What You Need To Know When It Comes To Your Final Expense Insurance Options

Written by Ross Quade

It’s a subject we often like to avoid, and for good reason. It can be a challenging concept to even consider let alone prepare for. After all, who really wants to spend hours on end planning for afterlife expenses? Not most people. While it’s an uncomfortable topic, it’s important that you do give it at least some consideration.

Although planning for your final costs may not be an exciting endeavor, it is something to take responsibility for. However difficult of a subject it may be, your passing can have serious financial implications for the ones you love most. While many people believe that their life insurance policy is sufficient to cover these costs, the reality is that this is very seldom the case. While partial coverage may be provided, without a final expense insurance policy your family could be left responsible for a significant portion of the bill.

What are Final Expenses?

Although final expense costs are said to be expensive, what exactly constitutes as a final expense anyway? While many costs could be recognized as a final expense some of the most common include funeral services, casket, urn, plot, and more and while these costs may sound minimal, think again. In fact, the average funeral in the United States is reported to be between $7,000-10,000. Even seemingly small purchases such as a casket or plot can end up costing families thousands of dollars, all of which must be paid out of pocket without the right policy in place.

Common Final Expense Insurance Coverage Questions

Still, have questions when it comes to final expense coverage? Rest assured, you’re not alone, here are answers to some of your biggest coverage concerns.

What will coverage provide?

Final expense insurance will provide coverage for after-life costs such as funeral expenses, casket costs, and more. Depending upon the policy selected, coverage will vary but ultimately all final expense insurance policies are designed to offset final expenses for loved ones and family members of the deceased.

How much should I expect to pay for coverage?

Great question! As with most things that have to do with insurance, the answer is that it can vary. For example, a couple in their 40s or 50s may qualify for premiums at $20 a month while a couple in their 70s with pre-existing health conditions may qualify for premiums that range from $50 to a few hundred a month.

Is there a waiting period?

For the vast majority of final expense policies, there is no waiting period, especially if you’re in good health. However, keep in mind that if you are in not overall good health or possess a pre-existing medical condition that you can still qualify for coverage, but it may take a few weeks to get approved.

Will my coverage ever expire?

Unless you choose to cancel your policy or stop making payments, coverage will continue until death. Unlike most life insurance policies, your final expense policy will provide you guaranteed coverage through the entire remaining course of your life.

Do I need to tell my loved ones about my policy?

Absolutely! It is especially important to notify beneficiaries of the policy that you have put in place. Do not overlook the importance of letting your loved ones know of your coverage, it will help them tremendously when the time comes and will provide peace of mind in the meantime.

Options Going Forward

Now that you have a better understanding of what a final expense insurance policy is and the type of coverage it can provide, you may be wondering what to do next. While you may not be ready to qualify for coverage just yet, consider exploring your options. After all, the more you know the better decision you can make. Begin comparing quotes today or Contact FinalExpenseInsurance.com for assistance.

Featured image via sharonkirbycounseling

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Ross Quade
Ross Quade has been a licensed insurance agent since 2008. State of Texas license #1702965. He has a Bachelor Degree in Psychology from University of Minnesota and minored in Applied Economics. He has been quoted in several online publications including Huffington Post, Young Startups and various financial blogs. Ross frequently writes about issues related to the insurance and finance industry.
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About FinalExpenseInsurance.com

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