Final Expense Insurance

Final expense insurance is a type of life insurance that helps seniors cover end-of-life bills, such as funeral expenses and healthcare.

If you don’t have a final expense life insurance plan in place for these bills, your loved ones will be responsible for them by default. Funeral costs are expensive, and there are probably more costs than you were aware of.

According to the National Funeral Directors Association, the national median cost for a funeral with a burial and vault is $8,755. The national median cost for a funeral with cremation is $6,260.

These cost estimates do not include the cemetery plot ($2,000), monument (up to $10,000) or grave marker ($1,000), or miscellaneous items like flowers ($200) or an obituary ($200). If we factor those costs in, the average cost for a funeral with a burial and vault can be more like $15,000.

The funeral estimate obviously doesn’t include other end-of-life costs, such as healthcare and legal expenses. Here’s a list of items your loved ones might be responsible for immediately following death:

Final Expense Insurance Rates

Final expense insurance plans are meant to be used for end-of-life costs. Because of this, the benefit value is generally lower than other permanent life insurances.

For example, it’s very common to purchase a final expense policy that has a $5,000-$25,000 benefit.

Be warned, however, that most companies allow you purchase a policy with a very small benefit. For example, $3,000 is the minimum benefit amount with one of the carriers we represent. Be careful that you don’t underestimate your final expense costs. A $3,000 policy is not nearly enough to cover the most basic of funerals.

While everyone is unique, it can help to see a few final expense insurance rates.

Please view these as examples only. Your own health, age, location, and tobacco-use will determine what you’re eligible for as well as what your final expense rates will be.