Your Guide to Term Life Insurance
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1. What is Final Expense Life Insurance
Final expense insurance is a relatively unknown product among many consumers. Yet, it can be an essential part of your financial plan to ensure that you have the money for funeral costs if something happens. This guide will look at what burial insurance policies are and how you can get more information about them.
The financial products provide a small amount of money ranging from $5,000 to $50,000 for funeral and “end of life expenses” costs such as funeral and burial costs, medical bills, credit card bills, and any other outstanding bills. These life insurance plans are also known as end-of-life insurance.
Seniors up to a maximum age of 80 can expect a short application process and immediate coverage.
2. How Much Does a Funeral Cost?
According to the National Funeral Directors Association:
Funeral – Average costs $7,000 to $15,000. This includes the cost of viewing and burial, basic service fees, transporting remains to a funeral home.
Cremation – Average is $6,000 to $7,000. These costs do not include a cemetery monument or marker.
In the 1980s, funerals cost $2,000. Today, it can cost up to $9,000 or more if you bury or cremate the body. In addition, you might have to pay thousands of dollars for a casket, depending on what type of materials you want.
3. Types of Final Expenses
4. Living Benefits and Why You Should Care
Living Benefits are automatically built into most IULs. This gives you the ability to accelerate your death benefit while you’re still living if you suffer a heart attack, cancer diagnosis, stroke, or any other critical, chronic, or terminal illness. Living Benefits safeguard your family from medical bankruptcy following a critical illness. This is the cause of 50% of the bankruptcies in the U.S. every year.
Covered With Living Benefits
| Sudden Cardiac Arrest | Heart Attack | Aplastic Anemia |
| Paralysis | Stroke | Cystic Fibrosis |
| Coma | Cancer | Heart Valve Replacement |
| Servere Burns | Organ Transplant | Motor Neuron Disease |
| Traumatic Brain Injury | Blindness | Kidney Failure |
| Lou Gehrig’s Disease | Aorta graft surgery |
5. Pros and Cons of Final Expense Insurance
| PROs | CONs |
|
Premiums stay the same |
Coverage amounts are very limited |
| The death benefits pay for funeral expenses | Can be expensive |
| The final expense policy is straightforward | The median cost is not as cheap as term insurance |
| Fast approvals for coverage including same day | Whole life rather than universal life policies |
| Tax-Free Death Benefit | Waiting periods (up to two years) |
6. Get Covered Today!
Types of Final Expenses
Fixed Premiums + Cash Value + Tax-Free Death Benefit
Get COVERED Today!
Having a pre-exisiting condition like diabetes should not prevent you from keeping your loved ones protected. Quility offers term life insurance without a medical exam, and your licensed agent will ensure we find the coverage to match your individual needs.
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