What is Final Expense Life Insurance Policy?

 What is Final Expense Life Insurance?

 What is Final Expense Life Insurance?

Final Expense Life Insurance means a policy that covers the bills that your loved ones will face after your death. Most likely these costs will include medical bills and funeral expenses. It is also known as burial insurance.

It’s essentially a type of whole life policy that covers anywhere from five to forty thousand dollars.

Most people get this type of whole life coverage for $5,000 to $15,000.  Final Expense coverage takes care of a lot of loose ends when we pass away.  It takes care of cremation and burial costs, as well as unpaid medical bills. It pays for the actual service itself which can include travel costs for loved ones to attend the ceremony. Income replacement is usually not part of this but it can be.


How much does Cremation Cost?

Cremation costs vary.  They’re all across the board nowadays. It’s usually closer to $3,000 but it’s recommended that you take out a $5,000 policy. The policy is usually needed to cover other miscellaneous costs that quickly add up. So most people like to know there’s a buffer in there. Inflation also affects cremation prices.

What are typical Burial Costs?

Assuming you’re going to be around for at least a few years, you want to make sure that you’re planning for inflation as well as the burial costs. To begin with, burial costs are quite a bit more expensive and can easily be fifteen thousand dollars. So you definitely want to make sure that you make a plan that’s sufficient enough to cover the things you want.   Some people want a more lavish burial and they’re looking at possibly up to $25,000. Please note that if you’re a veteran, it might already be covered but you need always to verify that.

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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.