Final Expense & Burial Planning
Final Expense plans are designed to provide financial protection for your family in the event of your death. They provide the funds necessary to cover the costs associated with funeral expenses, in addition to unexpected expenses. Covering these expenses before you pass away, can provide a tremendous amount of emotional comfort to you and your loved ones.
Death is a very stressful time for families. Having to come up with thousands of dollars for your funeral will only add to an already stressful situation.
Below are some potential costs associated with the passing of a loved one:
Cremation has become very popular due to the considerable cost savings.
Cremation in Minnesota and Wisconsin start at approximately $1,800. Typical cost with a service and meal approaches $5,000.
Additional costs are:
Urn
Death Certificates
There are many variables in Funeral costs:
Burial Plot
Casket
Headstone
Service
Average costs begin at approximately $9,000.
Paying for family members to attend funeral:
Many people want to ensure loved ones living far away can attend their funeral, thus budget for travel expenses, lodging, etc.
Shipping a deceased body is one of the many things that may need to be done after the death of a family member or loved one. If the person who passed away did so in a different area than where the funeral will take place, the body may need to be shipped to the city where the funeral will be held. When shipping a body, there are a lot of documents that must be processed and requirements that must be met. Overall, shipping a deceased body can cost from $1,500 to $10,000.
Many Final Expense options are available to meet your needs including: Pre-paid, Simplified Issue, Fully Underwritten, and Guaranteed Issue.
Pre-Paid
These plans generally have an increase in the death benefit above the prepaid amount, depending on age, health, and other variables. Example: A healthy 65 year old woman purchases a policy with a one-time payment of $5,000; the death benefit could be $9,300. Again, this is an example, there are many variables that effect the death benefit. Once your specific premium is determined, the death benefit remains the same.
Simplified Issue
These plans have a monthly or annual premium payment to purchase a pre-determined amount of death benefit. The premium payment and death benefit amounts never change. There are minimal medical underwriting questions for this type of policy.
Fully Underwritten
Same as Simplified Issue, except more stringent medical underwriting to determine your health, therefore your premiums are less expensive than Simplified Issue.
Guaranteed Issue
For people who are otherwise uninsurable. These plans are on a graded benefit schedule.