurance policy, the rates are level and fixed.  This means your monthly premiums will never increase.

• Final Expense policies are a type of whole-life policy that accrues Cash Value.

• Your benefits can never be reduced as long as your premiums are paid on time.

• Coverage is available for ages 0-89.

• Very affordable monthly payments.

• You can get coverage ranging from $2,500 - $50,000.

If you are ever in the market for Final Expense Insurance, we can help you compare plans from our highly rated insurance companies.  Helping you research which companies have the highest ratings for financial strength and identify those that are established and have the resources to pay out on all claims promptly is just part of the service you get when you work with Braden MSI Insurance Services.