Final expense insurance is designed to cover the bills that your loved ones will face after your death – for your medical bills and funeral expenses. Final expense insurance is also known as burial insurance.
If you already have term or whole life insurance, your loved ones can use your existing policy to pay final expenses. If your term life insurance expires, you may want to consider choosing a final expense insurance policy. If your family has enough assets to cover your final expenses, you may not need final expense insurance. A typical funeral may cost $10,000-20,000, and typical final expense policies range from $20,000 - $50,000. Final expense premiums are determined by age. This is because the insurance company will take on more risk when insuring older people, because the risk of death is statistically higher. Buying final expense insurance at a younger age will come with lower premiums than starting at an older age.
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