Is Final Expense Worth It?

Final expense is a great choice for many seniors wanting to prepare for the costs of their funeral services. For help in planning your funeral or finding a final expense policy, look to Poarch Insurance.

Who needs final expense?

Final expense policies are a good choice for seniors who are looking for a way to pay for their funerals. Many people who decide to plan their funerals choose to prepare for the costs of the funeral, which can be expensive. Funerals in New Mexico can be around $7,000, with an average of $6,907 for burials and $4,517 for cremation. Planning ahead for these expenses allows you to take that financial stress off of your family.

People without life insurance are good candidates for final expense, as are seniors aged 50-80 without a good deal of liquid assets. These policies are also an affordable option for people who have not been able to save up money to leave to their loved ones after they pass away. For low monthly premiums, you can leave behind $5,000 – $35,000 for your family.

Get Your Free Quote!

I'm Interested In:

Why should I get final expense?

Final expense insurance gives you the coverage your beneficiaries need to pay for your funeral and burial or cremation expenses when you pass away. It may be difficult to think about, but planning ahead for your funeral costs is a good way to prepare your family for the financial impact of your death.

Funeral homes ask for the payments for your funeral services at the time of service, meaning your loved ones will need to come up with the money at short notice. Final expense policies are a good way to remove this financial stress from your beneficiaries, so they can focus their time and energy on healing and remembrance. In addition to allowing your family to heal, the benefit can also help cover any medical bills or debts left behind.

What if I already have life insurance?

This depends on the type of life insurance you have. Permanent or whole life insurance plans will cover you for as long as you pay your premiums, meaning they can last your entire lifetime and pay your beneficiaries the promised benefit upon your passing. If you already have a permanent life insurance policy, you will not need a final expense policy.

Term life insurance policies operate differently. They only cover you for a set period of time, usually 20 or 30 years. If the policyholder dies within that period, their beneficiaries will receive the full death benefit. If the policyholder outlives that time period, their beneficiaries receive nothing. 

If you have a term life policy, you may want to consider purchasing a final expense policy. These plans have a guaranteed death benefit as long as you continue to pay your premiums.

To find out if final expense insurance is the right choice to prepare for your financial future, contact Poarch Insurance today.