5 Key Benefits of Final Expense Insurance


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The last thing anyone wants to deal with when a loved one dies is paying bills. Unfortunately, this is often the situation people find themselves in when it comes time to plan the funeral or celebration of life.

Nowadays, almost every insurance plan includes a policy for life insurance. That doesn’t always guarantee there will be funds for caskets, cremations, and other necessary expenses, though. When someone passes, the money in that life insurance policy is usually funneled immediately to the beneficiaries.

This is where final expense insurance comes into play. If you’re still debating whether or not final expense insurance is for you, here are the 5 key benefits we think you need to know.

1. Final Expense Insurance: Small Payments, Big Payoffs

Final expense insurance is some of the cheapest insurance you can buy. Most worthwhile life insurance policies cost hundreds of dollars a month. Final expense insurance, meanwhile, generally costs between $50 and $60 a month (or about $2 a day).

2. Health Changes Don’t Necessitate Policy Changes

One of the big unknowns with life insurance is how much your payout amount will change if you get sick. Whether you become disabled or suffer from chronic illness, long-term changes to your health can drastically lower the amount of life insurance you have.

That isn’t true for final expense insurance. Whether the person who purchased the policy dies from cancer, the flu, falling down the stairs, or just old age, their loved ones are guaranteed a flat-rate payout upon their death.

3. Cover Unknown and/or Miscellaneous Expenses

Funerals are expensive affairs. Whether you go the traditional route of a full burial with a Receiving of Friends and a casket or a private ceremony with a cremation urn, the costs rack up rather quickly.

Final expense insurance is designed specifically to address these costs. While life insurance is intended as monetary compensation for the policy holder’s death, it doesn’t always cover the small expenses related to caring for a deceased body.

If you or someone you love is considered a senior citizen, check out this link to purchase final expense insurance.

4. Added Benefits

Unlike most life insurance policies, final expense insurance offers additional benefits depending on the deceased’s life and manner of death. For example, active veterans who die in the line of duty can receive an added payout of up to $2000. Retired veterans are guaranteed at least $300.

Likewise, some life insurance policies refuse to provide a payoff if the deceased committed suicide. Final expense insurance does not. Instead, it offers an additional payout in the event of accidental death. In other words, while it doesn’t provide additional payment for suicide deaths, it doesn’t punish the deceased or their beneficiaries when suicide is the cause.

5. Ease the Process for Grieving Loved Ones

Finally, and most importantly, final expense insurance means less anxiety for the deceased’s family and other loved ones. As we mentioned at the beginning of this article, no one wants to worry about money, especially not while dealing with someone’s passing.

Finding Peace

Final expense insurance isn’t the only financial concern you need to look into. Saving for emergencies, keeping sufficient funds in your accounts, and even day-to-day budgeting are crucial to a successful life.

If you’re a middle-class parent trying to navigate the ins and outs of life, our site has everything you need. Check out the rest of our articles for the best information online.

Jeff Campbell

Jeff Campbell is a husband, father, martial artist, budget-master, Disney-addict, musician, and recovering foodie having spent over 2 decades as a leader for Whole Foods Market. Click to learn more about me

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