Many families know they should have life insurance, but one of the biggest questions is simple:
How much final expense insurance do I actually need?
The answer is different for everyone. Final expense insurance is generally designed to help your loved ones handle expenses that may remain after you pass away, such as funeral and burial costs, medical bills, credit cards, and other financial obligations.
What Is Final Expense Insurance?
Final expense insurance is typically a form of whole life insurance designed to provide a relatively modest death benefit.
Unlike larger life insurance policies that may be intended to replace decades of income or pay off a mortgage, final expense coverage is often purchased specifically to help prevent end-of-life expenses from becoming a financial burden on family members.
The policy’s beneficiary receives the death benefit and can generally use the money as needed.
How Much Could a Funeral Cost?
A funeral can involve much more than the funeral home’s basic service fee.
Depending on the arrangements you choose, expenses could include:
- Funeral home services
- Burial or cremation
- Casket or urn
- Cemetery expenses
- Transportation
- Flowers
- Memorial services
- Obituary expenses
- Outstanding medical bills
These costs can add up quickly.
That’s why many people purchase final expense coverage before their family is faced with making difficult financial decisions during an already emotional time.
Is $10,000 Enough?
For some people, $10,000 of coverage may be enough to cover many of their anticipated final expenses.
Others may want $15,000, $20,000, $25,000 or more.
When deciding how much coverage you need, consider more than just the funeral itself.
Ask yourself:
Do I have outstanding debts?
Would my family need help paying medical bills?
Do I want money available for burial or cremation?
Would I like to leave additional money behind for my loved ones?
The answers can help determine an appropriate amount of coverage.
Don’t Wait Until Your Health Changes
One mistake people sometimes make is assuming they can always purchase life insurance later.
Age and health can affect your options and the amount you may pay for coverage. Waiting could potentially make obtaining the coverage you want more difficult or expensive.
Even if you aren’t ready to purchase a policy today, learning about your options can help you make an informed decision.
Final Expense Insurance Doesn’t Have to Be Complicated
You don’t have to figure everything out by yourself.
As a licensed insurance agent, I can help you review available options and determine what may fit your needs and budget.
There is no obligation to buy simply because you request information.
Ready to Learn More?
If you’ve been thinking about final expense insurance, now is a good time to find out what options may be available to you.
📞 Call DeMont Moret today at 888-287-0605
🌐 DeMontMoret.com
A short conversation today could help you put a plan in place for your family’s tomorrow.
