The National Funeral Directors Association estimates the average funeral costs roughly $7,3001, which doesn’t even include medical expenses, unpaid debts, or legal expenses. In other words, unexpected obligations. How do you ensure these expenses do not fall on the shoulders of loved ones? The answer may very well be final expense insurance.
Final expense insurance can provide immediate cash death benefit coverage, typically ranging from $2,000 to $50,000, depending on the plan. Plans allow premium rates to be locked in based on your age when applying.
Most policies grow in cash value over time, and beneficiaries can usually borrow against the policy or cash it in for an emergency. In most cases, coverage is guaranteed until age 100 and will not be canceled due to a change in age, occupation, or health; in essence, the range remains as long as the premiums are paid.
Know This Before
When purchasing final expense insurance, it is essential to consider some of the financial burdens your loved one may incur, including:
- Doctor bills
- Legal fees
- Remaining debts
- Cemetery Plot
- Outer Vault
- Service charges – Minister, music, flowers, etc.
- And more
The high cost of settling an estate, including hospital and doctor bills, outstanding credit, and funeral expenses, continues to increase. As a result, many Americans find themselves without adequate financial protection and resources.
By purchasing final expense insurance, you can have peace of mind knowing these expenses have been covered. In most cases, a medical exam is not required, although many companies require a short phone interview. So e plans offer premiums that never increase and offer accelerated death benefit riders at no or little additional premium charge.
For information about final expense insurance or help finding a plan that best suits your needs and the needs of your loved ones, contacts Brian Gruss at 352-508-4221.
1 2006 NFDA General Price List Survey