Hello, this is Chad McMahon with protect with insurance, and the quick question of today is that what is final expense life insurance? The short version of the final expense life insurance is usually it’s a whole life policy, so generally, it’s going to be anywhere from five to forty thousand dollars.
Usually, you’re going to see more like five, ten, or fifteen thousand dollars of whole life coverage and it’s a whole life policy that takes care of those final expenses when we pass away, it cost awful money it’s hard enough losing loved ones but then you’ve got bills as well, so it’s going to be cremation costs, burial costs, and other bills that were left unpaid such as travel costs for people coming out to service, the actual service itself, income replacement is usually not part of it but it can be so in a short version that is the final expense.
Now cremation costs, they vary, and they’re all across the board nowadays closer to about 3,000 but it’s recommended for cremation that you get a $5,000 policy if all you want it to cover Cremation, it’s recommended to get a $5,000 policy, in a lot of cases, people get seven, eight, or ten thousand dollar policies just for cremation because they know that for cremation, plus the service, plus other miscellaneous, small bills that it quickly adds up to there and they want to make sure that there’s a buffer and when you think about things like inflation costs, you want to cover more than just what does it cost today, you want to assume you’re going to be around for at least a few years that’s the hope so you want to make sure that you’re planning for inflation as well as burial, it’s quite a bit more expensive if you’ve ever looked into it it can easily be fifteen thousand dollars, I’ve had plenty of clients that tell me that based on their research, they’re looking at twenty, twenty-five thousand dollars that seems a little high to me but typically, it’s fifteen to seventeen grand is where it starts for burial, so you want to make sure that you make the plan that’s sufficient enough to cover those things. If your burial is not already covered and if you’re a veteran, it might already be covered but you need always to verify that.
That is the case sometimes and sometimes it’s not. The same thing goes for cremation. So I hope this was helpful. Click on the link below I’ll be happy to give you a free consultation or answer, and any other questions or needs that you have, I’ll be happy to. Take care of yourself. Alright, you take care and stay safe out there, bye.
If you are located in the Cottonwood, Sedona, Flagstaff or Prescott area and are looking for more information on affordable Life Insurance please don’t hesitate to contact us. Use the links below or call us directly at: (928) 323-0933.