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Final Expense Life Insurance

Final Expense Life insurance coverage is often called burial insurance, and is purchased by those who are considered “seniors,” or between the ages of 50 and 85 – although there are some insurance companies who will sell policies to older applicants. This type of coverage is typically geared towards those who want to ensure that their loved ones will not be saddled with the high cost of a funeral and other related expense such as a headstone, burial, flowers, and memorial service.

Today, the average cost of such items nationwide can be in the range of $10,000 – an amount that many families just simply do not have readily available. So, a final expense life insurance policy can help. Final expense coverage can be either term or permanent – and the underwriting requirements are often not stringent. Also, the premium cost for this type of coverage is usually not high, even though the applicants are usually older.

Typical Funeral Expenses

This data below is based on findings by The National Funeral Directors Association from a news release in 2015.

Funeral with Burial:

  • Metal Casket: $2,395
  • Basic Services Fee: $2,000
  • Vault: $1,327
  • Embalming: $695
  • Facilities/Staff for Ceremony: $495
  • Facilities/Staff for Viewing: $420
  • Hearse: $318
  • Removal or Transfer of Remains: $310
  • Miscellaneous Preparation: $250
  • Printing for Memorial: $155
  • Service Vehicle(s): $143

Funeral with Cremation:

In 2015, the NFDA projected that cremations would eventually become more common than traditional burials. Some families opt to hold memorial services and viewing before cremation. Other families, however, choose to hold their remembrances after the cremation, letting the urn symbolize their loved one. In 2014, the median price of funerals with cremations was $6,078. As with the above estimate of services with burial, this number does not include cash advance fees or cemetery monument or marker costs.

  • Basic Services Fee: $2,000
  • Cremation Casket: $1,000
  • Embalming: $695
  • Facilities/Staff for Ceremony: $495
  • Facilities/Staff for Viewing: $420
  • Third-Party Cremation Fee: $330
  • Removal or Transfer of Remains: $310
  • Urn: $280
  • Miscellaneous Preparation: $250
  • Printing for Memorial: $155
  • Service Vehicle(s): $143

 

Final Expense life insurance is one of the most important investments you can leave to your loved ones. Without it, your family can be stuck with a very large bill at a time when it is already very emotionally challenging. Buying a Final Expense insurance policy ensures that your family can take care of the things that really matter in a time of hardships. Please give us a call, and we can help you purchase a final expense insurance policy. 

866-537-3977