Final Expense Insurance, also known as Burial Insurance or Funeral Insurance, is a type of life insurance designed to cover the costs of a person's funeral and related expenses. This type of insurance can provide peace of mind to both the policyholder and their loved ones by ensuring that funeral costs and other end-of-life expenses are covered, regardless of their financial situation.
People should consider purchasing final expense insurance because it can help alleviate the financial burden on their family during a difficult time. Without this type of coverage, funeral costs can be quite high, and loved ones may struggle to pay for them. Final expense insurance is a relatively affordable option that can provide a sense of security and protect one's family from financial strain during a time of grief.
The typical policy taken out is between $10,000 - $50,000, depending on the insured's circumstances.