Final Expense

The death of a loved one is the hardest thing we must ever face. In addition, surviving family members are often left to pay any final medical bills and funeral costs. These expenses can add unnecessary stress for friends and family of the deceased. Introducing final expense life insurance — an affordable way to avoid this added pressure. The Memorial Insurance Group will answer questions about final expense so you can decide if it’s best for you.

What Is Final Expense?

Final expense is a whole life insurance policy meant for seniors to cover medical bills and funeral expenses after they pass away. It’s also called burial insurance or funeral insurance. 

If you haven’t experienced it yet, you will experience the death of a loved one and the stress that comes along. It can be hard to manage grief, the funeral planning, and all your financial responsibilities. Don’t let your spouse or children go through this same experience — we can help you and your family with an affordable final expense policy.

Policy Features

Most final expense programs include these features:

  • Cash Value
  • Affordable rates
  • Easy application process
  • Usually no medical exam is required
  • Coverage can often be issued in days
  • Fixed premiums as long as you pay them

The maximum amount of coverage is around $35,000.

Important note: Not all policies are identical, so you’ll want to carefully review the benefits.

How Much Does a Policy Cost?

On average, a final expense plan costs between $30 and $70 per month. It depends on these factors:

  • Your age
  • Your gender
  • Your health
  • The amount of coverage, and
  • The life insurance company you select

If you have serious health problems or are over the age of 70, your cost will be higher and may cost between $70 and $120 per month. 

Younger, healthy applicants often qualify for rates in the $20 to $50 range. However, the cheaper the rate, the fewer features and benefits for surviving family members.

It’s common for people to concentrate on the cost, but you should also consider how many expenses will be left over and how much they’ll cost your loved ones. Typical expenses include credit card debt, medical bills, and of course, funeral costs.

Is Final Expense Insurance Right for You?

Whether a final expense policy is worth it depends on your situation. If you do not already have money saved to help your family handle your funeral, medical, or other expenses after you pass away, final expense insurance can be a good option. 

There are limitations to having your estate or Social Security pay for your funeral. Plus, relying on your will to cover end-of-life costs can be hard on your family — because it’s usually read after the funeral and can take a long time to be settled. Social Security makes a one-time death payment of $255 to qualifying seniors, which is MUCH less than the typical cost of a funeral.

Final expense life insurance can give your family access to thousands of dollars right after your death — with no waiting periods — so they can pay for expenses as quickly as possible. 

The Bottom Line

If you’re between 50 and 85, final expense is an affordable way to give your loved ones peace of mind during a time of grief. And if you have a current life insurance policy, a final expense plan can offer death benefits to cover unexpected costs. Your family trusts you, and you can trust us. Contact The Memorial Insurance Group for more information about our final expense plans.

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