Top Final Funeral Expense Insurance Plans | Compare and Save

Introduction

Planning your final expense coverage is the smartest decision you can ever make. You can plan your final expenses with final funeral expense insurance plans. Funeral insurance helps cover all the expenses of the funeral day.

Funeral day is one of the most emotional days for a family. The cost of the funeral services makes this day even more emotional. Buying a final funeral expense insurance can protect your family from emotional and financial burdens. It covers your burial and funeral expenses so that your family can grieve in peace.

Funeral Insurance

Studies show that the cost of the final expenses is escalating every year. This increase in the final expense cost is affecting households. Funeral arrangements make families overwhelmed. In such cases, funeral insurance can reduce the stress in families.

The final funeral expense insurance covers your end-of-life expenses. This life insurance is also called burial insurance or final expense insurance. It is a permanent insurance that protects your family financially.

Final expense insurance offers more than final expense coverage. It can cover your hospital bills, medical bills and debts as well. However, you need to be regular with the monthly premiums.

Funeral expense insurance services

Funeral expense insurance covers services such as:

Burial services
Funeral services
Hospital bills
Medical bills
Credit card balances
Mortgages
Residential care
Debts

Burial services

Burial services that final funeral expense insurance covers are:

Cremation
Headstone
Casket
Burial plots
Embalming
Service van
Vault setting
Dressing

Final funeral expense insurance covers all these services. There are other additional services that final funeral expense insurance covers.

Cost Of The Final Funeral Expense Insurance

The cost of the final funeral expense insurance varies. You have to pay the monthly premiums to get the benefits of the funeral insurance. You do not get the benefits if you are not regular with your monthly premiums. The insurer even terminates your insurance when you do not pay the premiums.

Since the premiums depend on many factors, the cost does not remain the same. Also, some policies offer fixed premiums while some do not. The premium of final funeral expense insurance depends on:

Age
Gender
Health status
Smoking status
Death benefit
Policy type
State where the applicant lives

Age

Premiums of the final funeral expense insurance depend on the age of the applicant. If the insured is young he has to pay less premium. However, if he is old, he has to pay a higher premium. Seniors who are over 60 pay higher premiums than those who are younger than 60.

Your premiums also decide the death benefits. The more you pay the premiums, the greater the death benefits you will receive. Additionally, your age determines your death benefits. For example, if you are over 50 years old and pay a $4 monthly premium, you will receive a $7000 death benefit. But, if you are younger than 50 years and pay a $4 monthly premium, you will receive a $19,000 death benefit.

Gender

Gender is another major factor that impacts the premium and death benefits of final funeral expense insurance. Your gender decides how much you will have to pay the premium every month.

The premium amount is less for female applicants than for male applicants. Female applicants have to pay $4 to $6 each month. Whereas male applicants have to pay $7 to $9 every month.

Health status

Health status plays a vital role in determining the premium of final funeral expense insurance. The cost of the final funeral expense insurance hikes up if you have poor health. However, if you are in good health you have to pay less monthly premium.

Seniors often face challenges in applying for final funeral expense insurance because of their health status. Some final funeral expense insurance plans do not even offer insurance to seniors over 80 years. This is because they are vulnerable to falling sick. Moreover, they usually have serious terminal illnesses.

Yet, some final funeral expense insurance policies offer guaranteed issues. Guaranteed issue offer coverage to seniors regardless of their health.

Smoking status

Smoking status is another crucial factor that determines the premium rate. Those applicants who smoke tobacco pay a higher premium. These applicants usually have lung diseases and other respiratory diseases.

But, if applicants are non-smokers, it means they are healthy. The chances of having lung diseases or other respiratory are less. Hence, they pay low premiums. Your health can hike up or minimize the cost of the final funeral expense insurance.

Policy type

Your chosen policy type also decides the cost of the final funeral expense insurance. Many policies have different premium rates. Some offer fixed premium amounts. Whereas other policies have variable premium amounts.

Moreover, some plans have lower premium rates. This makes them affordable. However, some plans are expensive because of the higher premium rates.

Death benefits

The cost of the final funeral expense insurance also depends on death benefits. Based on your premiums, you receive the death benefits. If you want a maximum death benefit you have to pay higher premiums. But, if you want a normal amount of death benefit, you have to pay less premium.

For instance, if you want a death benefit of $10,000, then you have to pay a $30 premium every month. But, if you want to receive a death benefit of $20,000 then you have to pay a higher premium amount every month.

Final Funeral Expense Insurance Basics

The final funeral expense insurance covers your burial and funeral costs.
In future, the value of the final funeral expense insurance can increase.
Premiums of most policies of funeral insurance do not increase.
You have the freedom to select a beneficiary. This beneficiary will spend the money on services you want.
An insurer does not need to take a medical exam.
The final funeral expense insurance asks health-related questions.
If you die in an accident, your loved ones will receive additional benefits.
The final funeral expense insurance also covers other expenses like medical bills and debts.
The application process is simple. Seniors do not have to face any difficulty while filling out the application.

Final Expense Plans

There are various final expense plans. All these plans aimed to cover your end-of-life expenses. Usually, the insurance providers offer the best policies for younger citizens. Older people face challenges in finding the best life insurance.

However, some companies offer the best funeral insurance plans to seniors. Here are some top final funeral expense insurance plans that provide the best coverage for seniors.

Mutual of Omaha

Mutual of Omaha is one of the most stable life insurances. This company offers comprehensive final funeral expense insurance plans. It has strong financial strength and has flexible plans. There is no underwriting. But for seniors, there is underwriting.

Mutual of Omaha offers both term life and whole life insurance. It is famous for its term life insurance. Term life insurance is best for seniors or younger people looking a life insurance for the first time.

Additionally, the company is always ready to solve issues of the customer. It does not consider whether the problem is caused by to customer or company. It is always ready to serve their services.

Mutual of Omaha does not need a medical exam. Your application is approved instantly. However, online services are not available. An agent is vital to buy or gain insights into the final funeral expense insurance plans.

AIG

Another company that offers final funeral expense insurance is American International Group (AIG). AIG operates its insurance policies in more than 70 countries. It also provides financial support for your business.

AIG aims to increase the peace of mind. It protects your loved ones from financial burden. This life insurance provider offers final expense insurance. AIG covers your end-of-life costs.

State Farm

Another life insurance plans that offer final funeral expense insurance is State Farm. State Farm is one of the best insurance providers for seniors because it offers a whole life insurance. In addition, it has a strong financial strength. It is rated as the top financial strength company. You can receive the benefits even when you are in another state.

The premium amount for final funeral expense insurance is less. This makes State Farm policies affordable for everyone. If you want to save money and buy an affordable final funeral expense insurance plan, State Farm is the right choice for you.

Nevertheless, the coverage amount of State farm is low. It offers $10,000 to $15,000 coverage. This coverage is small when we compare it with other companies.

Fidelity Life

Fidelity Life is famous for its investment options. It offers many policies to its customers. Term life insurance, whole life insurance and final expense insurance are the plans that Fidelity Life offers.

Moreover, it offers guaranteed issue. This makes it best for seniors with serious medical issues. Seniors receive a guaranteed acceptance. Fidelity life gives great flexibility to the beneficiary to spend the death benefits.

Fidelity Life has online services. You can fill out the application online as it has simple process. You do not need a medical exam. Besides, the beneficiaries can spend the money on final expenses. it also covers other expenses like medical bills and debts.

TruStage is another one of the top insurance companies that provide final funeral expense insurance. The policies of TruStage are underwritten. The application process is simple. It does not include any health-related questions, making the process easy.

The insurer offers coverage as soon as you pay the premium. It offers instant coverage to the insured. However, it has a two-year graded benefit.

Corebridge

Corebridge offers guaranteed issue life insurance with no medical exam. It means your application gets guaranteed acceptance. It accepts your application regardless of your age and health status. Seniors aged 50 to 80 should buy Corebridge life insurance plans. They can enjoy guaranteed coverage.

Furthermore, the coverage is enough to cover final expenses and other additional expenses. It gives about $25,000 coverage. Your family members also recover a small death benefit. Hence it helps to reduce the financial burden.

Transamerica

Another insurer that is famous for its financial stability is Transamerica. Transamerica is best for seniors as it offers policies for seniors over 60. The cost of the plans is low and everyone can afford the plan.

Transamerica accepts people even with serious health issues. There is a waiting period. But if you have a serious health issue, there is no waiting period. You receive an instant coverage. It offers a maximum coverage of $50,000.

In addition, the rate of the premium does not change. It builds cash value. You can use this cash value in your lifetime however you want. It includes accelerated death benefits. Also, Medical exam is not required for Transamerica. You will have a guaranteed acceptance.

Types of Funeral Insurance

There are two main types of funeral insurance:

1. Standard funeral insurance

2. Pre-need funeral expense

Both these types are considered final funeral expense insurance. They cover the funeral expenses. These types also cover burial expenses.

Standard funeral insurance

Standard funeral insurance broadly covers your funeral expenses. It also covers burial expenses like cremation, headstone and other associated burial services. This type of insurance plan is offered to you in the form of whole or term life insurance.

The premium rate of standard funeral insurance is low. It is an affordable life insurance. However, the death benefits are low. The death benefits range from $4000 to $25,000. When you die, standard funeral insurance gives the death benefits to the beneficiary.

The beneficiary is free to spend the money. He can spend the money on final expense and other extra expenses. If you have any unpaid medical or hospital bills, your beneficiary can cover them as well. And, he can cover your debts and credit card balances with funeral insurance.

Pre-need funeral expense

You can buy this final funeral expense insurance from a funeral home. Pre-need funeral insurance covers only burial and funeral expenses. It does not cover other additional expenses. For example, if you have medical or hospital bills, pre-need funeral expenses cannot cover them. It only covers;

Church services
Burial service
Funeral services
Funeral Merchandise
Funeral home services

Additionally, the cost of the pre-need funeral expense is not fixed. It varies by age and insurance provider. Yet the benefit amount is the same. Also, the premium rate is more than standard funeral insurance.

Why Final Funeral Expense Insurance Is Important?

Considering the final funeral expense insurance is a smart decision you can make. This decision will secure your family from financial crisis. It helps your family during the emotional time of their life.

Besides, the average cost of funeral expenses is increasing. It is difficult to cover the final expenses without any resources. If you have savings or resources, only then you can cover the expenses. If you do not have resources, you may have to request a loan. It is vital to have final funeral expense insurance to avoid debts and loans.

Final funeral expense insurance takes care of your final expense coverage. It eases the financial burden. Also, it gives you peace of mind. You will leave a huge gift for your loved ones in the form of final funeral expense insurance.

Your family will receive instant help with final funeral expense insurance. On your funeral day, no one has to worry about final expenses. Funeral insurance will cover end-of-life expenses.

How To Buy The Best Funeral Insurance?

Buying funeral insurance is easy. Since it has a simple application procedure, anyone can apply for it. You can gain information from the websites. Also, agents are there to help you out. Agents provide information about funeral insurance. They can guide you with the best funeral insurance.

Once you have the information about the funeral insurance, you can start your application online. Put your personal information and choose a beneficiary that will receive the benefits. Remember that funeral insurance have monthly premiums. You have to pay the premium to get the benefits. Pay the premium and get maximum coverage.

Bottom Line

To sum up, buying final funeral expense insurance is beneficial as it covers your final expenses. Your family is secured with funeral insurance as they do not have to cover your burial and funeral expenses. Funeral insurance will be there to take care of your final expenses.

Many insurance providers offer funeral insurance plans. However, it is essential to search and compare the plans and then choose what is best for you.