Final expense life insurance can be easy to qualify for and simple to understand, and won’t be terminated as long as the premiums are paid on time.įinal expense insurance can be affordable and premiums generally will not increase over time. Many insurance companies can issue final expense life insurance without requiring you to complete a medical exam. But don’t guess use a life insurance calculator to confirm your estimate. Upon your death, all your family may need is the readily available cash to pay for funeral and burial - immediate expenses that could be covered by final expense life insurance. Later in life your family isn’t as likely to be as dependent on your income, and you may not be carrying as much life insurance as you did when you were raising a family or paying down a mortgage. Here are some conditions that may indicate that final expense insurance should be considered. Is final expense insurance beneficial to you? But for now, let’s look at the criteria for individuals who might find this type of insurance especially beneficial based on need, ease of insurability, and cost. Just about anyone could benefit from a final expense life insurance policy. In 2019, the national median cost of a funeral with viewing, burial and vault was $9,135 without flowers or marker. According to The National Funeral Directors Association, the average cost of a funeral has increased more than tenfold since 1960. Being prepared with final expense insurance is one way to be certain your family won’t have to dip into their savings to cover the funeral or burial costs and medical bills you may leave behind.įuneral expenses have not been immune to rising cost. Yet final expenses can be a major burden to your family and loved ones and compound an already difficult time. Final expenses can be difficult to talk about.
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