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Final Expense Life Insurance For Seniors

Widow in depression after husband death is supported by friend

According to the National Funeral Directors Association, the median cost of a funeral can be over $11,000. With no way to pay for these expenses, surviving loved ones often experience a financial burden during a time of intense grief.

Senior woman looking at dead husbands picture

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.

Asian old couple using laptop

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.

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Common Final Expense Questions

How much Coverage should we buy?

There is no one size fits all when it comes your specific situation. So, here are some guidelines to help your better prepare yourself for a conversation with us.

Step 1: Calculate Household Expenses

If it is doable, we all would like to leave extra to our surviving spouse or children to be able to handle things after we pass. For example any remaining medical bills that will be passed on, disposing of cars, and/or homes, this includes furniture, taxes and any living expenses.

To estimate your family’s expenses, take the amount of a normal month’s expenses (include utilities, car expenses, house payments, food and transportation, insurance fees, etc.) and multiply the total by three. This will be about what your family needs to survive for a few months. A few months may not sound like a long time, but it gives them time to grieve the loss of a partner or best friend before they have to face the reality of leaving retirement to get another job or selling the home.

So, if your total monthly expenses are $3,500, then your amount for family expenses will be $10,500 ($3,500 x 3 = $10,500). 

Step 2: Consider Funeral Expenses

Funeral and burial expenses vary on the type of services you plan to have. We can predict that on average it is $10,000 – $15,000 for a burial and $4,500 to $6,500 for a cremation.

But we all know how it goes… The person in charge of your remains and getting your things in order are going to be the one taking care of everything. And unfortunately, in their time of grieving the funeral director will use this time to encourage the more expensive casket or funeral service. It is easy for someone to spend over $20,000 in a burial service.

That is why it is very important to have a plan in place. So, lets assume you have a specific plan for how things are going to happen and you can leave $12,500 for your loved ones to take care of you.

Step 3: Add to Get Total Final Expenses

Next, add the above numbers together. In this case, it’s $10,500 (family expenses) + $12,500 (funeral expenses) = $12,500. So, this $23,000 would be the minimum coverage needed to account for both of these expenses.     

Step 4: Keep Inflation in Mind

Finally, there’s an inflation factor that varies for men and women. This factor depends on your age range. For example, for men ages 63-65, the multiplier is 1.83. So, you’d multiply 1.83 by the total you had from Step 3 for the total estimated cost.

After the math is computed, the $23,500 (total needed) x 1.83 (for inflation) = $43,005.  So, for a male in between the age of 63-65 is a policy for $43,005.

Is it doable???, is it actually something that can be done? At Kovach Consulting Group, we are just as concerned about the affordability of your policy as you are. If you can’t afford it then you can’t keep it in place and that would put the stress back onto your spouse or children. We can have a realistic discussion on what you want to happen and still keep within your budget.

It’s better to leave your family pointed in a direction than to not be protected at all.

Can you have more than one Final Expense Policy?

No one is limited to just one burial or final expense policy.  Since policies usually range from $5,000 to $50,000, if you're looking to get more coverage than that you could easily invest in multiple policies.  Which is a good idea because you will have more coverage to give to your beneficiaries.

But keep in mind that you should not over extend your budget from your income.  9 out of 10 of our senior clients are on a fixed income.  We 

How Many Quotes Should I Get?

With the services we provide we always recommend getting 2 – 4 quotes. The proper insurance carriers out there don’t advertise there prices online, so you’ll need to get with an agent to do some shopping. At Kovach Consulting Group, we feel like comparing two to four quotes is a perfect start to give you a general idea on the cost.

Depending on your age, health conditions, the amount your looking for and if you want any living benefits, we at Kovach Consulting Group have our “go-to” carriers. They will be the first ones because we know the will give you the best coverage for your unique condition at the most competitive price.

For Example: There is a carrier that will allow male and female smokers to get a non-smokers rate for the first three years. THEY ARE THE ONLY ONE… Giving our client a chance to quit smoking allowing to reap the rewards as if they never picked up the habit. And down the road, if they decide to keep smoking or unable to quit in the time allotted, then we can have a conversation around that in year 3. But most importantly the coverage is in place and a family is protected…

Are Final Expense Policies Renewable?
The renewable nature of Final Expense policies serves as a testament to their enduring strength. Like a shield being readied for successive battles, these policies can be renewed, ensuring continuous protection in the face of life's uncertainties.
Can Final Expense Have Living Benefits?
Much like a versatile sword with a dual-edged blade, Final Expense Insurance can offer living benefits. These benefits may provide a shield against the financial impact of critical illnesses, offering a lifeline when needed most.
Does Final Expense have Cash Value?
However, unlike a sword without a hilt, Final Expense policies typically lack cash value compared to their alternatives such as Universal Life and Whole Life Policies. They stand firm as a shield, protecting against specific end-of-life costs without accumulating significant monetary value over time.
Do you need Final Expense Insurance?
While not everyone may need Final Expense Insurance, it serves as a reliable shield for those looking to ensure their loved ones are safeguarded from the financial storm that often follows one's passing. Assessing individual circumstances and financial goals can determine if this shield is the right choice for you.
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