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Final Expenses Insurance
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Understanding Final Expenses Insurance
Funeral insurance, also called final expense or burial insurance, is one option for families and senior citizens who are concerned about the high cost of funerals, burials, and other final expenses. Besides having to pay for a funeral and burial, most families end up needing to take time away from work, travel, host guests, or deal with other issues that can create a financial burden. American funerals average over $8,000, and it is easy to see how expenses could add up to several thousand dollars. Quality life insurance companies usually offer funeral insurance for people between the ages of about 50 years old and 80 to 89 years old. Since these companies are very competitive with each other, it is always a good idea to take advantage of multiple funeral insurance quotes in order to make sure that you are getting a good value.
How Does Final Expenses Insurance Work?
Before buying a policy for yourself or an elderly person in your family, it is important to understand how this kind of coverage works. When consumers understand what they are buying, they are more likely to make a good decision and find the right product at a price that makes it a good value.
These are some features of a typical funeral policy:
1- Easy for seniors to apply for
2- Affordable for many families
3- Pays a cash benefit
These policies are a type of whole life insurance, but don’t let the term, life insurance, frighten you off. These plans have been specifically created to be easy for older folks to apply for and afford. The very fact that this product is life insurance is an advantage because it pays a cash benefit that can be used for a funeral and any other expenses at the beneficiaries discretion. This is different from a pre-need funeral plan that can only be used for very specific services at one funeral home or funeral company.
How Much Does Final Expenses Insurance Cost?
Of course, funeral insurance rates depend upon the type of funeral plan, the applicant’s age, and of course, the actual insurance company. Other factors that might impact the cost of funeral policies are the location of the insured person, and in some cases, health or lifestyle. These are some sample funeral insurance quotes from a selected insurer for a 65-year-old woman in Ohio who does not smoke and is in relatively good health for her age:
| $5,000: | $22.01 |
|---|---|
| $10,000: | $41.41 |
| $20,000: | $80.21 |