Final expense insurance is designed to cover the bills that your loved ones will face after your death. These costs will include medical bills and funeral expenses. Final expense insurance is also known as burial insurance. Unfortunately, even basic funeral can cost thousands of dollars.
Final Expense Insurance: The Basics
With funeral insurance, the value of your policy is proportionate to the expense of your desired funeral.
The Cost of Final Expense Insurance
The exact cost of your final expense insurance will depend on your age. Unfortunately, the older you are, the larger the premiums. This is because insurance companies take on more risk when insuring older folks, given the fact that they’re statistically closer to death. If you buy final expense insurance when you’re 50, you’ll pay less each month than if you wait to purchase until you’re 75.
Do I Need Final Expense Insurance?
The answer is different for everyone. If you already have a Term / Universal Life or Whole Life Policy, they could pay the Funeral Expenses, However if you have out lived your Term Life Insurance you might want to consider Final Expenses Insurance….If you do not have $10k in a savings account, you might want to consider Final Expense Insurance. If you are afraid your family will have to pay for your funeral expenses, then yes, Final Expense Insurance is a good idea.
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