Final Expense Life Insurance
Final Expense Life Insurance:
Final expense life insurance can help provide funds for end-of-life expenses—such as funeral, burial or cremation costs, medical bills, and other final expenses—so your loved ones aren’t left carrying the financial burden.
Without a plan in place, the people you care about may be left responsible for funeral costs, medical bills, outstanding debts, and other final expenses. Final expense life insurance can help ease that burden by providing funds when they’re needed most.
Funeral costs can add up quickly. According to the National Funeral Directors Association, the national median cost of a funeral with viewing and burial is about $8,300, while a funeral with viewing and cremation is about $6,280—and those figures may not include cemetery costs, monuments, flowers, or other expenses. Social Security may provide a one-time $255 death payment to certain eligible survivors, but that amount alone may cover only a small portion of final expenses.
And those aren’t always the only expenses. Cemetery plots, monuments or markers, flowers, transportation, medical bills, outstanding debts, and other final costs can add thousands more depending on the circumstances. Planning ahead can help keep those expenses from becoming an unexpected financial burden for the people you love.
Funeral expenses are only part of the picture. Your loved ones may also face medical bills, legal expenses, outstanding debts, and other costs immediately after your death. Here are some of the expenses they could be responsible for:
Funeral home services
Casket or urn
Burial or cremation expenses
Cemetery plot, burial vault, or grave liner
Grave marker or monument
Removal and transportation of remains
Hearse and other funeral-service vehicles
Embalming and preparation
Obituary and memorial expenses
Flowers and arrangements
Memorial reception or catering
Final medical and healthcare expenses
Legal or estate expenses, including probate
Household expenses and utilities
Outstanding debts or financial obligations
Travel and lodging for family members attending services
