The Ultimate Guide for Final Expense Life Insurance (2024)

Last Updated March 9, 2024

Even though this is a dark thought, almost everyone has some wishes regarding their own funeral. There are simply too many options, Casket, no casket, which type of casket, colors, themes, and so much more that you might end up getting lost in all of it.

On the other hand, your family might end up feeling the burden of having to figure out what you might’ve wanted, which can be overwhelming too. When you get final expense insurance, you can also decide exactly how you would like your funeral to be. So if something were to happen to you unexpectedly, the plans would kick in, and your family would have to show up.

Funerals can get pretty expensive. On average, the costs can run up to anywhere from $7,000 and $12,000. What’s even more shocking is that this only includes the funeral proceedings, not the burial service or the grave itself. With everything else, you can expect the costs to run upwards of $20,000 as well. It’s not uncommon for funeral costs to blindside fresh beneficiaries, as the aspects involved are not inherently clear.

Beginning at square one, funeral homes ask that you reserve their services for a fee. If all goes well, a funeral director may be appointed to your beneficiary and from here the disposition will be discussed. Immediately, we’re faced with a $2,000-$2,500 fee, on average, to begin the process. Disposition, in this case, may involve anything from funeral embalming to how the remains will be handled. Depending on the process chosen, one may expect, on average, $6,000-$7,000 for cremation or burial. Embalming for a funeral involves aiding the deceased in looking as best as possible, and these services usually live around ~$1,000. From here, one may consider location and respective clergy, and any final touches.

When put this way, it’s easy to see why funeral costs average $10,000 and can max out at over $20,000. When discussing options with your broker, consider final expense coverage to ensure a comfortable future for your beneficiaries!

Cremation services can cost anywhere between $2,000 to $7,000, depending on the funeral home and the type of funeral you choose to have.Direct cremation is usually cheaper, and cremation with a casket comes at an added cost. There are other factors involved depending on the type of cremation, as well as other services that can be added to the process.

It’s completely possible to cremate a body, free of ceremony or burial. If this process is chosen, generally the family member will receive a burial urn with the ashes inside. This urn can further be customized or changed depending on the desired result. The same can also be done with a casket, further increasing costs. On average, urns can range from$100-$400, with rental caskets ranging anywhere from$35-$2,000, depending on the extravagance of each. If only cremating a body free of memorial/burial, this process is called direct cremation and generally averages out to between$2,000 to $5,000.Additional services such as a memorial/traditional ceremony further increase this cost to upwards of$7,000.

If impartial to the result, one may also cremate forfreeand donate the body to science. If donated this way, researchers will utilize the body for scientific purposes, in which the body is then returned to its rightful family. Certain factors such as cause of death, disease, etc., can affect the validity of the body, in which researchers may deny this service. Ultimately, cremation free of ceremony/burial will produce the cheapest funeral cost.

Final Expense Insurance comes in a wide range of coverage options, generally beginning at $2,000 and capping out at $50,000, although this may vary. Now, you might be thinking, why would I need ANOTHER plan? I already have one. Well, Final Expense Insurance can exist within an extremely low monthly premium. For example, a 67-year-old woman, at 5’4, 160 lbs., would be able to claim a $10,000 plan for as little as $45 a month. Which, regardless of circ*mstances, will remain at this fixed rate for the remainder of said person’s lifetime. If say, a woman of similar stature participated in a $10,000 policy, as stated above, for just 5 years, they wouldn’t have paid for even half of the $10,000 amount whilst still being entitled to their coverage amount, regardless of intent.

It may be surprising to think about, but over 70% of Americans die with pre-existing debt. This debt may contain anything from student loans, credit card debt, loans that have accrued too much interest, what have you. Unfortunately, this debt does not disappear upon the recipient’s death and is then paid accordingly after liquidating any applicable assets. It’s not too uncommon, in this case, for any beneficiaries to be left with no money leftover and potentially accumulating debt. Fortunately, final expense life insurance aims to mitigate these losses in the case of debt that simply cannot be paid with assets/coverage alone.

Ultimately, coverage options vary depending on the individual. Regardless of the choice made, it’s always a good idea to partake in Final Expense Insurance, considering premiums are low and the money can be used for anything the desired party may need it for.

Getting final expense life insurance is one of the best ways to rid yourself of the worry of making sure that you don’t end up burdening your family with having to deal with loss and a financial burden all at once. Receiving a “care package” after the fact only aids in mitigating beneficiaries’ grief, and leads to your legacy shining in a positive light. If you’ve dealt with loss before, imagine how you felt in that moment regardless of coverage or outcome – anything to minimize the pain is welcomed gladly.

The information outlined in this article should answer your questions about final expense insurance, so all that’s left to do is decide if it fits your plans and call in for a custom quote for yourself! Even if you’re unsure, I’d urge you to give us a call anyway, as there is no pressure in actually purchasing the plan – our agents exist only to guide you to a plan that perfectly fits your lifestyle.