However, you should make sure you shop around and compare offers from at least three providers before you decide on one.Īlso, in some cases, waiting periods apply to final expense life insurance policies. ![]() Since final expense life insurance can stay in force up to the age of 100 or even beyond, this type of insurance can be a good option for older adults and provide some much-needed peace of mind for anyone who wants coverage their family can count on. Here’s how getting life insurance as a senior could be easier than you think Guaranteed universal life insurance can be an option for people in their 60's looking for a new policy at a lower cost. Other interesting factors to note about final expense life insurance include: These policies can also be referred to as burial insurance or funeral insurance, and are typically offered in lower amounts than traditional life insurance policies. While some opt for more robust policies with large death benefits, a certain type of life insurance - final expense insurance - can be ideal for someone who only needs a small death benefit to cover their final expenses when they pass.Ĭlick here to compare life insurance plans for free at .įinal expense insurance is life insurance that’s designed to cover the costs of your final disposition as well as any funeral or celebratory services that take place. NFDA figures show that even the cost of a funeral with cremation worked out to $6,971 as of last count.īecause the bill for a person’s final expenses is unavoidable, many individuals choose to have a life insurance policy. However, that figure doesn’t include the cost of a vault, opening or closing of the ground or the cost of a headstone, which can easily tack thousands more onto your bill.Īnd, if you hoped to escape these costs by opting for a cremation, that may not save you much. Statistics from the National Funeral Directors Association (NFDA) show that families paid an average of $7,848 for a funeral with burial in recent years. While death is most certainly guaranteed for all of us, the cost of dying isn’t necessarily cheap. We may receive a commission through if you apply and are approved for a policy, but our reporting is always independent and objective. An important advantage of burial premiums is that they are fixed, which means they remain the same even if your health deteriorates.įinal Expense coverage can pay for the casket, funeral service, visitation/viewing, hearse, digging and filling the grave, the actual cemetery plot, or burial vault or grave liner, minister, headstone, flowers, and other expenses related directly to named insured's funeral.Ĭontact us to learn more about the right final expense coverage for you.Your CNN account Log in to your CNN accountĬNN Underscored reviews financial products such as credit cards and bank accounts based on their overall value. Most people who do not want to place a hardship or burden their families with these burial and funeral costs will take out burial insurance polices.īurial premiums can begin with higher costs at first than other forms of insurance since they include cash value features. ![]() ![]() It is quite similar to universal life insurance and is sometimes referred to as graded life or burial insurance with easy issue permanent coverage.Īs an inexpensive insurance choice, final expense coverage can be used to cover the funeral and burial costs of the policy holder. Final Expense insurance is a basic issue life insurance policy that covers people until they reach 100 years old.
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