What Is Final Expense Insurance?
Final expense insurance can help ease that burden by paying for many of the costs associated with funerals.
With the high cost of funerals, the last thing anyone wants to think about after they lose a loved one is paying for and planning final arrangements, but it is a sad reality many people have to face who don’t have the proper coverage to prevent such occurrences.
Final Expense Insurance vs. Life Insurance
Unlike the high face value most regular life insurance policies contain, final expense insurance is written with a much lower face value and is intended solely to take care of the cost of a person’s final arrangements. A regular life insurance policy ranges from $250,000 to $1,000,000, while a final expense policy is typically purchased for $5,000 to $50,000.
If you are looking for instant life insurance we can answer more of those details in our related blog.
Who Can Buy Final Expense Insurance Coverage?
Anyone can buy final expense insurance. Most often, however, it is purchased by those who are near to death and do not already have a regular life insurance policy in place. Many final expense insurance policies can be underwritten without the designated insured submitting to a medical exam. These no-exam policies contain higher rates for the insurance, but are still less expensive to buy than regular life insurance because of the low face value of the policy.
When you are ready to discuss a final expense insurance policy, our independent insurance agency will be glad to help, start the conversation by filling out a free insurance quote above and declaring the policy type as life and health.
How Much You Coverage Should You Buy?
It’s a good idea to discuss with your loved ones, or whoever will be your policy’s beneficiary, your wishes for the type of funeral you would like to have. If you are helping someone else who is near death buy a final expense insurance policy, you may want to consult with a funeral home about the type of final arrangements you would like to make. The funeral director should be able to give you an idea of the funeral’s cost including the funeral service, flowers, catering, a casket, a burial plot and headstone and any paid funeral procession arrangements such as police escorts. In general, funeral costs can range from $1,000 to $10,000 or more. The more you can predict your costs the less surprises you will have in such an emotional time of life.
Last Thoughts On Final Expense Insurance Coverage
No one likes to think about what will happen after they are gone, but don’t forget about the people who will be left behind and will need to take care of your final arrangements. If you don’t already have a regular life insurance policy, buying a final expense insurance policy is a good alternative that will help your loved ones pay for your funeral costs. To get started, compare your options between final expense insurance and life insurance, decide if you’d like to submit to a medical exam or not and determine how much final expense insurance you should buy. We can help guide you through this discussion and process if you would like further explanation. We would love to help every way that we can.
In such a difficult time of life we want to do all possible to help aid you in this process. Our Insurance company in Georgia will gladly give you a free insurance quote and work with you every step of the way. Southern States Insurance believes we are in the people business. We want to know you and help make unfortunate circumstances as bearable as they can be, it is what a good insurance agency does for you.