Final Expense Insurance
Leave Legacy, Not Death-Debt
Final Expense Insurance is a type of whole life insurance designed to help beneficiaries to cover final expenses such as funeral costs, burial costs, housing expenses and debt.
Funeral Arrangements
According to a study conducted by the National Funeral Directors Association, as of 2024 the median cost of a Traditional Burial funeral is $8,300. Costs are expected to grow by 5% every year. Costs include but are not limited to things such as embalming, flowers, casket, memorial services, etc.
What are Final Expenses?
When someone passes away, credit card debt, mortgage payments, car payments, medical expenses and other outstanding debt is passed on to the estate of the deceased. In some cases, it can become the responsibility of the beneficiary.
Why Get Final Expense Insurance?
Life Insurance policies are a great way to leave loved ones with financial security after the insured has passed away. However, the payout after a claim has been filed can take on average, 14-60 days. Final Expense Insurance protects the family from final expenses by making it possible for the beneficiary to get a payout quicker so they can pay for time-sensitive expenses such as funeral arrangements.
Final Expense Insurance vs Pre-need Plan
Final Expense Insurance and Pre-need Plans are both ways that people plan for funeral expenses. While Pre-need Plans are priced and purchased from a specific funeral home; Final Expense Insurance is purchased from an insurance company and there is flexibility for the the payout to be used to pay for funeral arrangements from any funeral home, final expenses and more.
