Final Expense in The Prairie State

For many, life insurance or an inheritance isn’t available to ease the burden on their loved ones. That’s where final expense life insurance policies come in, offering an opportunity to prepare for these costs with a low monthly premium.

What Is Final Expense Insurance?

If you’re aged between 50 and 85, final expense insurance, also known as burial insurance, caters specifically to you. It provides an affordable life insurance solution with a modest benefit, offering the necessary financial support to cover your funeral, cremation, or burial expenses.

Final expense policies range from $2,000 to $50,000. Many people opt for plans between $10,000 to $20,000 to cover funeral expenses comfortably. Upon the policyholder’s passing, the designated beneficiary receives the death benefit. This amount can be used for the funeral, medical bills, and other end-of-life expenses. You can even outline your final arrangement preferences and plan to leave any excess coverage directly to your beneficiary.

Choosing a Final Expense Plan

Qualifying for final expense insurance is straightforward. There’s no medical exam; you just need to answer a few health questions. If you have significant health issues and worry about being denied coverage, there’s an option. You can opt for a guaranteed issue final expense plan, which doesn’t ask any health questions. These plans might be a bit pricier and could have a waiting period before full coverage starts, so it’s best to consult with an advisor before deciding on a guaranteed issue.

Final expense plans are tailored to cover your burial expenses. In Illinois, a complete funeral service with burial averages $8,126, while cremation with a funeral costs around $6,697. With a final expense coverage of $10,000 or more, your beneficiaries can handle the upfront payments many funeral homes require. By taking care of these costs, you’re providing your family with peace of mind during a challenging time.