Final expense insurance is a great way to take care of important costs for you and your family. It protects you for the future — but is it right for you?
What is Final Expense?
Final expense is a type of permanent life insurance. That means three things:
- Your coverage is called the death benefit. This is a sum of money issued once you, the policyholder, pass away. For final expense, this amount is anywhere from $2,000 to $50,000, depending on what you need and qualify for. Your insurance provider will give this money to the person or people you choose, called your beneficiaries.
- You pay a monthly premium for your policy. How much you pay depends on several factors, including the type of final expense policy, age, gender, smoking history, and the coverage amount. For instance, $10,000 in final expense insurance for a healthy male with no medical exam or health questions to qualify will pay an average of $46 monthly.
- Your coverage is permanent. Your final expense policy will stay active if you keep up with your monthly premium payments.
Cost and Coverage
The cost of your final expense insurance will vary, but knowing how much you can expect to pay is important in deciding if final expense is best for you.
Final expense insurance mainly covers funeral, burial, or cremation expenses. On average, this will be anywhere from $3,500 to upwards of $10,000. If you decide that final expense is right for you, purchase at least enough coverage for what you are planning.
The biggest question is, do you need the coverage? You and your beneficiaries can decide to use your death benefit for anything from credit card payments to inheritances, not just funeral planning. Keep these important benefits in mind:
- Final expense offers guaranteed coverage. If you have a pre-existing health condition, you can still easily qualify without an application or medical exam. You will have a short waiting period, but it is an incredibly effective and reliable option.
- It helps your loved ones take care of final expenses. Costs add up, and your final expense policy ensures that no one has to incur unexpected costs.
The Best Insurance Help
Expense Mutual takes the guesswork out of insurance. We walk you through every step until you’re confident in your coverage. To learn more about final expense and why it may be the right option for you, call us today at (470) 761-4652.