Caregiving University


Final expense and burial planning

Final Expense Life Policies or Burial Life Insurance:

No matter who you are or how you choose to live your life, all of us will have the same ending. And one thing is certain: funerals cost money – often between five and ten thousand dollars. As you might guess, most people desire to not be a burden on those left behind – that’s where Final Expense Insurance comes in. The purpose is simple, to cover the funeral and burial expenses, while possibly providing cash to a beneficiary.

Important characteristics to consider about Burial or Final Expense policies:

  • Your premiums never increase
  • Lifetime coverage
  • Permanent coverage
  • Life insurance policies can accumulate cash value
  • Coverage can begin immediately
  • No physical exam is required

Who Should Purchase a Burial Policy?

Final Expense policies are designed for those that are seeking minimal coverage – typically less than fifty thousand dollars. Premiums will generally be determined by your age since no medical exam and little to no underwriting is performed. The policies are created as simplified issue which means you only fill out a short application and there is no visit to the physician office for a physical.

The protection you receive will provide you with ideal protection at a lower cost. Final Expense policies are an ideal investment for the aging population. If you’re entering into the later years in your life and you are worried about providing sufficient protection for your family, this type of life insurance may be the tool to consider. Although there are many types of life insurance policies, a burial policy offers key benefits that you cannot find otherwise. Certainly it is one of the most affordable insurance options available to you!

End of life costs you should consider:

• The cost of the burial plot • Headstone & engraving • The cost of the casket • Funeral Service • Minister expenses • Legal fees, probate costs • Transportation costs • Hospital and doctor bills • Outstanding debts