Which Final Expense Insurance Policy Is the Best for Me?

If you have found yourself concerned about funeral arrangements, burial costs, and end-of-life debt – whether they are imminent or far in the future – it may be time to consider final expense insurance.  

Peace of mind for yourself and your family during a difficult time is priceless — but as you shop around for different policies, keep an eye out for options that are proven to be trustworthy.

Need Medicare or retirement planning help? The Medicare Allies team specializes in Medicare health insurance as well as retirement planning. Call us today at 833-801-7999 for personalized help. 

What Is Final Expense Insurance?  

Final expense insurance is an insurance policy that pays for your final expenses in life. Final costs include burial, credit card debt, end-of-life medical bills, and so on. Final expense insurance can also help you and your loved ones pay for your funeral costs when the time comes.  

Taking the stress of funeral costs off family members during the grieving process is a tremendous gift, which is why final expense insurance is so popular. Financial burdens after a loved one's death can be expensive, so it’s always best to prepare yourself.  

Though this sounds a bit like life insurance, final expense is different from your average life insurance policy because it focuses on costs after death — particularly the funeral.

The dollar amount of this benefit is closely matched to the estimated price of the funeral and other proceedings that the policyholder envisioned while they were still living.  

Related: Funeral Planning Options: Should You Prepay For a Funeral?

What Is the Best Final Expense Insurance for Parents?  

If you are a parent, your children are likely your sun and stars. It’s heartbreaking to imagine them facing the aftermath of you or your spouse’s death. Still, it’s even more challenging to picture the substantial financial burden of your end-of-life costs being placed on them in addition to their grief.  

For that reason, many parents choose to invest in a final expense insurance policy to guard their children against potential high funeral costs.

There are many final expense coverage options out there, so the “best” one is going to be all about what is best for you. There are different levels of state availability and different access to plans based on your health and age.  

If you wonder what the best option for your specific situation is, contact a trusted agent today.  

What Is the Best Final Expense Insurance Company?  

The best final expense insurance company is going to vary per person and is based on their needs. No two people are the same, which means no two policies will match different needs the same way.  

Factors ranging from age, health, and physical location can all influence which plan is right for you. Your health isn’t an end-all-be-all, however. Suppose you have any preexisting health conditions that can prevent coverage. In that case, there are Guaranteed Issue plans offered by companies like AIG and Gerber Life that do not require answers to any health questions for approval. These automatic-approval plans are fantastic options for anyone who struggles to get coverage because of their health.

We offer AIG, Gerber Life, and a variety of other final expense companies. We can help you find the best one for you. It’s important to compare companies before making a decision, and that’s one of the most significant benefits of working with a brokerage like Medicare Allies.  

Here at Medicare Allies, we wake up every day with the sole purpose of helping as many seniors as possible through attentive and personalized service. Because we are not aligned with any specific insurance company, our only allegiance is to you.

We are not afraid to get our hands dirty and find each of our clients the best possible policy. Further, we don’t exclusively sell final expense insurance. We sell a variety of products, so you can rest easy knowing that we will care for you. We even offer an annual check-in for all of our clients to make sure everything is going well.  

Contact Medicare Allies today to take a detailed look at your final expense options with a trusted agent.

What Is the Best Life Insurance for Funeral Expenses?  

Funerals are expensive – plain and simple. Despite the cost, celebrating the life of a loved one is an important ritual. Family members often end up paying the high fees of a burial to pay their respects. We often see family and friends set up a local fundraiser, such as a Go Fund Me.  

The average funeral is around $8,000. With upgrades, the cost can balloon to $16,000 or more. There’s a lot of variation in pricing, which will depend on the wishes of the deceased and their family.

Most of us don’t have that kind of money lying around. According to the Federal Reserve, 39% of Americans don’t have enough cash on hand to cover a $400 emergency, let alone an $8,000 funeral.

That’s where final expense insurance comes in. There is no all-around “best” final expense insurance for funeral expenses. However, it’s essential to ensure that your wishes for your funeral align with your insurance policy.

The best policy for you will always depend on your age, health, and physical location. Luckily, Medicare Allies has it all, and we can help you find the perfect plan for your needs.

Read More: Do You Need Life Insurance in Retirement?

I’m Looking for Final Expense Insurance – What Should I Look Out For?  

The most important quality of any final expense policy is for it to be distributed by a trustworthy company and agent. After many years in the business, we can attest that not every agent has the clients’ best interest in mind.  

For example, there is a trend of slimy salespeople who sell final expense to prey on seniors who need help the most. This scam usually consists of bad deals where the client purchases a policy that the agent never actually services.  

This is a disgustingly poor business practice — but it is real. It’s important to be vigilant about your health and wellbeing, so stay alert regarding money matters.  

We’re here to take the stress out of the equation. When you speak to an agent at Medicare Allies, you are talking to someone who cares about your life and wellbeing. We will get you where you need to go.

Conclusion

Insurance can be tricky, especially when it comes to unique products like final expense insurance.  

It’s scary to prepare for the worst-case scenarios in life, but coverage allows you to feel peace, knowing that your family will be secure when the time comes.  

Contact us today for final expense comparisons. We will find a plan that meets your needs and budget. Call us at 833-801-7999 to get started!