Final Expense Insurance
Losing a loved one is a difficult and emotional time for any family. However, it can also bring financial strain that can last for years. Funeral and cremation services can be costly, adding to the burden of grief that families already endure. While discussing funeral expenses may be sensitive, it is necessary to ensure that your family is prepared to cover these costs.
Final expense insurance offers an affordable way to ease this burden. By planning ahead, you can protect your loved ones from the financial stress that often comes with funeral expenses. Our team of Independent Legacy Advisors can assist you in finding the best coverage to meet your specific needs and budget. To begin the quote process, simply click the button below.
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Our Independent Legacy Advisors can help you find the company and coverage that best fits your needs and budget by comparing multiple carriers and helping you secure your coverage. Just click the button below to get started on the quote process.
Things you should know
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​ According to the National Funeral Directors Association (NFDA), the most recent data in 2021 show funeral costs can easily exceed $8,000, while cremation costs are likely to exceed $7,000. It's important to note that these cost estimates only consider the expenses incurred by the funeral home, not additional expenses such as cemetery costs (such as a plot, memorial marker, vault, opening/closing for internment), flowers, receptions, obituaries, service/memorial notices, and other customary funeral expenses. These additional items can bring the total cost up to $11,000 for a traditional burial and $10,000 for cremation.
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Regrettably, relying on Social Security benefits alone may not be enough to cover the cost of funeral expenses. While Social Security does provide some assistance following the death of a loved one, the benefits are limited. For example, the death benefit is a one-time payment of $255 to the surviving spouse or child, while survivor benefits are monthly payments made to the widow or widower and minor children. However, given that funeral costs can easily exceed $11,000, these benefits are often not sufficient to cover all the expenses associated with a funeral.
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Benefits of Final Expense Insurance
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Final expense insurance can bring peace of mind to your family as it provides them with the funds they may need to cover expenses related to your death.
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It can be a welcome choice for people who can't get any other insurance due to their age or health but want to ease some financial burdens for loved ones.
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It is often more affordable given the lower coverage amount.
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This type of insurance policy builds a cash value over time, so you may be able to borrow from it or use it as collateral during your lifetime.
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The premium amount never changes, regardless of age or health, which can be helpful for budgeting.
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Coverage is guaranteed.
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The policy cannot be canceled, even if your health deteriorates.
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The death benefit, while aimed at final expenses, can be used for whatever a beneficiary decides is best—a legacy nest egg, mortgage payments, credit card debt, and more.
