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What is Final Expense Insurance Coverage?

Published November 3rd, 2022 by Elliot Glass

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Final expense insurance is a type of whole life insurance that is designed to cover the cost of a funeral and any of expenses associated with someone’s passing. This could include paying off debts, mortgages, or medical bills. This insurance takes the pressure off your loved ones by setting aside money to manage your final expenses.

What is and why you need final expense insurance?
Final expense insurance, also referred to as burial insurance, covers end-of-life expenses including funeral arrangements and any remaining medical or legal expenses that will need to be settled by your beneficiary. This coverage can ensure that your loved ones aren't left with a financial burden, as the average funeral can cost $10,000 or more.

Is Final Expense Insurance Just For Seniors?

Is final expense insurance just for seniors?  No, final expense is not just for seniors. Although most final expense insurance is sold to people over 50. Each insurance company has their own insurable age ranges. Most final expense companies will only insure people within an age range of 30-85. Some final expense companies will insure an age range of 0-85.

Why do I need final expense insurance?

  1. To alleviate your loved ones from having to pay your unexpected final expenses out of pocket.
  2. To provide the final expense proceeds to your loved ones almost immediately.
  3. To save your loved ones the humiliation of having to beg and borrow money from family and friends or create an ad online to cover your final expenses.
  4. Provide peace of mind to your loved ones.  Your loved ones know that your final expenses are taken care of.

Tags: whole life insurance, cost, funeral, expenses, passing, death, debts, mortgage, medical bills

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