When it comes to planning for the inevitable, many people focus on creating a will, establishing a trust, or even purchasing an expensive term life insurance policy to take care of their family’s financial needs. But there’s one often overlooked yet incredibly important tool: final expense insurance. Security National is here to help you understand its importance and how you can support loved ones financially through this thoughtful decision.
What Is Final Expense Insurance?
Final expense insurance is a type of life insurance designed to cover the immediate expenses that may arise after a person passes away. Unlike traditional life insurance policies, final expense insurance is typically a smaller, more affordable policy meant to pay for things like funeral costs, burial expenses, and medical bills that may not be covered by health insurance.
Because the death of a loved one is already an emotionally taxing event, final expense insurance can provide peace of mind, knowing that your family won’t have to carry the financial burden during their time of grief.
Why Is Final Expense Insurance Important?
- Cover Funeral and Burial Costs Funerals can be expensive. Depending on the services chosen, the average funeral in the U.S. can cost between $7,000 and $12,000 or more. Final expense insurance helps cover these costs without burdening your family or putting them in financial distress.
- Avoid Financial Strain on Family Without proper planning, family members could be left scrambling to cover costs like cremation, memorial services, transportation, and other death-related expenses. Final expense insurance can ensure that these bills are paid on time, easing the emotional and financial strain during an already difficult period.
- Simple and Accessible Unlike traditional life insurance, which may require extensive medical exams or financial scrutiny, final expense insurance is generally easier to obtain.
How to Support Loved Ones with Final Expense Insurance
If you’re considering final expense insurance for yourself or for a loved one, it’s important to approach the topic thoughtfully when talking to your family and friends. Here’s how you can support them with this decision:
Start the Conversation Early
Discussing death isn’t easy, but talking about final expense insurance can save you or your loved ones from financial turmoil later on. Share your thoughts on the importance of being prepared for end-of-life costs, and explain how this insurance can alleviate the burden.
Tip: Frame the conversation from a place of care. Let them know you’re considering their well-being in the long run.
Offer Emotional Support
Planning for final expenses can be emotionally challenging. Be a source of support, whether it’s lending a listening ear or offering words of comfort. Assure them that taking this step will ultimately bring peace of mind, knowing their loved ones will be taken care of in the future.
Keep Documents Accessible
Make sure that the policy details, along with any other important documents like wills and burial preferences, are organized and easily accessible for those who will need them later.
Assist with Funeral Planning
The financial aspect is just one part of end-of-life planning. You can help by researching funeral homes, understanding local burial customs, or simply offering emotional support as your loved ones make arrangements.
Be There for Your Loved Ones
After a claim has been made and funeral expenses have been covered, continue to offer support by checking in on your loved ones. Grief can be a long process, and knowing that they are not alone can help immensely.
A Thoughtful Gift of Security
Final expense insurance isn’t just about financial protection; it’s about showing your loved ones you care. By taking the time to plan for these inevitable costs, you’re alleviating a significant amount of stress and worry during an already challenging time. Whether for yourself or someone you care about, supporting the decision to invest in final expense insurance can be one of the most thoughtful and responsible gifts you give ensuring that you support loved ones financially without added emotional or financial burden.
If you or a loved one has questions about final expense insurance, there’s no harm in reaching out to a Security National agent for guidance. Getting started early can lead to peace of mind, both for you and for those who matter most.
