Final Expense Burial Insurance
When you pass away, you don’t want your loved ones to worry about the burden of paying for your funeral, medical bills, and any debts left behind.
You may already have a form of life insurance. However, without final expense (aka burial) insurance, your family may struggle to cover the cost of your funeral and have enough left over to make ends meet.
The average cost of a funeral has increased. Expect to need $8,000 to $10,000 or more.
Frequently Asked Questions about Burial Insurance
Can I purchase final expense insurance for someone else?
Yes, you can purchase final expense insurance for someone else, also known as third-party ownership. However, you should keep a few things in mind before doing so.First, the person you are purchasing the policy for (the insured) will need to give their consent and provide information for the application process. This means they must be aware of the policy and agree to it. Additionally, you will need to have an insurable interest in the person you are purchasing the policy for, meaning that you will have to prove that you would suffer a financial loss if that person were to pass away.
What is the difference between final expense insurance and traditional life insurance?
Final expense insurance is designed to cover specific end-of-life expenses. It has a lower coverage amount, while traditional life insurance has broader coverage, and the coverage amount can be higher. The qualifying process for final expense insurance is less stringent than traditional life insurance.