Final expenses are the costs that arise at the time of a person’s death. This includes bills associated with final medical expenses, funeral or memorial services, and the price of burial or cremation. The average burial in the United States today costs approximately $9,000, and that cost does not include funeral or final medical expenses.
Final Expense Insurance is a whole life insurance policy that is designed to pay off the expenses families face upon the death of a loved one. This type of insurance ensures your loved ones aren’t saddled with debts that can be financially troubling after you pass.
Most of us will eventually need to pay for final expense insurance. If you don’t have extra funds set aside in savings just for final expenses, your loved ones may struggle with coming up with the money needed to give you the service and burial they want after you have passed.
Final expense coverage is a life insurance policy that you purchase for a specific dollar amount (“face value”). You pay premiums periodically to keep the policy in force. If you die while the policy is still active, the insurance company pays the death benefit to the funeral home or individual(s) you named as the policy beneficiary(ies).
What are the advantages of Final Expense Coverage?
Premiums don’t increase as you grow older. Your premiums are based on your age at the time you take out the policy, and remain steady for the life of the policy.
Tax-deferred cash value that builds over time. In addition to offering a fixed death benefit (the “face amount” of the policy), final expense insurance can also provide the option to accumulate cash value over time, inside the policy.
Can I afford Final Expense Coverage?
Because we don’t offer “one-size-fits-all” solutions at CapCity Group, and because we have access to insurance products offered by dozens of top rated insurance carriers, we can help you find a final expense policy that is designed to meet both your needs and your budget.
A Medicare Supplement Insurance (Medigap) policy helps pay some of the health care costs that Original Medicare doesn’t cover, like: Copayments Coinsurance Deductibles Some Medigap policies also cover services that Original Medicare doesn’t cover, like medical care when you travel outside the U.S. If you have Original Medicare and you buy a Medigap policy,