Why Final Expense Insurance May Be Right For You

Why Final Expense Insurance May Be Right For You

We have all heard the saying that “nothing is certain but death and taxes”. While many think it was Mark Twain, the saying is actually a shortened version of a sentence Benjamin Franklin wrote in a letter. So we cannot deny that our time on earth will end.

 

Your Final Expenses May Be More Than You Think

 

Every year the price of a funeral continues to rise. In the last decade alone the average cost has increased almost by one third. Today the average US traditional funeral costs between $7,000 and $10,000, This price range includes approximately:

 

  • Embalming: $500
  • Casket: $2,300
  • Funeral home and funeral directors services: $2,000
  • Average gravesite: $1,000
  • Digging the grave: $600
  • Grave liner: $1,000
  • Headstone: $1,500

 

This estimate comes to $8,900 for the basics. This does not include transportation to cemetery, obituary, flowers, and death certificate to mention a few.  While cremation is an option, The average cost is not as inexpensive as people think. Today’s average cremation can run up to $4,000 to $6,000 for the service and cremation. With these costs, being prepared is the best way to ensure that your family is left with financial issues.

 

Final Expense Insurance

 

Final expense insurance or burial insurance as it is often called is an insurance that is designed to cover the cost of the funeral and your burial services and differs from prepaid funeral plans. Final expense insurance can help cover other remaining costs besides the funeral such as any outstanding debts probate fees or remaining expenses. With Final Expense insurance, you also choose your beneficiary. Preneed plans are usually payable to the funeral home. Final expense insurance can be purchased as a term or whole life policy. It can also be beneficial when paired with your current life insurance.

 

Benefits of Final Expense Insurance

 

Final expense insurance has several benefits besides covering your burial costs. In fact, it covers other expenses as well. Some of the benefits include:

 

  • Funeral expense policies can increase in value over time. Just like a savings account, the balance goes up as you pay.
  • The initial premium may be higher if you are older, but your premium amounts will increase as you age.
  • You choose the beneficiary. In most cases, the beneficiary is a partner or relative who will be responsible that your instructions are followed and funds allocated properly.
  • A medical exam is not necessary
  • Additional benefits can be awarded in case of accidental death.
  • The policy does not need to be paid at once, you can pay monthly or yearly.
  • Final expense insurance covers numerous costs. Besides your funeral, it can pay medical bills, probate or legal fees and other expenses other policies don’t.
  • You can borrow against the tax-deferred dividend value of your final expense policy. So besides providing for your family’s future, you can also access a line of credit in an emergency.
  • Many concerns or limitations of other plans such as preneed or prepaid don’t apply to final expense insurance.

 

At Asurea we have been protecting families since 1991 and are located in 50 states. Working with over 40 independent agents, we can provide you with the policy and protection you need. Schedule a free assessment with an expert to review your current policy and find out more about the Final Expense policy. Your family deserves not to panic trying to find the money to meet your final wishes on top of their pain and grief. 

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