Final expense life insurance for seniors, or burial insurance, is a type of permanent insurance offered to adults between 50-85 years old who want to ensure their loved ones won’t have to pay for their final expenses.
Final expense insurance provides one of the most thoughtful and enduring gifts you can give your loved ones: peace of mind. Unlike traditional life insurance, which aims to provide income for dependents in the event of your death, final expense life insurance is ideal for seniors who don’t have dependents anymore, but who do not want their loved ones saddled with the substantial cost of end of life expenses. From medical bills to burial and cremation services, end-of-life costs can add up and become a financial strain for your surviving family and friends.
However, final expense insurance coverage alleviates that burden, by covering these expenses—no medical exam required. All you have to do is answer a few questions. And like traditional life insurance, final expense coverage stays active as long as you keep paying your premiums.
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Grief is enough of a burden. The benefits of final expense insurance all center around the fact that it provides easy peace of mind for you while you’re here, and for your loved ones when you’re gone.
Here’s a more detailed breakdown of the final expense insurance benefits vs standard life insurance:
The costs associated with death can be expensive. Thankfully, final expense and burial insurance can cover the most common and most substantial and lingering expenses related to both end-of-life care and the funeral.
These final expenses may include but not limited to:
According to the National Funeral Directors Association, the average cost of a funeral in 2021 was $7,848 for a viewing and burial or $6,971 for a funeral and cremation.
Keep in mind, that this doesn’t include additional costs, like flowers, monuments, or an obituary. However, these figures reveal that having a death benefit of even $10,000 can help policyholders feel confident that their final expense insurance will cover most, if not all, of their funeral-related costs.
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Your desire to do your best for your loved ones never fades. This is why so many people between the ages of 50 and 70 switch from life insurance to final expense life insurance plan: it reduces the stress put on your grieving family and friends.
Final expense life insurance coverage is a thoughtful and affordable way to make sure your loved ones aren’t left with medical bills, funeral expenses, and outstanding bills that they have to pay out-of-pocket.
You can easily apply for final expense insurance plans and have it in place for when it’s needed: there is no extensive application process and you can be on your way to comprehensive coverage for anywhere from $5000 to $35,000 that will give you priceless peace of mind.
By helping individuals pay ahead of time for end-of-life expenses, final expense life insurance coverage allows older adults to free their loved ones from the burden of these costs, if not the burden of grief.
Featuring significantly lower coverage rates, final expense life insurance is also affordable for retired individuals on fixed budgets.
Here’s how final expense insurance works:
Step 1: Apply. Estimate your outstanding bills and final expenses (funeral plans, medical bills, etc) and tally them up. This will help you get an idea of your ideal coverage amount. Again, it’s just your best guess: you don’t have to be exact.
Next, compare final expense insurance quotes online from different insurance providers and pick the best one for you. The application process is quick and easy, and in some cases, you may not have to answer any questions at all. In as little as a day, you could be insured.
Step 2. Purchase. Once approved, start making your regular premium payments. Your policy will stay active as long as your payments stay up-to-date and will build cash value. You’re guaranteed that your payments won’t go up, which is helpful when you’re on a budget.
Step 3: Protect. In the event of your death, either your family or a funeral home with which you’ve made arrangements will receive a lump sum payout equal to the amount of coverage for which you applied. Your family can use this money to cover your final expenses and if there is any leftover, they can save or splurge—whichever they’d like.
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Free Life Insurance Comparison - Save up to 30%
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After a certain age, we no longer have dependents but this doesn’t mean we don’t want to take care of our loved ones. Instead of paying more sizable rates for life insurance, final expense insurance is a wonderful way to ensure your loved ones aren’t left to pay hefty end-of-life costs at a fraction of the cost—as little as $20 a month.
Final expense life insurance is a perfect insurance option for people on a fixed income.
The average cost of a funeral is $9,000. Grief is already enough to shoulder: don’t make your loved ones carry the expense of a funeral too. Protect your loved ones, even after you’re gone.
Final expense life insurance can help from the funeral expenses to medical bills to unpaid bills, this coverage provides compassionate, smart insurance for seniors. Your approval is not based on your answers to medical questions, so you can rest assured you’re getting the coverage you need at a price you can afford.
You can quickly and easily get final expense insurance quotes online, but keep in mind no two insurance companies are the same. Rates are constantly changing, and each company will set its own rates based on actuarial data and underwriting criteria. So, one company’s best rate won’t be the same for another. This is why getting a final expense insurance quote is so important. A quote will allow you to see all your options that suit your needs.
Ask yourself:
All these questions are important and will guide you in finding the best coverage for your—and your loved ones—needs.
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There is a significant price difference between final expense life insurance and traditional life insurance products, like whole life or term life insurance. Any insurance product that does not require a medical exam is guaranteed and costs more; it’s no different with burial insurance.
To put it into perspective, a 50-year-old healthy male can expect to spend $46/month for a burial insurance death benefit of $10,000, while $41/month (with a medical exam) will get him $100,000 term life insurance.
We can’t tell you which life insurance policy is best for your specific situation, but we can suggest that final expense life insurance for seniors is an excellent option for older adults and individuals who don’t qualify for standard coverage.
But even if you are eligible for traditional life insurance, it never hurts to get burial insurance quotes when shopping around for the best life insurance coverage for you!
Margaret Huntley Margaret Huntley is a creative writing and philosophy student at Western University. She has been working as a freelance writer for over two years and has written about everything from insurance, to poker, to health and wellness for international businesses.
