When we plan the expenses of the future, we often overlook our final expenses. This is a very sensitive topic to talk about, yet the most important one. We don’t have control over our life and death but one thing that we can control is our future expenses. Let’s face it: we don’t want to burden or obligate our loved ones for bearing these expenses.
In this guide, we will explore the costs and considerations of final expense insurance in 2023.
What is Final Expense Insurance?
Final expense insurance is a whole life insurance policy that includes death benefits, which can be approved by your family member. This policy is also burial insurance, funeral insurance, modified whole life insurance, or simplified issue whole life insurance. This can reach up to $2,000 to $35,000, reflecting your policy with a face value.
The final expense insurance covers all the death expenses of an individual, including their funeral and memorial service, casket, or cremation, depending on your religious or cultural beliefs.
Importance of Acquiring Final Expense Insurance
For some people, focusing on final expenses cost is a redundant task because the time comes to pay off this expense, you’d be gone. But if you care about your loved ones and don’t want to burden them with additional expenses, this policy is the best for you. For those who don’t realize it now, funeral expenses can cost thousands in general. If you break down each individual expense, you’ll realize the significance of the final expense insurance cost.
How Much Does Final Expense Insurance Cost?
It involves many factors in calculating the overall final expense insurance cost, including your health, age, sex, coverage amount, and type of insurance policy you choose. If you’re a person over the age of 70 or going through significant health conditions, the cost can range between $70-$120 a month. Comparatively, young people with good health will qualify for the $20-$50 range, which is not a lot.
People frequently ask how much does final expense insurance cost…However, it is not the most significant component! Instead of focusing on the policy’s cost, consider how many expenses will be left behind and how much they would cost your family. Medical bills, credit card debt, and funeral fees are all common expenses. We’ll go over each of these expenses in more detail below.
Benefits of Final Expense Insurance
- Guaranteed coverage
- The premium amount never goes down, which helps your budgeting
- No cancellation policy
- Your chosen beneficiary can use the death benefit anywhere they find suitable.
- Many more!
Plan Ahead for Peaceful Departure from This World
You should trust only the leading insurance providers in the country to make sure you’re getting all the benefits in your final expense insurance. Buckalew Financial Services are independent insurance agents offering the finest market options through a large network of reliable insurance providers. Our aim is to be financial supporters in your presence as well as in your absence!
