Final Expense Life Insurance
Final Expense Life Insurance:
Final expense insurance is a type of life insurance for seniors designed to help cover end-of-life costs, such as funeral expenses and healthcare. Without a final expense life insurance plan in place, your loved ones may unfortunately be left with the burden of paying any remaining expenses after your passing.
Funeral costs can be significant, often exceeding what many people anticipate. According to the National Funeral Directors Association, the national median cost for a funeral with burial and vault approaches $9,000, while a funeral with cremation is now over $6,000. Meanwhile, the government benefit provided to those on social security is a mere $255.00.
These estimates typically do not account for additional expenses like the cemetery plot (around $2,000), monument (up to $10,000), or grave marker ($1,000), as well as miscellaneous costs such as flowers ($200) or an obituary ($200). When you factor in these costs, the average expense for a funeral with burial and vault can rise to approximately $15,000.
Moreover, the funeral estimate does not encompass other end-of-life costs, including healthcare and legal fees. Your loved ones might be responsible for the following expenses immediately after your death:
- Credit card debt
- Catering
- End of life healthcare
- Funeral home services
- Casket
- Household expenses, such as utilities
- Burial vault/grave liner
- Hearse and service car
- Removal and transfer of remains
- Flower arrangements
- Cemetery/burial plot
- Legal expenses, such as probate
- Outstanding mortgage/car loan
- Travel and lodging for out-of-state family attending the funeral
- Grave marker
- Obituary
- Cremation
- Embalming and preparation
What do these plans cost?
These plans are surprisingly affordable! Many times you can, at minimum, secure some type of final expense insurance for over a dollar a day. It's important to have something in place, not just for yourself but also for those you love, especially when considering end-of-life costs. Feel free to fill out the form below and get a quote on life insurance for seniors.