Final expense insurance is quick and easy to apply for, and one of the more popular ways to mitigate funeral expenses. It’s not quite the financial cushion that is offered by larger policies, but it effectively eliminates the stress for your loved ones when they cover your end-of-life expenses. This will provide answers to common questions individuals have regarding final expense insurance.
What Costs Will Final Expense Cover?
Final expense was created with covering funeral costs and other end-of-life expenses in mind. Once you pass away, it is your loved ones’ responsibility to settle these debts.
How Much Do Funerals Cost?
Funerals, for example, can be between $5,000 and $12,000 – this can pose a major setback to those who have a difficult time maintaining cost of living expenses. A single person’s monthly cost of living equates to $2,730, and living expenses for a family of four amount to roughly $5,180. In essence, funerals may be twice the amount your loved ones can afford within a given month.
Some have gravitated toward cremation as an alternative, which ranges from $2,000 to $5,000. If you choose this despite burial due to financial strain, final expense can help your loved ones afford to give you the funeral you want. But you may also choose cremation, because your loved ones will be able to use the leftover funds from your final expense policy for their own intents and purposes.
How Much Does Final Expense Cost?
The cost of final expense insurance is lower due to its relatively low death benefit. It is a very small monthly contribution compared to policies such as whole life insurance.
Age, gender, health, where you live, and lifestyle choices all impact how much your premiums will be.
The longer you’re expected to live, the lower your costs will be. That’s why younger individuals have the lowest rates. Women also pay less than men due to living longer on average. Good health will also help with lower rates.
Do I Need Final Expense Insurance?
Final expense insurance is the best choice for individuals who want a death benefit that is just enough to cover end-of-life expenses. It’s also good to have if you don’t have any other life insurance policy, or if you have a term life policy nearing expiration. This is also ideal if you’re unable to “self-insure”, meaning you aren’t able to fund your funeral with your own assets.
Get The Policy That’s Right For You
At FiduSure Financial, you’ll be able to get the policy that will provide relief to you and your loved ones. We will get you a low-cost final expense policy so that your loved ones will not have to worry about covering final expenses when the time comes. Call us today at (647) 567-4702.