Should You Buy Final Expense Insurance?

Life insurance is one of the most important purchases that you will ever make for the future of your family. It’s one of the few ways that you can ensure that your family has the money that they need, regardless of what happens to you.

Before you purchase life insurance coverage, it’s important that you determine how much life insurance coverage your family will need if something tragic will happen to you. Every year, we get a lot of questions about how much coverage applicants should buy.

For some people, they might be at a stage of life where they no longer need a large traditional life insurance policy. There are some groups of people that can purchase a lot smaller insurance policy. These plans are going to save you a lot every month in premiums, but how can you know if these smaller plans are the best choice for you?

What is Final Expense Insurance?

should you buy final expense life insuranceOne way that you can get a smaller amount of life insurance coverage is to purchase a final expense insurance policy. These are a unique type of coverage that is an excellent option for a lot of people, but because they are so specialized, they don’t work well for everyone. Before you purchase life insurance, it’s important that you compare all of the available options.

Final expense plans are normal term life insurance plans, but they provide much smaller coverage. These plans typically only give around $25,000 worth of insurance coverage. Because these plans are so small, they don’t work well for a lot of people. At, we get dozens and dozens of questions about final expense plans and who they are a good option for.

Calculating Your Life Insurance needs

Before you purchase life insurance, you will need to determine how much coverage your family will need when you pass away. Because you can’t predict the future, you should add up your expenses and debts as if you were to pass away tomorrow. It’s a morbid thought, but it’s important that you give your family the protection that they need.

The first number that you should crunch is your overall debts and final expenses that your family would be left with. If you still have a huge mortgage loan, then a final expense policy is not right for you. These plans are designed for people that have paid off all of their debts and only have a few small bills that they would leave behind. If you don’t have any major debts, but you still want to give your family the money that they would need to pay for your funeral, then these plans are an excellent option for you.

The next number that you should look at is your annual income and how many people rely on that income every month. If you have several children or a spouse that needs your paycheck to pay for any basic expenses, then it’s important that you have a larger life insurance policy to replace your income. If your kids have already started their own jobs, and they don’t rely on your income, then you can get a final expense plan that will save you money on monthly premiums.

Finding the Perfect Life Insurance Policy

We know that shopping for life insurance, and determining which plan is best for you can be a long and difficult process, but that’s why we are here to help. It’s our mission to ensure that your family is getting the best life insurance for you and your family.

Unlike traditional insurance agents, we are a group of independent brokers, which means that we don’t work with one single company. Instead, we represent dozens and dozens of highly rated companies across the nation. Working with one of our agents can save you both time and money on your life insurance policy.

If you contact one of our agents, we can walk you through the process of calculating your life insurance needs, and then we can look at all of the available life insurance options. We have years of experience working with all types of clients across the country, and we know which companies are going to offer the best rates. We can help you compare final expense plans or traditional term plans.

Questions about Final Expense Life Insurance

If you have any questions about final expense insurance or the options available to you, please contact one of our agents today. We would be happy to answer those questions and ensure that you’re getting the best plan on the market. Every applicant is different, there is no “one plan fits all” that works for everyone.

You never know what’s going to happen tomorrow, which means that you shouldn’t wait any longer to get the insurance protection that your family deserves.  If something tragic were to happen to you, and you didn’t have life insurance, your family would be stuck with all of your debts. Losing someone that they love is not going to be easy, but being responsible for your bills is going to make the situation that much worse. Not planning for the inevitable is one of the most selfish things that you can do.


Susan Wright holds a BA from Michigan State University and an MBA from St. Louis University. Having over 20 years of working experience in the insurance and financial services industry, she has trained more than 10,000 financial services representatives. Susan has had licenses in real estate, insurance, and NASD Securities, and she has earned nine industry professional designations, including CLU, ChFC, RHU, REBC, CSA, CLTC, CCFC, CSS, and ADPA. Read more about her on Google+

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