Final Expense Insurance

Provides your family peace of mind knowing that funeral or memorial, cremation, and burial service expenses will be covered.

Affordable life insurance, specifically burial insurance or final expense insurance, is a whole life insurance policy designed to cover the expenses families face upon the death of a loved one. This type of insurance ensures your loved ones aren't burdened with debts that can be financially troubling after you pass.

Final expenses include bills related to medical expenses, funeral or memorial services, and the costs of burial or cremation. The average funeral and burial in the United States today costs approximately $9,000, excluding end-of-life medical expenses. Protect your family from facing these expenses alone with an affordable life insurance policy focused on final expense coverage.

Why Do I Need Final Expense Insurance?

Most of us will eventually need to pay for final expense insurance. If you don't have extra funds set aside in savings specifically for final expenses, your loved ones may struggle to gather the needed money for the service and burial they want after you have passed.

Leaving behind substantial debts can be crippling to family members. Final expense insurance allows families to grieve their loved ones without the burden of unexpected costs. Fortunately, affordable burial insurance provides a solution to these challenges.

How Does Final Expense Insurance Work?

Final expense coverage is a life insurance policy that you purchase for a specific dollar amount ('face value'). You pay premiums periodically to keep the policy active. If you die while the policy is still in force, the insurance company pays the death benefit to the funeral home or the individual(s) you designated as the policy beneficiary(ies).

Q: What are the advantages of Final Expense Coverage?

There are many advantages to final expense insurance coverage. Some of the most popular benefits include:

• Permanent protection over a lifetime. Final expense coverage will remain in effect as long as you continue to make required premium payments.

• Premiums don't increase as you age. Your premiums are based on your age when you take out the policy and remain stable for the life of the policy.

• Helps protect loved ones from debts associated with the burial or funeral process. Final expense insurance provides cash after you pass that can be used to cover the costs of your funeral or memorial service, as well as cremation and/or burial expenses.

• Tax-deferred cash value that builds over time. In addition to offering a fixed death benefit (the 'face amount' of the policy), final expense insurance may provide the option to accumulate cash value over time within the policy.

• Affordable premiums customized to fit your budget. Your policy and the premiums you will pay can be tailored to meet your needs and financial constraints.

Q: Can I afford Final Expense Coverage?

Many clients are pleasantly surprised at how affordable purchasing final expense insurance can be.

At Sphinx Life Solutions, we don’t provide 'one-size-fits-all' solutions, and we have access to numerous insurance products from various carriers. We can help you find a final expense policy designed to suit both your needs and your budget.

Q: Do I qualify for Final Expense Insurance?

Final expense insurance is a life insurance product; many carriers offer simplified underwriting for final expense policies. This means you may not need to undergo a physical examination to qualify for coverage.

Q: When should I buy Final Expense Insurance?

While we know that everyone will need final expense coverage eventually, none of us can predict when we will need it.

Since the cost of life insurance products (including burial insurance and final expense insurance) is based on your age and health at the time of application, it makes sense to purchase coverage sooner rather than later. Doing so will likely result in lower premium payments and will give you and your loved ones peace of mind knowing that your passing will not create a financial burden.