Planning for the future isn't just about finances; it's about providing peace of mind for those you leave behind. Final expense insurance (often called "burial insurance") is a simple, affordable way to ensure your loved ones aren't burdened by funeral costs or medical bills during a time of grief.
Final expense insurance is a type of permanent whole life insurance designed specifically to cover end-of-life costs. Unlike traditional life insurance, which is meant to replace income for decades, final expense policies have smaller coverage amounts (typically $2,000 to $50,000) making them much more affordable for seniors.
The average cost of a traditional funeral with burial in the U.S. now exceeds $8,300, while a funeral with cremation averages about $6,280. To find your ideal coverage amount, you should factor in:
Yes, especially for those who do not have a large savings account set aside for immediate expenses. Traditional life insurance payouts can take weeks or months to process. A final expense policy is designed to pay out quickly—often within 24 to 48 hours of a claim—providing the cash your family needs exactly when the funeral home requires payment.
Yes. One of the biggest benefits of this insurance is that there are no medical exams required. Most policies are "Simplified Issue," meaning you only answer a few health questions on the application. For those with serious health conditions, we offer "Guaranteed Issue" policies where you cannot be turned down regardless of your medical history.
This typically applies to Guaranteed Issue policies (where no health questions are asked). If the insured passes away from natural causes during the first two years, the beneficiary receives all premiums paid plus interest (usually 10%), rather than the full death benefit. However, if the death is accidental, the full benefit is usually paid from day one. Simplified Issue policies generally have no waiting period.
Final expense companies specialize in speed. Once the beneficiary submits a death certificate and a simple claim form, the funds are typically released in a lump sum within a few business days. This allows the family to focus on honoring your memory instead of worrying about how to pay the funeral director.
Answered by: Jeremy Hayes, Licensed Insurance Broker
NPN: #19778881
Experience: Helping families secure dignity and financial protection through simplified senior life products. Note: Policy availability and rates vary by state and health status. Contact us for a personalized quote.
Growth Insurance Group
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