Final expense life insurance, or burial insurance, provides enough coverage to pay for end-of-life expenses like medical care and funeral costs, but at a higher price than term life insurance.
Life insurance provides your loved ones with an income replacement if you are no longer around to provide for them. Life insurance helps you take care of the people who depend on you financially after your death. With dozens of life insurance policy types to choose from, it can be daunting to decide which one is right for both yourself and those in need! Final expenses covered or funeral services provided by someone who understands what they mean- there’s no shame if we all have our moments where things seem lost without an income coming into play at some point during these challenging times.
When you’re a senior or retired and don’t have dependents anymore, you might not need traditional life insurance coverage. However, there is still one considerable cost you need to plan for your funeral.
The funeral can cost anywhere from $8000-$15,000, not including other end-of-life expenses such as medical bills. These can end up falling on the shoulders of loved ones and cause a financial strain. That’s where final expense insurance comes in. If you’re looking for life insurance coverage that can cover the cost of your death and funeral arrangements, final expenses insurance may be the right fit for you. Due to its high price, its best suited for people who are ineligible for traditional life insurance.