Choosing the right final expense insurance policy is one of the most important decisions you can make for your family. This guide walks you through everything you need to know.
Step 1: Calculate Your Final Expense Needs
Before shopping, know how much you'll need. Average funeral costs range $7,000-$12,000. Your total expenses may include:
- Funeral service: $7,000 - $12,000
- Cremation: $3,000 - $7,000
- Medical bills: $1,000 - $5,000
- Legal fees: $1,000 - $3,000
Most families need $10,000-$25,000 in coverage.
Step 2: Understand Policy Types
Simplified Issue
Simplified issue requires health questions but no exam. Best for healthy applicants:
- 20-40% lower premiums
- Full coverage from day one
- Up to $50,000 coverage
Guaranteed Issue
Guaranteed issue accepts everyone ages 50-85. Choose if:
- You have serious health conditions
- You've been declined elsewhere
- You want guaranteed acceptance
Step 3: Compare Insurance Carriers
Rates vary 30-50% between carriers. Only consider A-rated carriers like Mutual of Omaha, ANICO, and Foresters Financial.
Step 4: Work with an Independent Agent
Independent agents compare 10-15+ companies to find your best rate.
Common Mistakes to Avoid
- Waiting too long (premiums increase yearly)
- Buying more coverage than needed
- Not comparing multiple quotes
Get Your Free Quote
Click here for your free quote or call (888) 519-9743.
Frequently Asked Questions
How do I choose between simplified issue and guaranteed issue?
Choose simplified issue if you're in reasonable health for lower premiums. Choose guaranteed issue if you have serious conditions or have been declined.
How much final expense insurance should I buy?
Most families need $10,000-$25,000. Calculate funeral costs, medical bills, and debts.
Should I work with an independent agent?
Yes, they compare multiple carriers to find your best rate.
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Let our licensed agents help you find the perfect coverage for your needs.
