Final Expense Insurance

Final Expense (Burial) Insurance

What is Final Expense or Burial Insurance?

Though it’s not our favorite topic, we all need to think about what’s going to happen to our loved ones when we pass away. Final medical bills, funerals, and burials are not cheap. If you have a great final expense policy, you won’t have to worry about your final bills getting stuck with your remaining family members.

While most life insurance policies provide support for your loved ones, final expense exclusively supplies coverage for your burial expenses. Your life insurance policy value is based on your whole financial value, while your final expense policy value is based on your final wishes and expectations.

Who Gets the Money from the Final Expense Policy?

You can appoint any person to be your final expense beneficiary. That means that every month, you’ll pay a small premium. Then, after you pass away, the money from your policy will go towards paying off your final bills and burial costs.

Is Final Expense Life Insurance?

The difference between final expense and life insurance is that life insurance covers all of your assets, while final expense is designed for your final bills only. Life insurance can help your family members pay off your outstanding debts (mortgages, car payments, health care bills, etc.) while final expense can help family members pay for your burial costs.

How Much Does Final Expense Cost?

When it comes to final expense, your price range depends on your age, health, and current financial standing. Policies can be worth anywhere from $5,000 to $50,000, which means you can pay anywhere from $20 per month to $80 per month. Prices can also be dependent on your final wishes - are you expecting your family to pay for a large and expensive funeral, or will they host a private ceremony? How much coverage do you need?

The Funeral Rule

The FTC (Federal Trade Commission) works to prevent unfair business practices. Part of their work includes giving you the ability to select your preferred funeral arrangements before you die. By making these choices early on, you won’t have to worry about your loved ones being taken advantage of or spending more than they need to.

Under The Funeral Rule, you have the right to buy separate goods (casket, memorial services, etc.) without being forced to purchase a package. Funeral homes and organizations can also not legally refuse to handle a casket or urn that you purchase separately. In fact, you can even opt out of the embalming process. You also have the right to receive itemized price lists and written statements.

Final Expense for Veterans

All veterans who are not dishonorably discharged are entitled to burial flags and headstones or grave markers. By law, if a veteran passes away from a non-service related incident, the V.A. will provide a $300 burial allowance and $747 for a plot. If the Veteran is hospitalized during his or her time of death, the V.A. will provide $747 as a burial allowance AND $747 for a plot. To request or inquire about these benefits, you will need a death certificate and proof of your relationship with the deceased. Contact your local Veteran Administration’s office for more information.

How Do I Buy Final Expense or Burial Insurance?

If you’re ready to purchase a final expense policy (or need other insurance assistance), one of our licensed and experienced agents in your area can help you out. All you have to do is give us a call and we can send someone your way.


Request a call or call us NOW for your free appointment at 833-GET-ENROLLED.

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