Final Expense

Have Health Concerns? Consider Final Expense Insurance

Final expense or burial insurance is a kind of permanent life insurance designed to cover funeral costs. Usually, it has a smaller face amount than standard insurance.

How it works is you name a trusted person as your beneficiary (some funeral homes will accept an assignment of the payout), and he or she can use the death benefit to pay medical bills and other final expenses such as burial or cremation, caskets, urns, etc.

There are two types of final expense insurance: guaranteed issue and simplified issue life insurance.

Does the Policy Expire?

No, final expense insurance never expires and stays active as long as premiums are paid. Unlike most permanent life policies, there’s no medical exam required for final expense.

Who Needs Final Expense Insurance?

A final expense policy is best for older people who typically don’t qualify for traditional life insurance. This includes individuals who are above a certain age, have a severe health condition, or earn a low income and have no assets.

Health conditions and illnesses that make final expense a more fitting option include cancer, HIV, or Parkinson’s disease.

All Things Insurance is committed to helping you find the insurance option that is cost-effective AND meets your health needs. Depending on your situation, a final expense policy may be right for you.

Most folks can get coverage up to age 85.

What Are the Benefits of Final Expense Insurance?

  • Premiums stay level.
  • Fast approval! Just answer a few health questions.
  • Most policies have a cash value that grows tax-deferred.
  • As long as you pay premiums, the death benefit is guaranteed.
  • The death benefit can be used for anything — including any end-of-life expenses like final medical bills, credit card debt, and more.

What Features Does the Policy Include?

Depending on the carrier, your policy may have additional features such as accidental death and dismemberment, child riders, or support benefits for surviving family members. Since not all final expense policies are alike, you’ll want to carefully look at the plan’s benefits.

How Does Final Expense Insurance Work?

Like most other kinds of life insurance, there’s an application and approval process by the insurer. The death benefit gets paid to the primary beneficiary when the claim is approved.

Why Should You Consider Final Expense Insurance?

Funeral costs have been rising for the past 30 years. It may surprise you how much it can be when you add everything together. According to Funeral Consumers Alliance of Minnesota, a funeral can cost $8,000 or more, on average. This often includes:

  • Funeral home’s service fee (non-declinable)
  • Embalming 
  • Casket
  • Vault
  • Hearse
  • Transporting the remains
  • Facilities and staff to manage a ceremony
  • And more, depending on your preferences

Final expense insurance isn’t only for seniors. If you’re over 40 and need cash to pay for your funeral and final expenses, this coverage is a perfect fit. Not everyone has enough in savings to take care of these things, and their loved ones end up bearing the responsibility.

If your family would have a difficult time covering less than $50,000 of expenses at the time of your passing — like the cost of a funeral — consider a final expense policy.

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How Much Does Final Expense Insurance Cost?

Premiums differ by sex, age, and insurance provider. Some policies cost as little as $9 per month. The average cost is between $30 and $70 per month and the payout may range from $2,000 to around $35,000.

Before you commit, it’s best to shop around. Every company is different and the coverage type will vary along with the premiums.

Get Final Expense Life Insurance in Minnesota

All Things Insurance is proud to serve all of Minnesota, including communities like: Saint Paul, Bloomington, Victoria, North Oaks, Minnetrista, Medina, Waconia, and Chanhassen.

When you’re shopping for rates, keep this in mind: The most affordable policy with one carrier may not be the most affordable policy with another. We have access to the top life insurance carriers in Minnesota. We’re ready to help you compare prices and determine which plan is best for you.

You Can Trust All Things Insurance

All Things Insurance helps many people in Minnesota protect their assets and provide a secure financial future for their families. Whether you’re interested in final expense or another type of life insurance, you can trust that we’ll have you and your family’s best interest in mind! Call (763) 645-5450 for a FREE, no-obligation quote.