Final Expense Insurance
No one wants to leave their loved ones with the stressful financial burden of final expenses, especially at a moment when they are already struggling with grief. At LifeShield, we work with you to find a hassle-free, accurate custom policy solution that is designed around your needs and goals. We believe that giving protection to family and allowing people to plan a funeral without extra hardship shouldn’t be a stressful endeavor.
Keeping protection in life simple
The costs associated with the death of someone are known as final expenses, and typically include bills such as:
- Final medical expenses
- Funeral or memorial services
- Burial or cremation prices
The average cost of burial in the United States today is approximately $9,000 – costs increase when final medical expenses and funeral services are also factored in. Final Expense Insurance is a whole life insurance policy designed to relieve families of financial pressure after a loved one passes away by covering all related expenses.
What Payout Does a Final Expense Insurance Policy Typically Offer?
It’s important to know that final expense life policies are not designed the same as other life insurances. While still offering the bereaved family with a death benefit and financial support for life concerns, final expense insurance policies are in proportion to the expected expenses of your desired funeral. For this reason, final expense life insurance policies rarely go beyond $40,000.
In contrast, many other life insurance policies are valued in proportion to your sum of outstanding debts and earning power today – and over numerous years of your life. This can reflect amounts of coverage well over $50,000.
Final Expense Coverage Offers Significant Benefits
Final expense insurance offers many advantages to policyholders and their loved ones, including:
- Permanent Lifetime Protection: Your coverage continues with the same amount so long as you continue to pay the premiums outlined in the policy
- No Premium Increases: Your premium expenses are determined by your age when you first take out the policy – and stay there
- Protect Loved Ones: Protect your family from the debt associated with your final expenses to give them security and peace of mind with a financial safety net
- Tax-Deferred Savings: More than just offering financial protection for final expenses, you can also opt to accumulate cash value inside the policy over time
- Flexible and Affordable: Custom policies are made to fit your needs and budget
Final Expense Insurance: Beyond Funeral Expenses
The flexibility of a final expense insurance policy means that your loved ones can use it for many expenses, not just the costs traditionally associated with funerals. Many use the provided funds to cover:
Funeral and Burial Costs
Medical Bills
Mortgage and Credit Card Debt
Other End-of-Life Expenses
Advanced Benefit for Treatment of Terminal Illness
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We are an independent organization representing over 40 final expenses carriers, and we put your best interests at heart. Our goal is to help you find affordable insurance coverage that gives you peace of mind while offering your loved ones’ protection and security during a difficult time.
What If I Have Health Issues?
If you have health issues and are looking for insurance, you may feel daunted – especially if you are seeking an affordable option. Getting the best rate with an immediate death benefit is the goal, and LifeShield has over 40 insurance carriers to go through. We will help you to find the best possibilities for getting approved if you have any pre-existing conditions.
Your chance for approval on policies with an immediate death benefit become greater the further out those more serious health concerns are diagnosed, and commonly found to be outside one to two years. Many of the companies we work with offer a guaranteed issue policy, sometimes known as a graded benefit policy. They are open to anyone who is not in hospice.
This is typically suggested if more serious life-threatening health conditions have been diagnosed within the past two years. Otherwise, immediate benefit policies are more suitable for most people.
While guaranteed issue policies accept almost anyone, they do not offer full payout if the insured person has a health-related death within two years of taking out their policy (instead, the premiums paid are returned in full to the family with interest).
What Should I Consider Before Choosing a Final Expense Insurance Policy?
It is important to find a policy which fits your budget so that you can easily make ongoing payments to retain what could become your final policy. Along with pricing, it’s also important to know and be clear on your policy details when it comes to cash value, immediate death benefit eligibility, and other definitions. That’s why we’re here to help!
How Much Final Expenses Coverage Do I Need?
Your final expense 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 is not static and 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.