Final Expense
Funeral costs often come due quickly, before a family has had time to plan for anything else.
Decide now, so they don’t have to.
Decide now, so they don’t have to.
Funeral costs often come due quickly, before a family has had time to plan for anything else.
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A funeral with burial costs about $8,300.
That’s the 2023 national median, and the bill often comes before your family has had time to plan.[1]
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Available only in AL, AR, AZ, CT, DC, FL, GA, ID, IN, KY, LA, MD, MA, MI, MS, MO, NJ, NC, OH, OK, OR, PA, SC, TN, TX, VA, WA and WI.
What final expense is for
Final expense insurance, explained
By final expense insurance we mean a whole life insurance policy bought to pay for a funeral, burial or cremation and the bills that come with them.
What a funeral costs
In its 2023 price study, the National Funeral Directors Association found a median cost of $8,300 for a funeral with casket and burial, up from $7,848 two years earlier, and $6,280 for a funeral with cremation, including an alternative cremation casket and urn.[1]
How whole life coverage works
Whole life insurance stays in effect for your entire life unless you cash the policy in or stop paying premiums. Permanent policies are often sold with a level premium; the early overpayments, once they reach a certain amount, become available to the policyholder as a cash value.[2][3]
Graded benefit policies
Florida’s Department of Financial Services describes graded benefit whole life as a policy for people with health issues who may not qualify for other coverage. During the first few years the death benefit equals the premiums paid; after that it rises to the full amount. Florida adds that these policies may be referred to as guaranteed issue, because very few applicants are excluded. Insurers do not all use these labels the same way, so ask whether a policy has health questions before you compare it.[4]
Guaranteed issue offers
South Carolina’s Department of Insurance notes that guaranteed issue policies skip health questions, and insurers make up for that with higher premiums or limits on coverage. Some pay back only the premiums if death happens in the first couple of years.[5]
Prepaying a funeral home instead
You can also make arrangements directly with a funeral home and prepay. The FTC notes that state laws govern prepaid funeral money and that protections vary widely from state to state, with some offering little or no effective protection. It suggests asking whether you are protected if the firm goes out of business and whether you can cancel for a full refund.[6]
Questions worth asking an agent[3][4]
- Is there a graded benefit period, and what is paid if death happens during it?
- Is the premium level for life?
- How much cash value does the policy build, and when?
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Questions
Do the agents work for LuxKeep?
No. Agents work with LuxKeep, not for LuxKeep. Each one is independent, and none is a LuxKeep employee. Any advice, application or policy is between you, the agent and the insurance company.
Is LuxKeep an insurance company?
No. LuxKeep is a licensed insurance agency in the State of Florida, not an insurance company or a government agency. We do not sell policies ourselves. We connect people with the independent licensed life insurance agents on our Agent List.
Do I have to buy anything?
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Sources
- National Funeral Directors Association, 2023 General Price List Study
- Texas Department of Insurance, Life Insurance Guide
- Insurance Information Institute, What are the principal types of life insurance?
- Florida Department of Financial Services, Life Insurance Overview
- South Carolina Department of Insurance, Life Insurance FAQ
- Federal Trade Commission, Planning Your Own Funeral