How To Find Affordable Final Expense Insurance
With the rising costs of funeral and cremation service arrangements, it’s better to plan ahead. When it comes to covering burial and funeral costs, final expense insurance is a good option. Final expense policies can be purchased to relieve your family of any burden associated with funeral planning.
Most final expense policies have coverage amounts ranging from $5,000 to $50,000. This lump sum will be given upon the policyholder’s death, which can help cover the funeral and burial costs. By planning ahead, you can ease a huge financial burden on your loved ones and make the process easier for them.
This guide will help you navigate the world of final expense insurance and find an affordable policy that suits your unique needs. Continue reading to learn more:
How Much Does Final Expense Insurance Cost?
Final expense or burial insurance is a type of whole life insurance that provides coverage for your entire life. It has a small death benefit that covers the costs associated with end-of-life expenses. Funeral services, outstanding medical bills, and unpaid debts can be covered by your policy.
Individuals must be at least 50 years old to qualify for final expense plans. But the sooner you get a policy, the better because premiums will be lower. Final expense insurance is much easier to qualify for than most policies as it does not require a medical exam. However, your insurance provider may ask questions through a simple health questionnaire.
On average, a final expense policy costs between $30 to $70 per month. This range increases to $70 to $120 per month for people with pre-existing health conditions. Different factors determine the cost, such as age, sex, overall health condition, and coverage amount. Your premium rates will be higher or lower depending on your health conditions and lifestyle choices.
It's important to note that premiums will never increase throughout the term. The death benefits are guaranteed as long as payments are made.
Tips for Getting Affordable Final Expense Insurance
Maintain a Healthy Lifestyle
While you’re less likely to be denied coverage, maintaining a healthy lifestyle helps lower the premiums. Unless you’re over age 85 or have extreme health concerns, you won’t be rejected by the insurer. Individuals with cancer or dementia are only able to qualify for guaranteed issue life insurance. It guarantees near-certain approval regardless of your health condition, which is why it’s an expensive policy.
If you have a healthy lifestyle and positive medical history, your risk profile will be lower. There’s a higher chance of securing cheaper final expense insurance when you engage in regular exercise or avoid smoking.
Understand Your Needs
Before purchasing final expense insurance, assess your needs first. Do you need a huge face amount? Are you planning to use the death benefit in paying debt or mortgage? It’s crucial to review your current financial situation and determine the adequate coverage amount.
When choosing your coverage amount, evaluate if it would be enough for your final arrangements, including memorial service fee, casket or urn, headstone, and hearse. You may also factor in other expenses like legal fees, probate expenses, and outstanding medical bills. This will ensure that your beneficiaries will receive enough funds when the difficult time comes.
Compare Quotes
The best way to find affordable final expense plans is by shopping around. Whether you’re looking for burial insurance or pre-need policies, it’s better to compare quotes from different companies.
Many insurance companies have quotation software tools on their websites. You’ll simply fill out a form online to receive a no-obligation quote. Once you’ve requested a quote, you’ll receive a call from one of their licensed representatives. Gather at least three customized quotes to find the best match for your needs and budget.
We also recommend insurance comparison sites that make it easy for you to find the right coverage. This way, you can save time searching and comparing insurance quotes.
Work With Our Licensed Agents
Navigating through the complex world of final expense insurance can be challenging. That’s why you would probably be better off hiring an experienced insurance agent. Local Retirement Group is a local, independent agency that can guide you all through the process. Our staff can answer your questions and provide free, no-obligation quotes. For more details about end-of-life planning, get in touch with us today!
