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Final Expense (Burial) Insurance

Planning for your own death can be quite depressing, but it's necessary to ensure that your family members aren't left with hefty bills when you pass away. As you're working with lawyers on your will and thinking about your final wishes, consider a final expense policy to take the burden off of your family.

Did you know that the average American funeral in 2019 will likely cost over $8,000? A good final expense policy can eliminate that unexpected cost for your loved ones and ensure that you have the burial you deserve.

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What is Final Expense or Burial Insurance?

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 family members getting stuck with your final bills.

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.

Final Expenses Checklist

Are Burial Expense Insurance Policies and Final Expense the Same Thing?

When a company calls their insurance plan "burial insurance" or "funeral insurance" that typically means that the policy only covers burial and funeral expenses. However, policies called "final expense insurance" might offer additional coverage. Extra benefits can include final medial bills and other costs associated with your final days.

However, final expense is still very different from life insurance, which can cover items like your outstanding mortgage and non-medical bills.

Best Funeral Insurance

At Medicare Plan Finder, we sell more than just health insurance! Some of our agents are able to help you with your life insurance and final expense insurance needs. We offer final expense plans from top carriers, like: 

  • Aetna
  • AIG
  • American Amicable
  • Cigna
  • Foresters
  • Gerber
  • Great Western
  • Mutual of Omaha
  • Prosperity Life
  • Renaissance Life
  • TranAmerica
Final Expenses Checklist

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.

Final Expense Life Insurance | Medicare Plan Finder

Does Medicare Cover Funeral Expenses?

Medicare is strictly a health program and does not cover funeral expenses, burial expenses, or final bills. That's why it's so important to make sure you invest final expense and life insurance now.

We've seen people get confused about Medical Savings Accounts (MSAs). Even though an MSA functions somewhat like a bank account, it's a bank account that can only be used for medical expenses. Funeral and burial costs are not considered medical expenses. Therefore, your MSA may be able to be used for your final medical bills, but it will not cover your funeral and burial costs.

Reporting a Death to Medicare

If your loved one dies and you are responsible for closing their accounts, you will need to call Medicare. You can call Social Security to report the death at 1-800-772-1213, Monday through Friday, from 7 AM to 7 PM (TTY 1-800-325-0778). If your loved one worked for railroad, you should call the Railroad Retirement Board at 1-877-772-5772, Monday through Friday, from 9 AM to 3:30 PM.

If your loved one had another form of health insurance as well, such as a Medicare Advantage plan, you'll need to call their plan's carrier (health insurance company).

Once the proper Medicare parties have been notified, call your loved one's finale expense policy carrier to inform them that he or she has passed and it is time to pay the final expense bills.

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.

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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.

Final Expenses Checklist

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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