The small benefit amounts and affordable premiums allow final expense policies to cover funeral expenses within a retiree’s budget. Unlike traditional life insurance policies, final expense coverage does not replace the insured’s income. It is a smart way to cover funeral costs and other end-of-life expenses that arise. On top of standard life insurance, burial insurance is an extra safety net. This way, seniors can protect their families from financial burdens that may come up upon their departure. Unfortunately, funerals are financially burdensome. The average funeral cost ranges between $7,000 and $12,000 ($6,000 to $7,000 for cremations) and for many families, this is neither avoidable nor affordable.įamilies and loved ones are already experiencing the grief and stress of losing a family member. in the event of the insured’s death, they reduce misery.ĭetails Surrounding Final Expense Insurance The burden of paying for funeral services only makes the situation harder to cope with.įor this reason, seniors are taking care of the expenses for their own funeral services ahead of time with final expense life insurance. Seniors considering final expense life insurance may have questions they’d like to have answered.

The most common questions are as follows.

How are death benefits allowed to be used?.Though these benefits primarily cover end-of-life expenses, they can be used in any way that encompasses a final expense. Death benefits can cover burial costs, medical costs (such as hospital bills), mortgage payments, or anything the insured left behind. What does a final expense insurance policy include?.It is a type of whole life insurance policy, not a term policy.Īs long as you pay the monthly premiums, the policy does not expire.

These policies can vary between companies, so always ask questions about what the quote includes before purchasing.

Does ms powermail work in nyc