Cost of Final Expense Insurance

Since a funeral is not deemed a medical expense, Medicare doesn’t cover funeral costs. Final expense insurance can help pay for end-of-life costs including medical bills, funerals, and credit card debt. Thinking about final expenses can be difficult, but knowing what they cost and having an insurance policy large enough to cover them can make things a lot easier for your family.

Average Funeral Costs Have Been Rising

The sum of your final expenses depends on where you live and what type of final arrangements you want. Funeral costs have been gradually increasing since the 1980s. According to the National Funeral Directors Association (NFDA), the average funeral can cost up to $9,000 or more. It depends on whether the body is buried or cremated.  

However, many families tend to overspend on funeral costs because they often have to make on-the-spot decisions and they don’t have prior experience in funeral planning.

Funeral Insurance Costs

While many people underestimate how expensive a funeral or cremation service can be, final expense life insurance, aka funeral insurance, can help. Even a simple policy can help cover essential burial costs. 

The rates increase as you get older, so most seniors obtain coverage early on to secure a lower rate. The average policy costs between $30-$70 per month, depending on your sex, age, health, amount of coverage, and the insurance company you select. If you have serious health conditions or are over age 70, your premium will likely be higher. It may cost between $70-$120 per month, although it could be less.

Most policy amounts are less than $50,000, although the average policy is withdrawn for $10,000 – $20,000.

Younger policy seekers who are in good health might qualify for rates between $20-$50 a month. A lower rate typically comes with less features and benefits for remaining loved ones. Spending a little extra each month could greatly impact the support your family gets when you’re gone.

Why Final Expense Insurance Is Worth It

This type of permanent insurance is affordable for seniors. If premiums are paid, the policy doesn’t expire, and it acquires a cash value over time. Even if you’ve had health issues in the past, you’re likely to still get coverage. 

But anyone — not just seniors — can take out a life insurance policy who is anxious about leaving their family unprepared when they pass away. Children, too, can buy life insurance for their parents.

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Other Things to Consider

Which final expense policy is best for you? While cost is an important factor in choosing a provider, there are other questions you should consider, such as:

  • Which policy will pay my claim the fastest?
  • Which will help my family with my funeral arrangements?
  • Which plan will protect my family the most during the funeral process?
Get a Final Expense Insurance Quote Today

Each company uses underwriting criteria and actuarial data to set their own rates. To determine which policy is right for you, speak with our licensed agents today. We can give you a free quote that meets your unique needs. Then, we will help you find the most affordable final expense policy.

Call Turning 65 Solutions at 830-217-6711.