Final Expense Insurance
Final expense insurance is a type of life insurance that helps you by providing money to help pay for your final expenses. Final expenses might include such things as your burial, funeral, headstone, burial plot, and memorial service.
What do final expenses normally cost? Research indicates that the average cost of a burial and funeral expenses may cost as much as $6,700, or more.
Final expense insurance might offer simplified life insurance with no medical exams required to qualify for coverage. Some life insurers offer as much as $25,000 of life insurance with no exam to help provide funds to pay for your final expenses.
Pre-Plan
Many funeral homes offer pre-planning services. This means you can go in and make arrangements and decisions for your own funeral. The funeral director will give you a price list for services, which is required under the FTC's "Funeral Rule." Pre-planning keeps your family from getting stressed out and confused over arrangements. It can even prevent arguments among family members over what you wanted for your services and burial.
Pre-Pay
If you choose to pre-pay for your funeral arrangements, most funeral directors will offer a price guarantee. This means you can have today's prices no matter when your funeral is held. With funeral prices only destined to go up, this is a very smart choice. Keep in mind that if your prices are not locked in and you pre-pay, your family may need to pay extra at the time of your funeral to make up the difference. When looking up pre-paid contracts, funeral directors might offer guaranteed prices for some items but not for others. For example, prices on flowers and grave services might not be guaranteed.
When you have your pre-planned arrangements ready, you can choose to pay a portion of or the entire bill before your death. This also saves your family some much unneeded stress and helps ensure that you are provided with what you expected. A great way to pay for a pre-paid funeral is to go with Final expense insurance.
Policies
Final expense policies are either “term life” (which covers you for a specific time period or until a certain age, before expiring) or "whole life" (which will cover you for the rest of your life). There are usually "simplified issue" policies, for which you're asked several medical questions but don't have to take a medical exam, or "guaranteed issue," where the policy is issued to anyone who applies with no medical questions asked.
Affiliates
