Final Expense insurance typically offers a benefit between $5,000 and $35,000 to help your family pay for your end-of-life expenses. These policies are usually a permanent or whole life insurance policy, which means the policy will last your entire life at the same benefit and at the same premium. Your carrier will provide a cash payment to your loved ones’ for your funeral, burial, and medical expenses or other related costs.

Coverage can be acquired by anyone between 0 and 85 years of age, but is typically purchased by people between 50 and 85 as an affordable way to provide peace of mind to family members during a difficult time.  Even if you  have a traditional life insurance plan, Final Expense insurance can help your family get paid for your funeral expenses quickly, instead of waiting weeks or months for your traditional plan to pay benefits. Remember, Life Insurance is for your family’s living expenses, and Final Expense insurance is for your dying expenses.

Coverage will largely depend on your needs, making general estimations difficult. According to Parting, average funeral costs in 2017 were in the $8,000 to $10,000 ballpark – before additional funerary costs are added, such as wreaths. However, this price increases annually, which you should account for. Typically, we recommend that people start with at least $12,000 to $15,000 coverage. If you have additional debts, these can also be added to your policy.

The cash benefit can be deposited into your beneficiary’s bank account in as fast as 24-48 hours, once the carrier has received notification and any needed documentation, such as a death certificate.

Absolutely! The coverage you get through your employer has a premium that increases every year where a Final Expense plan stays the same throughout your life. Also, employer plans only stay with you while you're employed at that company. So having your own personal Final Expense plan in place early on is an ideal situation.