The final expense is an insurance product that can help ease the financial burden for loved ones when you have passed away. This type of insurance is design to assist your loved ones with money to pay funeral expenses and to mitigate the financial burden.
The money can also be used to pay off any medical expenses or to leave to grandchildren, or perhaps, you have a favorite charity and want to leave a final love gift.
The Average Cost of Burial
With rising inflation, no one is immune to the increasing cost of burying their loved ones. The average cost of a funeral in 2019 is $9,135.00, according to The National Funeral Directors Association.
Remember, the rising inflation cost will only rise. That was as of the year 2019. That cost will only increase as time passes. Putting a plan in place is great. However, in order to make your planning count, you have to make sure you plan with inflation in mind.
Social Security would pay $255.00 to a surviving spouse if they were living with the deceased. If the surviving spouse lived a part of the deceased on the deceased’s record. The Social Security Administration stipulates the surviving spouse may still be eligible for the $255.00 one-time payment. For more information about this, visit the Social Security Government page.
Pre-existing Health Conditions
There are insurance companies that will issue final expense life insurance without you completing a medical exam. There are also companies that will issue final expense insurance without requiring you to take a medical exam or answer any health questions. Making it accessible to those who are unable to qualify for most life insurance products.
Will Final Expense Insurance Expire?
Burial Insurance or Final Expense insurance premiums will not increase, or coverage will not expire as long as the premiums are paid.
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