What Older People Want
Read More ⟶Family
One of the most commonly asked questions of final expense insurance agents is how much coverage should a person have for their family.
Like all good questions, the answer is that it depends.
At Meet Winslo®, we believe families get confidence from having a plan. And we believe that whole life final expense insurance is an important part of that plan. We understand there are lots of confusing words in insurance and you may not be certain which type of life insurance is right for your family so we’ll give a quick summary of whole life final expense insurance.
Whole life final expense insurance is commonly known as final expense, funeral or burial insurance. Final expense insurance is designed to cover medical bills and funeral expenses when you pass away. As a type of whole life insurance it never expires as long as the premiums are paid. And as whole life insurance it generates cash value as long as the premiums are paid.
“As long as premiums are paid, final expense insurance generates cash value.”
Ok, back to the initial question about how much. According to the National Funeral Directors Association, the median cost of a funeral can be over $9,000 with averages between $7,000 to $20,000. It’s also worth noting that the median cost of a funeral is increasing at over 3% per year.
If the thought of leaving your spouse, partner or children to manage grief, funeral planning and financial obligations is upsetting, final expense insurance may be a fit for your family.
The first step would be to share some information with us and see if we can help ease your family’s burden.