Comprehensive Final Expense Coverage | Lifease Health

Introduction

Losing someone close to you is devastating. It brings grief, emotions, and vulnerability, not to mention responsibilities. When you lose someone, you have to go through a lot. You have to manage the funeral and burial services. Also, you have to think about the final expenses. Final expense coverage will help you to cover your expenses.

Planning is crucial to ease the financial pressure on you and your family. Final expense insurance is one of the best policies you can choose for your loved ones. It reduces the stack of responsibilities as it covers your final expenses. Final expense coverage takes care of your burial and funeral services. In this blog, we will discuss the comprehensive final expense coverage and its services.

Final Expense Coverage Insurance

If you are worried about the cost associated with funeral and burial services, funeral expense coverage insurance got you covered. It is a funeral insurance that helps your loved ones with your funeral expenses. Funeral expense coverage insurance also covers burial services.

The end-of-life expenses upset the families. When you are gone, your final expenses, medical bills and other legal bills disturb the peace of your loved ones. The cost of the final expense is not easy to cover. Funeral and burial services cost about $10,000. It can rise to $15,000 as well, depending on the state you live in.

With final expense coverage insurance, you can pay for your final expenses. You can ease the financial stress for your family. Final expense coverage is designed to cover your funeral and burial expenses. Your family does not have to pay a penny from their pocket for your funeral services. It secures your family’s tomorrow.

Additionally, this life insurance offers death benefits to your loved ones. But, it is crucial to pay the monthly premiums to receive the benefits. You only get the benefits when you pay the premiums every month on time.

Death benefits

Death benefits are the money that goes to your family or beneficiary. Your loved ones receive money after your death. They are free to spend this money. They can spend it to cover your medical bills or outstanding debts. The decision is theirs. In addition, the money they receive is tax-free. There are some cases where the final expense is tax-deductible.

Monthly premiums

Insurance policies have fixed or variable premium amounts. An insurer has to pay this amount every month to keep the insurance policy effective. It is crucial to pay the amount every month. If you do not keep up with the monthly premium, the insurer may terminate your life insurance.

The premium amount of most life insurance policies does not change. Also, some policies have a small premium amount while others have a higher premium amount. The amount depends on various factors like:

Age
Gender
Health status
State you live in
Policy type

If you are over 70 you have to pay a higher premium. Male insured also pay higher premiums than female insured. Your health status also matters. If you are healthy you pay small premiums, But, if you have any health problem, then you have to pay more.

Additionally, the policy type you select also decides the premium amount. Some policies offer higher premiums while others offer small premiums.

Beneficiary

Final expense coverage gives a payout to the beneficiary you choose. The beneficiary is an essential part of the coverage. This beneficiary will receive the payout from the insurance policy. When you pass away, he will receive the death benefits. Thus, selecting a beneficiary is one of the crucial steps of this coverage.

In final expense coverage, you can choose more than one beneficiary. The beneficiary can be your family member or a relative. You can also change him and make a new recipient. However, it is crucial to discuss this before assigning anyone as the beneficiary.

Final Expense Insurance Coverage

Final expense insurance coverage takes care of your funeral services. It also covers other expenses such as:

Burial services
Medical bills
Credit card balances
Legal bills
Outstanding debts
Transportation
Residential care

This life insurance is designed to cover the costs of services related to final expenses. It ensures that your family does not have to face financial challenges when you are gone. Final expense coverage insurance gives peace of mind to you and your family.

Burial and funeral costs

Everyone is familiar with the rising cost of funeral services. The cost of burial services is even higher. Their costs are increasing year by year. The cost is expected to rise in the coming years. Today, funeral and burial cost you $10,000. It can also go up to $15,000 – $19,000. Find out about the cost of the funeral and burial services below in the table.

Burial and funeral services	Cost of the services
All cremation fee	$3,000 – $6,000
Service van	$200 -$300
Embalming	$900 – $1,140
Dressing	$200
Vault and vault setting	$1,000
Tents and chairs	$610 -$700
Headstone	1,700 – $2,000
Flowers	$300
Music	$270
Paperwork	$1,350
Metal casket	$2,500
Hearse	$375

All these services are mandatory to carry out a funeral. Keep in mind that there are additional services as well. An average funeral will cost you $10,000 normally. The cost will increase next year.

It is crucial to know that the cost of funeral services depends on the state you live in. The cost varies in every state. The pricing information is usually available on the websites of the burial authorities. You can learn more about the funeral and burial costs from the websites of the death care industries.

Medical bills

As you grow old, you become vulnerable to falling sick. You may need medical attention. You may also need residential care. However, the cost of healthcare is rising exponentially. Getting healthcare can cost you a fortune, especially when you do not have any life insurance.

After you die, your family is responsible for paying the Medical bills. The pile of medical bills may enhance the financial burden on your family. To ease this burden, final expense coverage is there. It covers the bills for your healthcare. Whether it is residential care or other healthcare bills, final expense insurance covers them.

Outstanding debts

Your outstanding debts also enhance the financial burden for your family. Leaving a debt behind for your family is the worst thing you do. You can pay your debts with final expenses coverage insurance.

Final expense coverage gives enough payout to your family. Your family can cover your outstanding debts with this money.

Travelling costs

This traveling coverage also includes the costs of travelling and lodging. Sometimes cannot afford the trip and miss the funeral of their dear ones.

You can add the travelling cost to your final expense coverage insurance. It covers the lodging and travelling, making it easier for your family to travel.

Transfer of remains to funeral home

Final expense coverage insurance takes care of the transportation as well. The transfer of the deceased from one place to another can cost up to $700. The transfer of the deceased international can cost even more.

It includes the removal and transfer of the deceased. Your family does not have to arrange it separately. This facility comes with life insurance.

Additional expenses

Final expense coverage includes other funeral expenses such as music, flowers, embalming, casket, funeral setting and food.

Do I Need Final Expense Coverage Insurance

Funeral services are expensive. The cost of funeral and burial services is increasing every year. The rising inflation is making it difficult for seniors to cover their expenses. The economy is unpredictable. You need life insurance to secure your future. A life insurance secures your family’s future and helps to ease financial burden.

It is a life insurance that helps you with your final expenses. It offers final expense coverage. It also covers your medical bills, legal fees, and debts. Your future is secured with final expense insurance.

Financial security

Your family becomes financially secure with final expense coverage insurance. They receive a death benefit that helps them to cover the final and household expenses. It provides funds to your family. Buying final expense coverage insurance is like leaving behind a gift for your family.

No medical exam

Sometimes, seniors face difficulties in finding life insurance. Applicants have to take a medical exam. If they fail the exam, they are not accepted. Seniors are usually rejected especially those with serious health issues.

However, final expense coverage does not need you to take a medical exam. You can apply without taking any medical exam. Also, it is a whole life insurance that offers coverage for a lifetime

Small premiums

You need to pay small premiums every month to receive the death benefits. These benefits are tax-free. There are some rare cases when benefits are tax-deductible. However, the benefits are small. It can provide $5,000 to $25,000.

Fast claims

After your death, your loved ones will receive the instant fund. Claim the insurance and it provides your family an immediate funds. There is no waiting period. Your family will not have to wait for a longer time.

As discussed above, it also covers your medical and other legal bills. Thus, final expense coverage is the most important life insurance policy that seniors need. If you are above 50 and want a secure tomorrow, get final expense coverage right away.

How Does Final Expense Coverage Work?

This insurance is one of the simplest life insurance policies. You can easily apply for final expense coverage. The application process is easy. Keep in mind that the final expense insurance coverage is for seniors. There is an age requirement. This life insurance is for seniors aged 50 to 85.

Final expense coverage insurance comes into effect when you die. There are death benefits that are given to your loved ones. The death benefits can be small or huge depending on the policy type.

Steps involved

Before starting the application, it is important to choose a policy type that suits best for you.
There are various policies. You must search deeply and compare the policies. Look for the death benefits, premiums and financial strength of the insurer.
Read the rules and regulations of the policy type and choose one.
The next step is to select a beneficiary. This beneficiary will receive the death benefits. Thus, it is crucial to choose wisely. If you want to change him/ her, you can.
The last step is to fill out the questionnaire and submit your application. After submission, the insurer reviews your application.

Applying for final expense coverage insurance is easy. You can even do it on your cell phone. But, it is best to apply through an agent. He will guide you and help you with your questions regarding the insurance policy.

Nevertheless, you have to pay the premiums in time. Your insurance policy may get cancelled if you do not pay the premium every month. Additionally, you must find the right insurance policy for yourself. There are many life insurance types including simplified and guaranteed life insurance.

Simplified issue

A simplified issue is a final expense coverage insurance that needs no medical exam. The application is short. Yet, the application includes a questionnaire that asks health-related questions.

If you have any serious health issues, the simplified life insurance will disqualify you. You are turned down when you have any medical condition.

A Simplified issue offers a higher payout amount to your family. The amount ranges from $10,000 to $100,000.

Guaranteed issue

Simplified issue life insurance is not for applicants with serious health issues. They receive rejection because of their health problems. For such applicants, guaranteed issue life insurance is best. It is a whole life insurance. It does not need any medical exam.

Applicants get acceptance regardless of their health status. It does not matter if you have any terminal medical condition. Guaranteed issue always keeps the applicants. It provides immediate death benefits to your family. However, the death benefit is small. Your family receives a payout of $25,000.

If you have any health issue that prevents you from buying life insurance, apply for a guaranteed issue. It may have higher premiums but it helps a lot when you are in poor health. Also, it has a graded death benefit.

Pros and Cons of Final Expense Coverage Insurance

Buying a life insurance policy may seem easy but it is not. The thing that makes life insurance challenging is the premium amount and small death benefits. Final expense coverage insurance may be expensive because of the monthly premiums. However, it depends on the policy type you are buying.

There are pros and cons of final expense coverage. Let’s discuss them.

Pros	Cons
It offers lifetime coverage	It has smaller death benefits
Final expense coverage has fixed premiums	Premiums have to be paid every month
It does not need a medical exam	Monthly premiums make final expense coverage expensive
Final expense coverage provides immediate funds for your family

Alternative To Final Expense Coverage Insurance

For some people, a policy of final expense coverage may not work. The good news is burial insurance has many types. You can choose whichever policy suits best for you. Some of the types of burial insurance are:

Universal life insurance
Variable life insurance
Term life insurance

Finding The Right Final Expense Coverage Insurance

Selecting the right final expense coverage is one of the crucial steps to take when applying for life insurance. Before selecting a final expense insurance, you must understand the rules of the insurance policy. You have to look over the insurer’s financial strength and the client’s experience.

Look at the policy and how it works. Calculate your budget and needs and see if the insurance policy is giving you what you need. Search the final expense coverage market through websites or an agent. Contacting an agent is the best way to find the right expense coverage.

Overall, final expense coverage has many types. You can choose from these types based on your needs. Compare policies and check the eligibility. Last, but not least, look for the premium amount and riders’ option.