Final Expense Insurance
Often referred to as burial insurance, final expense insurance is designed to pay for some or all of your funeral expenses. Growing up with the family business being a funeral home, I’ve seen the costs of funerals skyrocket over the years. In 2019, the average cost of a funeral is between $7,000 to $9,000 and it’s not uncommon to see the cost rise above $12,000.
The costs can depend on whether you’re cremated or whether you have a full funeral with casket, vault, head stone and other services. I’d suggest if you’re being cremated, then you may not need final expense insurance.
Final Expense insurance is a whole life insurance policy that allows you to purchase insurance in smaller increments and the price is generally affordable unless you have major medical issues. Most companies offer a guaranteed issue policy so you cannot be turned down.