Final Expense or Burial insurance, Miami Dade, Broward County, Palm Beach

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What is Final Expense Life Insurance?

Final expenses are expensive – don’t forget them in your overall retirement planning

There are no health exams necessary to qualify for the Funeral Advantage program. Just answer a few simple health questions on our application. Most everyone qualifies, even if they've had past health issues.

Fast Claims Payment Get the money to your beneficiary as quickly as possible. Most claims are paid within 24 hours of claim approval.

Final expense insurance, also referred to as burial insurance, covers end-of-life expenses including funeral arrangements and any remaining medical or legal expenses that will need to be settled by your beneficiary.

This coverage can ensure that your loved ones aren't left with a financial burden, as the average funeral can cost $10,000 or more.

Funeral, burial and other end-of-life costs can come as a shock. Many people are surprised to learn these costs are much higher than expected.

Whether you’re dealing with the loss of a loved one or simply trying to plan for your end-of-life expenses, it’s a good idea to know what to expect when paying for funeral arrangements.

Providing for your final expenses is an important but often neglected job. Failure to plan properly can cause severe hardship for your surviving relatives during an emotional and difficult time.

Poor planning for final expense management happens for three main reasons:

Not thinking about final expenses at all.
Underestimating how much final expenses can cost.
Not having enough liquidity available to pay for final expenses.

While a failure in planning for final expenses, or poor execution of a good plan, can lead to stress and financial difficulties, a good, a well-executed plan is easy to implement. One of the best options available is an Irrevocable Funeral Trust (IFT).

An IFT can provide for immediate funding of final expenses and also allow you to shield some assets from Medicaid spend-down restrictions.

Failure to plan for final expenses

On one hand, it’s hard to understand why final expense planning is so easily overlooked. After all, we spend a lot of time planning so many other aspects of our retirement years. We work with advisers to plan our optimal cash flow and income in retirement.

We agonize over maximizing our Social Security income, minimizing taxes and when to retire. How much time is dedicated to planning and executing asset allocation in investment accounts?

For those of us with multiple children or grandchildren, we probably spend a lot of time deciding how we want our assets to be divided to our heirs upon our passing.

So, why not plan specifically for final expenses? The reason is probably psychological.

Final expenses are by definition tied to our passing, which can be unpleasant to consider. It’s also less “fun” than thinking about our children enjoying some prized possession. After all, planning for a funeral is somber at best and depressing at worst.

Thi breaks down the cost of a funeral and how you can prepare for the financial burden of a funeral, such as using life insurance to cover funeral expenses.

Factors to Consider

These are some of the costs that go into funeral arrangements and end-of-life services.

Basic services fee A non-declinable fee paid to funeral directors for funeral planning, securing permits and death certificates, preparing death notices and coordinating the transfer of remains.

Pickup and transfer of remains: This expense covers the cost of moving the body to the funeral home, crematory, cemetery or other location.

Embalming The embalming process helps preserve the body of the deceased. While not required by law, many funeral homes require embalming for viewings or visitations.

Other body preparation: These optional services might include cosmetology, hairstyling or dressing the body for viewing. Most of these services are an additional cost not included in the basic services or embalming fees.

Cremation The cost of cremating the body. Some funeral homes offer cremation on-site, while others send the remains to a third-party crematory. Outsourcing cremation services often increases cremation costs.

Casket: Caskets come in a range of styles, so the cost can depend on personal preference. Your preferred cemetery or funeral home may have requirements or guidelines on whether you need a metal casket or wood casket, which can affect cost.

Urns or other containers: Those who choose cremation may not need a traditional casket, but will still need a vessel — like an urn — to contain the ashes.

Visitation/viewing fee: This fee covers the cost of renting a funeral home parlor and the cost of staffing the event.

Funeral service or memorial service fee: This fee covers the cost of a funeral ceremony and events, such as paying for a clergy member to give an address at the visitation.

Graveside service fee: Graveside fees generally cover the cost of having a clergy member or other speaker lead a graveside memorial service at a burial.

Hearse A hearse is a specialized vehicle that transports caskets and is generally required if the deceased is not cremated. The hearse fee covers the cost of renting the vehicle and paying the driver for their services.

Family member transportation: Many people opt to provide transportation for immediate family members of the deceased, such as a limo to take family members from the funeral home to the cemetery. Though not required, many families see the value in removing the stress of driving during a difficult time.

Printed memorial materials: Though not required, many families choose to memorialize their loved one with obituary cards, funeral service agendas and other printed memorial materials.

Cemetery lot: Cemeteries require you to purchase a burial plot to bury remains on the property. Some people purchase their burial lots in advance to lower their final expense costs.

Burial vault or grave liner An outer casket, known as a burial vault, protects the metal or wood casket once it goes into the ground. It helps limit the sinking of dirt over the gravesite and many cemeteries require vaults.

Headstone or marker: A headstone or grave marker identifies the deceased at their burial plot. The cemetery generally has requirements for headstones such as size limits, who can install the headstone and what type of grave marker is required.

Final expense insurance is a whole life policy that pays medical bills and funeral expenses when you die. It’s also known as burial or funeral insurance. It’s a popular choice among seniors.

Most final expense plans have these features:

Whole life insurance – no expiration if premiums are paid
Cash value – insured may be able to take out a policy loan
Fixed premiums as long as they’re paid
Simplified issue – usually no medical exam (also called a life insurance exam) is required, just health questions on the application
Easy application process
Fast approvals – coverage can often be issued in days
Affordable rates

Final Expense Life Insurance For Seniors

Final expense life insurance is popular with seniors because of its affordable price, smaller benefit amounts, and emphasis on covering funeral costs.

Traditional life insurance policies such as term insurance are primarily intended to replace any income lost when a loved one dies. These policies are most important to families during the earlier years when we’re working, paying a mortgage, making car payments, and raising our kids.

Once we’ve retired, paid off the mortgage, and the kids are out of the house, traditional life insurance policies aren’t needed as much. What we do need is a way to pay for any expenses we leave behind when we pass.

According to the National Funeral Directors Association, the median cost of a funeral can be over $9,000. With no way to pay for these expenses, surviving loved ones often experience a financial burden during a time of intense grief.

Many of us have experienced the death of a loved one and remember how stressful it was to juggle our grief, the funeral planning, and the financial obligations we had. The thought of our spouse or children going through the same experience is unbearable.

So how can final expense life insurance help? What can we do to protect our families from this financial burden? How can we make sure they aren’t left with a pile of bills when we pass?

Burial insurance for seniors is a smart and compassionate insurance solution for seniors looking to protect their loved ones from rising funeral costs. It’s typically easy to qualify because it’s issued based on answers to health questions. In many cases, you don’t need to take a medical exam.

Sample Rates for Seniors

Below are some sample monthly rates for seniors. As you can see, rates increase substantially the older you get. Most seniors get coverage as early as possible in order to lock in a lower rate.

$10,000 Policy with Funeral Planning

Age	Female Monthly Rate	Male Monthly Rate
50	$25 - $40	$30 - $48
55	$28 - $46	$35 - $55
60	$33 - $52	$43 - $67
65	$41 - $64	$56 - $75
70	$53 - $82	$74 - $93
75	$72 - $108	$100 - $131
80	$93 - $152	$126 - $190

* Rate estimates based on standard health and no tobacco use
** Funeral planning with Funeral Advantage includes price shopping for common funeral items. Families save on average $1,800 on traditional funerals and $600 on cremations with Funeral Advantage.

What Questions Do Seniors Have About Final Expense Insurance?

Qualifying for a final expense policy is often easier than qualifying for other types of life insurance (such as term insurance). But there are still important questions to ask, such as:

Does the policy expire?

Final expense policies don’t expire like term policies because they are a type of whole life insurance (learn how whole life insurance works). Your coverage won’t expire as long as you pay your premiums.

Do I have to take a medical exam?

In most cases, a medical exam isn’t required to qualify because the face amount is typically under $50,000. Coverage is usually issued based on the applicant’s answers to health questions on the application.

What features are included in the policy?

Depending on the life insurance company, your final expense policy may have added features such as child riders, accidental death and dismemberment, or support benefits for surviving loved ones such as funeral price shopping. Not all policies are the same, so make sure you review the policy’s benefits carefully.

How can the death benefit be used?

The hardest thing we must ever face is the death of a loved one. On top of this, surviving loved ones are often left to handle any end-of-life medical expenses and funeral costs. These expenses can add to the sense of grief and stress surviving friends and family members feel. Final expense life insurance was created to prevent this added pressure.

Even though final expense insurance focuses on covering funeral costs, the death benefit can be used for anything: medical bills, credit card debt, mortgage payments, etc. How the death benefit is spent is ultimately up to the beneficiary of the life insurance policy.

How Much Does Final Expense Insurance Cost?

The average final expense policy costs between $30-$70 a month and depends on your age, sex, health, coverage amount, and life insurance company you choose.

If you have significant health conditions or are over the age of 70, your premium will probably be higher and may cost between $70-$120 a month (though it may be less).

Younger applicants who are in good health may qualify for rates in the $20-$50 range. Remember, a cheaper rate usually means fewer features and benefits for surviving loved ones. A few extra dollars a month could make a big difference in the support your family receives when you’re gone.

Cost is often the #1 factor people focus on…but it’s not the most important factor! Instead of focusing on how much the policy is going to cost, look at how many expenses will be left behind and how much they’ll cost your family. Common expenses include medical bills, credit card debt, and funeral costs. We’ll cover each of these costs below.

Medical Bills

The current state of the healthcare industry has led to higher prescription costs, expensive medical procedures, and health insurance that doesn’t always cover consumer needs.

Of the 2.85 million people who died in the U.S. in 2019, more than eighty percent were on Medicare before they passed. A disproportionate share of Medicare spending occurs in the last year of life, covering costs related to chronic conditions, inpatient hospitalizations, and hospice care.

But government programs like Medicare and Medicaid only cover about two-thirds of healthcare spending by the elderly, according to the National Bureau of Economic Research.

The report, which is based on data collected through the Medicare Current Beneficiary Survey between 1996 and 2010, found that healthcare spending for people aged 65 and over was approximately $18,424 per person, per year.

Medicare paid an average of $153 per day, per person, in 2016 to cover hospice care, in the following categories:

Patients may still be responsible for co-payments, prescription drugs, emergency care, inpatient facilities, nursing care, and other end-of-life expenses. This leaves many people with a significant financial obligation that they can’t always afford. Final expense life insurance can help protect loved ones from the financial responsibility of any outstanding medical bills.

Debt

73% of American consumers die in debt according to research from Experian FileOne and Credit.com. The average total balance left is roughly $61,554 (including mortgages). Unfortunately, this debt doesn’t just disappear. In most cases, the estate pays off as many debts as possible before any assets are distributed to surviving family.

Family members who count on the deceased’s assets to cover the final arrangements are often surprised to learn that there isn’t enough left over once all of the deceased’s bills have been paid.

Traditional life insurance is often used to leave your family enough money after you pass away and is often proportionate to the income your family would lose with your passing. Term insurance is the most common type of income replacement and can have face amounts in the millions of dollars.

Final expense life insurance is different. It’s uncommon for a final expense policy to be more than $20,000 because it focuses on paying for a very specific debt: funeral or cremation arrangements (learn more: how does cremation work?).

Families often expect their loved one’s estate will cover the cost of the funeral or that the funeral won’t cost much. But most families don’t realize the average funeral cost can be $9,000 or more. Final expense insurance can help reduce these costs and prevent families from emotionally overspending, especially when they know there’s a designated amount available.

Funeral Costs

In 2017, the median cost of an adult funeral with viewing and burial was $8,755 (including a vault). Funeral and cremation expenses can cost families thousands of dollars, often within days of their loved one passing. Casket prices alone can be $2,000 or more depending on the material and style used. Simply opening and closing the grave can cost families anywhere from $300 – $1,000 depending on the funeral home. Final expense insurance – often referred to as burial insurance or funeral insurance – is designed to cover these costs.

In 2021, that number rose even more to $7,848, and with a vault, the cost was $9,420.

These numbers suggest an increase of 991 percent in funeral costs over four decades.

Add in the price of a grave marker ($200-$400 for a basic material), a published obituary, and other costs associated with a memorial service and the total can quickly approach $10,000 or more.

Here is the funeral cost checklist included in the median funeral expenses in 2021, according to the NFDA:

Many cemeteries require a burial vault or concrete grave box to ensure the ground will not buckle over the casket. A vault is reinforced to preserve the remains from groundwater and insect activity. When calculating funeral costs, you may have to include the cost of a vault or grave box.

Get A Final Expense Insurance Quote Online

Insurance rates are constantly changing to account for new advancements in technology and healthcare. Every final expense company sets their own rates based on underwriting criteria and actuarial data. The most affordable policy with one company may not be the most affordable policy with another. The best way to figure out which policy is right for you is to speak with a licensed agent who can provide you with a free quote that meets your specific needs.

Lots of final expense plans exist, but which one is best for you? Which will protect your family the most? Which will pay your claim the fastest? Which will help your family with your funeral arrangements? These are important questions to consider before choosing a provider, especially when it comes to protecting your family during the funeral process.

For more than 50 years, Life Insurance Company has specialized in final expense life insurance. Our policies don’t require a medical exam – just health questions on a one-page application – making them easy to qualify for.

But what truly sets us apart from other final expense providers is that we help your surviving loved ones with the hundreds of details that arise during the funeral process. When one of our policyholders passes away, we want to make sure things go smoothly and easily for the loved ones taking care of the funeral arrangements.

We’ve partnered with the Funeral Consumer Guardian Society (FCGS) – an independent senior consumer advocate organization – to bring you the Funeral Advantage program.

Funeral Advantage includes a life insurance cash benefit – up to $20,000 – and family support services through the FCGS. Your loved ones will receive a 24-hour toll-free number to call in their time of need.

As part of your Funeral Advantage policy, you’ll receive a two-page final wishes form to help you decide the style of funeral you want and document any additional requests.

Pros & Cons

One of the main drawbacks of final expense is its face amount is much lower than other types of life insurance like term insurance. And keep in mind the beneficiary can use the death benefit for anything – even if you took out the policy to help cover your funeral costs.

Do You Need Final Expense Insurance?

If you’re over 40 and need money to cover your final expenses and funeral costs, final expense life insurance is a perfect fit. Because the death benefit of the policy (typically $5,000-$20,000) tends to be less than the benefit of traditional insurance, the premiums tend to be more affordable for those on a fixed budget.

This makes it an attractive option for seniors looking to cover their end-of-life expenses. It’s a kind of permanent insurance – it doesn’t expire if premiums are paid – and it accumulates a cash value over time.

But this type of insurance isn’t just for seniors (learn more about affordable life insurance over 50, life insurance for seniors over 60, life insurance for seniors over 70, and life insurance for seniors over 80). Anyone concerned about leaving their loved ones unprepared when they pass should consider taking out a life insurance policy on themselves. Children can also buylife insurance for parents. Getting multiple quotes – including a final expense quote – can help you determine what type of life insurance is best for you.

If you’re independently wealthy or have enough set aside in savings, you may not need final expense insurance. Just keep an eye on rising funeral costs and always make sure you stay up-to-date on current costs.

If you’re over the age of 85, in hospice care, or currently hospitalized you may not be able to qualify. Certain health conditions such as terminal illness or AIDS may also prevent you from qualifying.

Who’s It Best For?

This type of life insurance is best for seniors because of its focus on covering funeral costs and other end-of-life expenses. You may have seen this type of coverage offered as burial insurance for seniors or funeral insurance, but these are the same as final expense insurance.

Final expense is best for seniors because it’s affordable, usually offers a no-medical exam qualification, and can help with planning certain aspects of their final arrangements (choosing a funeral home, flowers, music, etc.).

How Do You Apply?

Every life insurance policy requires you to fill out an application. Depending on the life insurance company, the application can be 1-2 pages long or can be 5-10 pages long. The longer application will ask dozens of questions, such as the applicant’s height and weight, blood type, family history, and level of activity. These companies typically require a medical exam with blood and urine analysis.

Other companies – like – have a 1-page application and no medical exam is required. Coverage is based on the applicant’s answers to health questions, not medical tests.

When applying for coverage, you can often call or fill out a form online to receive a free no obligation quote. Your quote will be provided to you directly from the insurer or from one of its licensed representatives. Coverage can be sold over the phone in some cases, but most policies will require some kind of face-to-face interaction.

Pre-Qualifying Questions

Some example questions you may have to answer on the application cover the last two years of your health and include:

Even if you answer “yes” to one or more of these questions, you may still qualify for coverage. With final expense life insurance, most people can get coverage even if they’ve had health issues.

Benefit Levels

Most policy amounts are under $50,000, but the average policy is taken out for $10,000 – $20,000. The exact benefit amount will vary depending on your health and what you’re looking to protect. If you qualify for a modified plan, your coverage amount may be less than a traditional final expense policy.

Modified plans are issued to applicants with higher health risks and usually have a 2-3 year waiting period. They are typically issued to applicants with one or more health conditions or if the applicant is taking certain prescriptions. If the insured passes during this period, the beneficiary will usually receive all of the premiums paid into the policy plus a small additional percentage.

Another final expense option offered by some life insurance companies are 10-year or 20-year plans that give applicants the option of paying their policy in full within a certain time frame. These plans have higher premiums and are usually considered standard final expense plans.

End-Of-Life Insurance Tips

Be honest

The most important thing you can do is answer questions honestly when getting end-of-life insurance. Anything you withhold or hide can cause your benefit to be denied when your family needs it most.

Some people think that because most final expense policies don’t require a medical exam they can lie about their health and the insurance company will never know. But companies often order years’ worth of medical records when their insured dies during the policy’s contestability period. If there are any discrepancies between the answers on the application and the medical records, the claim is often denied.

Plan ahead

Take the time to understand funeral costs in your area. You can request a general price list from any funeral home in your neighborhood to get an idea of how much your final arrangements could cost your loved ones.

If they don’t already, make sure the person who will be in charge of your affairs has copies of all important documents. Share your final wishes with them too (what flowers you might want, what passages you want read, songs you want played, etc.). Documenting these ahead of time will save your loved ones a lot of stress and will prevent them from trying to guess what you wanted.

Review your coverage often

Funeral costs are rising all the time and your health could change suddenly as you get older. Life insurance is not a one-time purchase. It’s important to review your coverage often to ensure you have enough to protect surviving family members.

Beneficiaries

There are three main types of life insurance beneficiaries: primary, contingent (or secondary), and tertiary. The primary beneficiary gets 100% of the death benefit when the insured dies. If the primary beneficiary passes before the insured, the contingent receives the benefit. Tertiary beneficiaries are often a last resort and are only used when the primary and contingent beneficiaries pass before the insured.

Your death benefit can be split among multiple primary and contingent beneficiaries. Make sure you designate the percentages each should receive and verify the information once your policy is issued. You should also notify your beneficiaries of any percentages you’ve put in place to ensure there is no confusion when the time comes.

Whenever possible, choose an adult as your primary beneficiary as this will simplify the distribution of the death benefit. Provide as much relevant information as you can about your beneficiaries (their address, phone number, date of birth, etc.) so the insurance company can locate them quickly when a claim is submitted.

It’s important to periodically review your beneficiary information to make sure it’s up-to-date. Always notify your life insurance company of any change of address or phone number so they can update their records.

Pre-Paying

Many states allow you to pre-pay for your funeral. Before you pre-pay, check to see how the money will be held. Depending on the funeral, you may be able to lock in a certain rate for the services the funeral home will perform when the time comes.

As with any final arrangement, keep detailed documentation for yourself and for the person who will be in charge of your affairs.

Pre-paid funeral plans may seem like a smart choice, but make sure you understand exactly how they work. In most cases, pre-paying for your funeral is less flexible than getting final expense insurance because your prepaid plan can only be used to cover funeral expenses. If you move or change your final wishes (example: you decide you want to be cremated and have your ashes scattered), you and your family may lose the money you’ve paid to the funeral home.

FAQs

What does final expense insurance cover?

Your beneficiary can use the death benefit for anything, but it’s typically used to cover funeral or cremation expenses.

What is the difference between final expense and life insurance?

Final expense is a type of whole life insurance and usually has a smaller face amount than traditional insurance. It focuses on covering end-of-life expenses while most life insurance policies focus on income replacement.

How does final expense insurance work?

It works like most other types of life insurance: there’s an application process and a review/approval process by the insurer. The death benefit is paid to the primary beneficiary once the claim is approved.

What is the maximum age to get final expense insurance?

It depends on the insurance company. Most people can get coverage until they turn 85. There are some companies that insure someone over the age of 85, but be prepared to pay a very high premium.

What happens to the excess proceeds of final expense insurance?

Final expense insurance doesn’t guarantee a certain amount of money towards funeral costs – 100% of the death benefit goes to the primary beneficiary. If you do any kind of funeral planning in advance, you can document your final wishes for your primary beneficiary and show how much of the policy benefit you want to go towards final arrangements.

How do you buy funeral insurance or final expense insurance for children?

The process is typically the same at every age. Most insurance companies require an individual be at least 30 days of age to apply for life insurance.

How quickly are final expense insurance policies paid out?

This depends solely on the life insurance company. Some companies can take weeks or months to pay the policy benefit. Others, like , pay approved claims in 24 hours.

What are the average premiums for final expense insurance plans?

It’s difficult to say what the average premium will be. Your insurance rate depends on your health, age, sex, and how much coverage you’re taking out. A good estimate is anywhere from $40-$60 a month for a $5,000 – $10,000 policy.

How much is final expense insurance for a smoker?

Rates for smokers are usually 30% higher than a non-tobacco rate. Tobacco rates are higher no matter what type of life insurance you take out. The older you are, the higher your tobacco rate will be.

Final expense insurance lifts a financial burden from families grieving the loss of someone they love. If you want to provide those you care about a safety net during their time of grief, this policy type is a great option.

At Angel Family Insurance we are committed to helping you find the right insurance coverage at the best price. We are an independent insurance broker with options for you.

Our experienced, local insurance agents, take the time to assess your individual needs and develop a policy that fits your budget.