Final expense insurance is meant to offer peace of mind in knowing that burdensome medical and funeral expenses won’t fall to your loved ones in the event of your death. It is a small whole life insurance policy with a modest death payout amount, intended to help cover costs incurred with your passing. In this article we want to draw attention to this coverage option and give you all the details you need to decide whether it’s right for you.
A traditional burial and funeral can cost anywhere from $7,000 up to $12,000. A cremation costs significantly less at an average of about $6,000. However, these are still hefty costs that can be a significant burden on your loved ones. Final expense insurance is designed to cover these costs and ease that burden.
Final expense death benefit payouts can range anywhere from $2,000 to $50,000, so you can help cover anything from your funeral to medical bills, end of life care or any other costs that you incur toward the end of your life. Plus, the money goes directly to your dependents to use at their discretion. For this reason, some people choose final expense insurance as a sort of second “inheritance” for their children and grandchildren.
Is Final Expense Insurance Right for Me?
Final expense insurance may not be right for everyone. However, it may be a good choice for you if:
- You haven’t paid for your final expenses up front. If you’ve already made your final arrangements and paid for them in advance, then final expense insurance may not benefit you (unless costs increase unexpectedly). However, for anyone who hasn’t paid all their funeral costs up front, final expense insurance is an excellent option.
- You don’t have a mortgage or other significant debt. Final expense insurance does not offer the high payouts that a term or whole life policy does, so it may not be able to pay off your debts in full. However, if you’re largely debt-free, this option could be the ideal way to pay for final arrangements.
- You are looking to supplement your current coverage. Say you already have a life insurance policy designed to pay off your mortgage and other debt, but now you’re thinking it may not be enough coverage. A final expense insurance policy can help supplement any lacking coverage so nothing slips through the cracks.
- You need a policy that may not require a medical exam. The older you are and the more medical issues you have, the harder it can be to find affordable life insurance. Thankfully, many final expense insurance policies don’t require you to have a medical exam in order to get coverage.
Final Expense Insurance Providers
Looking for final expense insurance options that can provide you with the coverage you need? Americo Senior Life offers a wide range of coverage options that are affordable and tailored to your needs. Our whole life insurance policies are designed to give seniors peace of mind, with termless policies and coverage up to $30,000. Apply online today, or contact one of our experienced representatives to get started.