Covering Your Final Expenses

In our culture, death is often a taboo subject. Few people are willing to talk openly about the inevitability of their eventual death and the necessary expenses that come with the end of life. Unfortunately, when dealing with the tragic end of life, open and frank discussion is vital. Estate planning is important for the end of life.

Final expense insurance is engineered specifically to cover the cost your family would otherwise be forced to pay upon your death. In many cases, this makes final expense insurance just as important, if not more so, than planning advanced medical directives and wills. Planning the expenses of your end of life helps you keep your loved ones out of debt and in a financially stable position while they mourn your passing.

There is often some confusion about the difference between final expense insurance and life insurance, with many people thinking that final expense insurance is essentially life insurance for the elderly. The starting value of a typical life insurance policy is around $10,000; when used to cover final expenses, this has to cover the burial plot, funeral service, casket and any accessories. The actual cost of these items and services is typically much less than $10,000. As a result, a dedicated final expense insurance policy will cost much less. In fact, the usual final expense insurance policy is only a couple thousand dollars. Which would you rather do; slowly pay into an insurance policy and save your loved ones several thousand dollars, or leave them with the responsibility of that financial burden with no insurance to back them up?