Final Expense Insurance

Final expense insurance is a type of life insurance policy designed to cover the costs associated with passing away. These include medical bills and funeral expenses. For this reason, final expense insurance is also referred to as burial insurance. Medicare and Social Security do not offer final expense coverage. Understanding your options in the private sector is essential to plan ahead.

What is covered?

Final expense insurance covers end of life costs to help the people you leave behind. The policy can be used to cover a funeral, cremation, or burial. Additionally, the policies can be used to settle outstanding debt, such as medical bills, credit card debt, and other expenses you may owe. The benefits of having a final expense policy are that your family does not have to use other funds to cover end-of-life costs. 

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Coverage Details

Some people may be financially secure enough that they do not need a final expense policy. Someone who has no outstanding debt and has enough saved to cover funeral costs may not need this policy. 

Your health insurance policy will also make a difference in whether you need to purchase final expense insurance. If you have a health insurance policy such that your family will not incur debt for end-of-life hospital care, you may not need this policy. However, if you have Original Medicare without supplement insurance, your family may be liable for 20% of the cost of your hospital care, which can be very expensive.

To be eligible for final expense insurance, you normally have to be between the ages of 50 and 85. Some insurance companies offer term policies or permanent coverage. They typically offer different coverage amounts, with an average range of $5,000 to $50,000 in coverage.

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