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How can final expense insurance help? How can we protect our loved ones from financial hardship? What can we do to ensure that our loved ones don't end up with a mountain of bills after we die?
Seniors can get burial insurance to help them protect themselves from rising funeral costs. Because it is based on answers to medical questions, it is often easy to get. You don't usually need to undergo a medical exam in many cases.
It is usually easier to qualify for a final-e expense policy than for other types life insurance (such term insurance). There are important questions you should still ask.

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This number was $2,737 in 1985.
This number rose to $7,848 in 2021; with a vault, it was $9,420.
These numbers indicate a 991 percent increase in funeral costs over the past four decades.

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It focuses on the after-life. Life insurance policies don't usually cover the costs of funeral preparations for family members. Caskets can run up to $10,000 depending on the material and style. Other funeral costs such as transportation, preparation of body, graveliners, flowers or headstones are not included. These costs can be covered by a final expense policy, which will protect your family from financial hardship.
Final expense insurance can be considered a whole-life policy. The premium and death benefit for traditional whole-life policies are the same throughout the policy's lifetime. Whole-life policies are designed to last the life of the policyholder. Some policies accumulate cash value. Because the policy's term isn’t restricted to a certain time period like term insurance, whole life insurance is sometimes called "permanent live".

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The life insurance company may offer additional features, such child riders, accidental deaths, and dismemberment. They also might provide support benefits such as funeral price shop or support benefits for the surviving loved ones. All policies are different so ensure you carefully review the policy benefits.

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Different policies offer final expense life insurance. A final expense policy is rarely more than $20,000, as it only covers one debt: funeral or cremation arrangements. (learn more: How does cremation work). ).

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How can the death advantage be used?
Does the policy have to expire? Because final expense policies are whole-life insurance, they don't expire as quickly as term policies. (Learn more about full-life insurance). Your coverage doesn't end as long you pay your premiums.

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The average monthly cost of a final expense policy is $30-$70. This depends on your age and sex as well the coverage amount and company you choose. You may pay a higher premium if your health is poor or you are more than 70. Rates may be lower for applicants younger than 50 years old and in good health. Be aware that a lower rate may mean fewer benefits for the surviving family members. A few extra bucks per month could make all the difference in the support you provide for your loved ones after your death.
It's often the number one factor that people are most concerned about, but it's not the only thing. Instead of focusing only on how much the policy costs, look at how many additional expenses will be covered and how much your family will pay. The following are examples of ordinary expenses: medical bills, credit cards debt, and funeral costs. These costs will be covered below.

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Frequently Asked Questions

Most families will use cash, check or credit card to pay for all or part of the funeral expenses. Most funeral homes today expect payment in full up-front. Sometimes you can pay a portion using an installment plan negotiated with the funeral home.

Final expense insurance is a life insurance policy that has a lower death benefit, usually intended to cover final expenses and burial costs. Also known as burial insurance or funeral insurance, it's designed for older adults who are ready to make end-of-life plans, typically age 50 and older.

A final expense policy can offer peace of mind and ease the financial burden on your family while they're grieving. And since it usually doesn't require a medical exam, it's a good option if you have a pre-existing condition that prevents you from getting a traditional term or whole life policy.