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Final Expense Life Insurance Plan – Do I Really Need It?

An excellent final expense life insurance plan, or burial insurance plan, should provide adequate coverage to pay for those end-of-life expenses like medical care and funeral costs, but at a higher price than term life insurance.



Final expense life insurance policy

People who want to get life insurance always look for either term life or permanent life. Many are not aware of final expense life insurance plans. It is good to know and understand what it is.

Hence, it may help you with your future financial plan. A final expense life insurance plan might just be the right insurance plan that you are looking for. Continue reading if you want to find out more about it and how it can benefit you. 

Pros and cons of final expense insurance

Like any insurance, final expense life insurance plans have pros and cons. On the positive side, these plans can provide a sense of security and peace of mind for seniors and their families. They can also help cover end-of-life expenses, such as funeral costs, without burdening loved ones with financial obligations. However, some potential drawbacks exist, such as higher premiums for older individuals and limited coverage options. It’s essential to carefully weigh the pros and cons before deciding if a final expense life insurance plan is right for you.

Final expense insurance for young adults

While final expense life insurance plans are typically marketed towards seniors, young adults may also benefit from this type of coverage. A final expense plan can provide peace of mind and financial protection if you have dependents or loved ones responsible for your end-of-life expenses. Additionally, purchasing a program at a younger age can lower premiums and provide more coverage options. It’s essential to consider your circumstances and needs when deciding if final expense insurance is right for you, regardless of age.

Best final expense life insurance

Final expense life insurance plans are specifically designed to cover the costs associated with end-of-life expenses, such as funeral and burial costs. For seniors, these plans can provide peace of mind for themselves and their loved ones, knowing that these expenses will be taken care of without causing financial strain. Some benefits of final expense plans for seniors include fixed premiums, guaranteed coverage, and no medical exams required. It’s essential to compare different programs and providers to find the best option for your needs and budget.

Final expense life insurance cost

The cost of final expense life insurance plans for seniors can vary depending on age, health status, and the coverage amount. However, these plans are generally more affordable than traditional life insurance policies, with monthly premiums ranging from $20 to $100. It’s essential to shop around and compare quotes from different providers to find the best value for your money. Remember that the peace of mind and financial security provided by a final expense plan can be invaluable for seniors and their loved ones.

Benefits of final expense insurance

Final expense life insurance plans can benefit seniors and their families. One of the main advantages is that these plans can help cover the costs associated with end-of-life expenses, such as funeral and burial costs. This can help ease the financial burden on loved ones during a difficult time. Additionally, final expense plans can provide peace of mind for seniors, knowing that their final expenses will be taken care of and their loved ones will not be financially burdened. Finally, some final expense plans may offer additional benefits, such as accidental death coverage or cash value accumulation.

Ready to see the plans and pricing?

What is a final expense life insurance plan?

First, it is similar to other life insurance plans that provide a payout to your family or your estate in case of your early passing. It is good to know that it can handle funeral expenses like burial or cremation.

It will also provide a cash payout to your bereaved family but not as large as what you can get from term and whole life. Typically, it can give an amount as much as $5,000-$10,000. With the term life insurance and whole life, it can give a payout of $250,000 or more. 

Moreover, one big benefit of final expense life insurance plans is their low monthly premiums. Aside from that, an insurer can choose to have the payout be given directly to their funeral home or a beneficiary for their funeral expenses. Any leftover funds will go to their beneficiary. 

Is final expense insurance a good deal

is final expense insurance a good dealIt’s the most cost-effective way to cover burial costs and any other expenses you leave for your loved ones. Although, if you need some financial protection and your age or health would disqualify you from getting traditional coverage, a final expense life insurance plan may be worth looking into.

Final expense life insurance for seniors

senior final expense life insurance planIt is a policy created for senior people between the ages of 50 to 80 years old. The beauty of getting one is the fact that you will not undergo any medical examination. Also, it has a very easy application process.

Moreover, you will pay a fixed monthly premium that will stay throughout the policy. However, that policy may stop at any time in case you stop paying for the monthly premium. 

Furthermore, it does not build cash quickly.  Unlike some other whole life insurance coverage. The policy will not gain much investment in the course of the policy. Your family may also need to pay the taxes on the payout, so it is imperative to check with a tax representative for additional information.

Another thing to keep in mind is that gender can affect the price of a monthly premium. Women live longer than men, so males insured will pay a much higher premium. Therefore, expect an increase of 25% in the monthly premium. 

Final expense life insurance quotes

Burial insurance

burial insuranceThis policy’s main purpose is to have funds for the burial and final expenses as the name suggests. However, it can offer financial relief for other debt as well. It means that it can cover more than just the funeral, but all final life expenses.

For instance, medical hospital bills, service for the minister, legal fees, credit balances, loans, and mortgage bills are some. So, if you plan to acquire a final expense life insurance plan, it is good to consider your other expenses before you decide on the amount of coverage.

To help you get through the process of finding the right burial or final expense life insurance plan with ease, you may contact a reputable online independent insurance agency like Coach B. Insurance. They can help you from start to finish. You may contact them at 800-342-1537.

Frequently Asked Questions

At what age should you buy final expense insurance?

Final expense insurance is typically purchased by seniors concerned about leaving their loved ones with the financial burden of funeral expenses. While there is no specific age to buy this type of insurance, consider it in your 50s or 60s when you may think more about end-of-life planning.

What are the benefits of final expense life insurance?

Final expense life insurance is designed to cover the costs associated with end-of-life expenses, such as funeral costs, medical bills, and other debts. The benefits of this type of insurance include providing financial security for your loved ones, ensuring that your final expenses are covered, and offering peace of mind knowing that your family won't be burdened with these costs. Additionally, final expense life insurance policies are typically easier to qualify for and have lower premiums than traditional ones.

Is final expense worth it?

Final expense insurance can be worth it for those who want to ensure their loved ones are not burdened with funeral costs after they pass away. However, it may only be necessary for some, especially those with enough savings or life insurance, to cover these expenses. It's essential to weigh the costs and benefits and consider your situation before deciding if final expense insurance is worth it for you.

Meet the team

About Coach B.

After starting his financial career with Phoenix Home Life Insurance Company back in 1992, Scott decided he wanted to provide people with an easier and more enjoyable way to buy life insurance. That was the start of Coach B. Life Insurance, whose mission is to be transparent, honest, and helpful to customers — without ever bugging or pushing them.

In the years since then, he has worked tirelessly to improve the process of shopping for insurance. His goal is to make sure that everyone who comes to Coach B. — whether they end up buying a policy or not — has the best possible experience.

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