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Final Expense Insurance
Final expense insurance is designed to cover expenses such as a funeral or memorial service, embalming and a casket, or cremation. But, beneficiaries can use the death benefit to pay for a funeral service, casket or cremation, medical bills, nursing home bills, mortgage payments, and more.
- The average cost of a funeral ranges between $7,000 and $12,000.
- The death benefit is usually somewhere between $2,000 and $35,000.
Final expense insurance is a popular type of insurance among many people. It is also known as burial insurance or funeral insurance. This type of insurance is often used by seniors or those with limited financial resources. Most people want to ensure that their loved ones are not burdened with the cost of their final expenses. Final expense insurance has less stringent underwriting requirements. This makes it easier to get for people who might not otherwise be eligible for coverage.
Final expense insurance is not limited to seniors. Anyone who wants to ensure that their funeral and related expenses are taken for should consider it. It can be purchased at any age.