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What Is Final Expenses Insurance?

As the name has mention of the word ‘final’, a lot of us might be getting a slight hint as to what does final expenses insurance mean. Final expenses insurance covers all the expenses that your dear ones would face after your death. The name “final expenses insurance” is the most polite term that anybody could have come up with considering what it is for. This policy covers the funeral and medical expenses. Let us look at it with some more detail.

The basic concept of final expenses insurance:

Well, as we briefly got to know about the final expenses insurance above, it isn’t as same as what we usually call “life insurance”. As far as final expense insurance is concerned, it deals with the detailed list of expenses and bills to be paid for the funeral services. Here, the policy value directly is dependent on the expenses of the funeral services that are desired.

Portrait of old mother and mature daughter hugging at home. Happy senior mother and adult daughter embracing with love on sofa. Cheerful woman hugging from behind older mom and looking at each other.


The cost of final expense insurance, when compared to the various kinds of life insurance policies, is less. The idea here is that the older you are, the more is the size of premiums. The cost of the final expenses insurance of any person depends directly on the person’s age. The reason behind it being the way it is that insurance companies are taking on a bit more amount of risk when it comes to ensuring older people.

Is final expenses insurance something you need?:

Now, this depends on person to person and situation to situation. This requires considering another question and the answer to the same. The questions are- Are you having a “term life insurance” or “whole life insurance”?  If you have whole life insurance, it can be enough for your dear ones to bear the final expenses. However, if you have a policy of term life insurance, and let’s say you have crossed the policy term, this is a separate topic. In this case, you might consider having final expenses insurance.

Here, there is a third angle also, which is that if the family is financially strong enough to self insure (using one’s own money instead of a life insurance payout). It involves several things like if there are sufficient assets the family can work o, which gives the dear ones a strong back up for self-insuring. However, few other things like a catered post-funeral gathering and related things here and there are also to be considered, which is why the option of final expenses insurance is the one to avail.

So, now all of this may be a little difficult and uncomfortable for us to think about, but, it is indeed essential. One, if not very confident about it all, should be consulting a trusted financial advisor for the right guidance regarding every little detail that is to be taken into consideration.

Choosing a life insurance policy that covers the final expenses or proper final expense insurance is extremely important, and it is certainly a very wise decision to make considering the family members.

One should always consider pre-planning in matters like these, however, uncomfortable as these things are to think about. It finally is for the security and safety of your dear ones, which is something which is of very high priority for all of us.



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