When it comes to financial planning, considering the future well-being of our loved ones is a fundamental aspect. Final expense insurance plays a crucial role in ensuring that our families are protected from the financial burden associated with funeral and burial expenses. They help you experience peace of mind knowing that your loved ones will be financially protected when you pass away. We know that final expense insurance is a big decision and we want to ensure our customers understand how important it is to have a plan in place. In this article, we will dive into who should have final expense insurance and why.

How much does a funeral cost?

Funerals are significant events that require careful planning and financial resources. Unfortunately, the cost of funerals has been steadily increasing over the years. According to the National Funeral Directors Association, the average cost of a funeral in the United States is around $7,000 to $10,000, excluding additional expenses such as cemetery plots, flowers, and memorial services. For many families, this sudden financial burden can be overwhelming, especially during a time of grief and emotional distress. A final expense plan can cover your final expenses including the cost of a funeral or cremation. 

Understanding Final Expense Insurance

Final expense insurance, also known as burial insurance or funeral insurance, is a type of life insurance policy specifically designed to cover the costs associated with end-of-life expenses. These expenses typically include funeral and burial costs, medical bills, outstanding debts, and any other financial obligations left behind by the deceased. By securing a final expense insurance policy, you provide your family with the necessary funds to cover funeral and burial expenses, ensuring that they can focus on honoring your memory and finding solace in their grief rather than worrying about financial obligations.

The Benefits of Final Expense Insurance

  1. Financial Security: Final expense insurance offers financial security to your loved ones during an already challenging period. It ensures that they have the means to give you a dignified funeral and burial, preserving your memory with the respect and care you deserve.
  2. Flexibility in Coverage: Final Expense Insurance plans can also typically be tailored to meet your specific needs. You can determine the amount of coverage that aligns with your preferences and budget so that you have affordable monthly payments.
  3. Receive funds within 24 hours: Most final expense plans will release your money within 24 hours of receiving a death certificate. Unlike life insurance that can take months, a final expense plan will give you the cash to cover any final expenses immediately. 
  4. Ease of Access: In general, final expense insurance is more accessible compared to traditional life insurance policies. The underwriting process is often more simplified, making it easier for individuals with pre-existing health conditions and seniors to qualify for coverage. 
  5. Peace of Mind: By having a final expense insurance policy in place, you can experience peace of mind, knowing that you have taken steps to protect your loved ones from the financial burden of funeral expenses. This assurance allows you to focus on enjoying life to the fullest, knowing that your family will be supported when the time comes.

Final expense insurance is a vital component of comprehensive financial planning. It protects your loved ones from the financial burden associated with funeral and burial expenses, allowing them to focus on the healing process and honoring your memory. By understanding the importance of final expense insurance, assessing your needs, and selecting a suitable policy, you can ensure that your family is safeguarded during a challenging time. 

The Benefits of a Golden Memorial Insurance Plan

Golden Memorial’s Plan was designed to bring you and your family peace of mind. We strive to make sure the application process is as simple as possible and work with you to find a policy that fits your budget and needs. In addition to this, there are many other benefits to having a plan with Golden Memorial:

  1. Easy Application Process: Golden Memorial does not require a medical exam for approval and bases your coverage on the information you provide in your application. This makes our plan more accessible, especially for individuals who may have pre-existing health conditions or who may not qualify for other types of life insurance. All you need to do is answer a few health screening questions.
  2. Fixed Premiums: We also offer fixed premiums, meaning the amount you pay remains the same throughout the life of the policy. This makes it easier for our policyholders to budget and plan for payments effectively without worrying about unexpected increases.
  3. Affordable Monthly Payments: We offer monthly payments as low as $15 per month to all of our customers. We want you to feel comfortable with the amount you are paying so we allow you to decide how much coverage you need.
  4. Family Support Services: To support you and your family with the decisions and questions that may come up during this time, we also provide a free membership to the Funeral Consumer Guardian Society (FCGS) and have a 24 hour hotline open. FCGS is an organization that provides professional guidance to member families during the funeral planning process and ensures families have the information they need to make informed decisions. 
  5. Builds Cash Value: After a certain amount of time, your Golden Memorial policy builds cash and loan value every year. 
  6. Cash Within 24 Hours: Another advantage of our plan is that it offers a quick payout to beneficiaries. We will protect your loved ones from any additional financial stress by paying them cash within 24 hours of receiving a death certificate. This can be helpful for your loved ones who may need immediate funds to cover funeral expenses or settle outstanding debts. 

Our goal at Golden Memorial is to provide a valuable safety net, allowing individuals to plan for and alleviate the financial strain associated with their final arrangements, providing peace of mind to both policyholders and their families. Have more questions about Final Expense Insurance and how it can benefit you and your family? At Golden Memorial, we’re here to help. Please call us at (800) 934-7497 or check out our website for additional information on our Golden Memorial plan or to speak with one of our agents about your questions.