Wills and Estate Planning

Final Expense Insurance

Final expense insurance can protect your family from the burden of final expenses, like funeral, burial and even medical expenses. Continue reading to see when final expense insurance may be right for you.

Final Expense Insurance

Final expense insurance can protect your family from the burden of final expenses, like funeral, burial and even medical expenses. Continue reading to see when final expense insurance may be right for you.

Is Final Expense Life Insurance Right for You?

Final expenses can be difficult to talk about. Yet final expenses can be a major burden to your family and loved ones and compound an already difficult time. Being prepared with final expense insurance is one way to be certain your family won't have to dip into their savings to cover the funeral or burial costs and medical bills you may leave behind.

Funeral expenses have not been immune to rising cost. According to The National Funeral Directors Association, the average cost of a funeral has increased more than tenfold since 1960. In 2012, the cost was over $8,000 without flowers or a headstone.¹

Just about anyone could benefit from a final expense life insurance policy. But for now, let's look at the criteria for individuals who might find this type of insurance especially beneficial based on need, ease of insurability, and cost.

You may want to consider final expense insurance if:

Your family is grown

Later in life your family isn't as likely to be as dependent on your income, and you may not be carrying as much life insurance as you did when you were raising a family or paying down a mortgage. Upon your death, all your family may need is the readily available cash to pay for funeral, burial, and estate taxes - immediate expenses that could be covered by final expense life insurance. But don't guess; use a life insurance calculator to confirm your estimate.

You have pre-existing health conditions

Many insurance companies can underwrite final expense life insurance without requiring you to complete a medical exam. Final expense life insurance can be easy to qualify for and simple to understand, and won't be cancelled as long as the premium is paid.

You're looking for affordable coverage

Final expense insurance can be affordable and premiums will not increase over time. Although the face value (death benefit) is typically smaller than that of a traditional life insurance policy, so are the premiums.

Don't think final expense life insurance is a good fit for you? Think you might need a policy with a larger death benefit or a policy that accumulates cash value? You may want to ask your agent or company representative about term life insurance or permanent* insurance such as whole or universal life insurance. These life insurance solutions can offer more flexibility and can be tailored to your unique insurance needs - beyond funeral and burial expenses.

Independent of your profile for final expense life insurance, it is widely accepted that you should have enough insurance to at least cover your final expenses. Begin by calculating your total insurance needs less your savings and assets, and let a good life insurance policy that fits your needs cover the difference.

For more information regarding final expense insurance, as well as general information about other policies, such as universal life insurance, be sure to check out Protective's Learning Center or some of the following articles:

1. http://nfda.org/about-funeral-service-/trends-and-statistics.html

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Burial Insurance and Funeral Insurance: Final Expense Insurance

Final expenses can leave a major burden to your family if you're ill prepared, and this article explains how final expense insurance can protect your family by exploring different scenarios. Whether it be providing additional funds to cover your burial, or alleviating one more stress for your family by covering the full cost of your final expenses with funeral insurance, consider these facts when contemplating what is the best route for you and your family. For more information, visit the Protective Life Learning Center.

*Provided required premium payments are timely made.


All Learning Center articles are general summaries that can be used when considering your financial future at various life stages. The information presented is for educational purposes and is meant to supplement other information specific to your situation. It is not intended as investment advice and does not necessarily represent the opinion of Protective Life or its subsidiaries.

Learning Center articles may describe services and financial products not offered by Protective Life or its subsidiaries. Descriptions of financial products contained in Learning Center articles are not intended to represent those offered by Protective Life or its subsidiaries.

Neither Protective Life nor its representatives offer legal or tax advice. We encourage you to consult with your financial adviser and legal or tax adviser regarding your individual situations before making investment, social security, retirement planning, and tax-related decisions. For information about Protective Life and its products and services, visit www.protective.com.

Companies and organizations linked from Learning Center articles have no affiliation with Protective Life or its subsidiaries.

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