Final Expense

Planning for your family’s well being after you pass away is an important step toward retirement. Final expense insurance can provide you additional financial benefits that your family can use to pay for funeral expenses or other death-related costs if you do die unexpectedly. 

Final Expense Insurance Policies

A final expense policy is a form of whole life insurance policy that offers a rather small death benefit but has the added benefit of being much easier to get approved for. The reason final expense policies offer a smaller death benefit than traditional life insurance policies is because they are primarily intended to provide family members with the funds necessary to bury the deceased. Although, the beneficiaries can use final expense benefits for any purpose they choose.

Who Needs Final Expense Insurance

Final expense policies are ideal for retirees who no longer have employer-based life insurance or another form of life coverage. This is because people in this position often have adequate savings and assets as well as fewer dependents and financial obligations. Because they have less financial responsibilities, the premium price of term or whole life insurance may not be worth paying.

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Final Expense Benefits

As mentioned previously, the death benefit payout associated with final expense insurance is significantly lower than your typical traditional life insurance policy. In fact, the average final expense policy ranges from $2,000 to $50,000. In most cases, this is approximately enough money to afford any funeral related costs, such as burial or cremation. The average funeral ranges from $7,000 to $12,000. Therefore, larger final expense policies will leave a substantial surplus for your family to draw upon.

Sample Rates
For a $10,000 final expense policy