Why Do You Need to Buy Insurance for Final Expense Before it’s Too Late?

Buy Insurance for Final Expense Before it's Too Late

Many people realize that they have to invest in a funeral expense policy at some point in time. The purpose is to cover the funeral expenses when you pass away and not put the financial burden on your loved ones to perform the last rites.

One of the reasons why final expense insurance packages are so popular among the elderly is their high approval rates. But it’s essential to get an insurance policy for you as soon as possible. Insurance experts like Gary P. Cubeta from Insurance for Final Expense offers independent reviews to help you further.

The Rising Cost of Final Expense

In the US, the cost of the funeral is rising. As per stats, the median cost of a funeral with viewing and cremation included in 2019 stood at $5,150, an increase from $4,798 in 2014. In some areas, the cost is way higher than the median.

But that’s not the only cost you (or your family members) would have to incur when you pass away. There is the following cost involved:

  • Embalming
  • Casketing
  • Vaulting
  • Transportation
  • Hearse
  • Decoration and printing
  • Staff cost

All of these have steadily grown over the years. You can expect to pay somewhere from $7,000-$9,000 as funeral charges by adding the cost up. The cost further varies depending on your location and how soon you want to perform the rites.

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If your family members are unprepared for this event, then they’ll have to bear a lot of expenses.

Final Expense Insurance is Age-dependent

Final expense policies are flexible to accommodate everyone. You can be a regular office worker in your 50s or a retired vet in your 70s. Insurance companies approve most of the applicants — but not all. And in some cases, the reason is age.

There’s no specific limit for age. Some carriers entertain clients in their 90s, but some carriers do not take people in their 80s.

If you’re unwell or suffering from a life-threatening disease, the company may reject you based on your age. But younger applicants are almost always approved, even if they’re suffering from similar life-threatening diseases.

Therefore, if you’re young and healthy, you should consider getting final insurance policy coverage.

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The Younger You Are, the Lesser Premiums You Pay

The final expense is an insurance policy. So you need to pay premiums a certain number of times that will lead to maturity.

There are a lot of factors determining how much premium you’re going to pay. The main factor is face value. The higher the face value, the more premiums you’ll be charged. Age is also a significant factor. That’s because there is less risk involved in offering coverage to a young person. If you’re over 80, you may pass away before completing the premiums. Therefore, carriers charge a higher premium.

Other factors determining the premium are:

  • Current and past health conditions
  • Gender
  • The type of policy you’re purchasing

For buying the right final expense policy for yourself, you need to work with an independent broker in your area. Experts like Gary P. Cubeta of Insurance for Final Expense advises policy seekers to schedule a meeting to discuss their needs to select the right policy.

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