WELCH INSURANCE

Final Expenses

What is Final expense insurance?

Final expense insurance can cover expenses which could include medical bills, funeral expenses and bills that are due. Final Expense insurance is also known as burial insurance.

Final Expense Insurance is not a subject people like to talk about. Believer it or not, everyone will need to deal with it. The typical cost of a funeral in Huntington Beach is around $7,000, that does not include any debt. When someone dies that is close to you there are many things to take care of. You do not want the cost of the funeral to get in the way. Something to recognize is the life expectancy for a male in California is 76 years old.

Below are the typical expenses for usual funeral costs in California.

 

Basic Services                                             $1,589

Transfer to funeral home                             $439

Embalming                                                   $585

Dressing & casketing                                  $254

Viewing & visitation                                    $393

Funeral Service                                           $577

Hearse                                                         $363

Utility Vehicle                                              $191

Median-price Casket                                   $2,500

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Total                                                             $6,889

 

Please remember the funeral expenses do not include the outstanding debt of the deceased.

There are three types of final expense insurance. 

  • Simplified Life Insurance: The premiums are typically lower than Graded or Guaranteed Issue policies. With Simplified Life, you of course will need to answer medical questions, but, not have to take a physical examination. You do not need to have a blood or urine test. Based on the answers you give, the insurance company will determine if you qualify. With Simplified Life, you can qualify for coverage up to $50,000.
  • Graded Issued Life Insurance: A graded death benefit on a whole life insurance policy pays a percentage of the policy’s full death benefit if death occurs from natural causes during the first two years after you purchase the policy.
  • Guaranteed Issue Life Insurance: The premiums are typically much higher because there are no medical questions or examinations. This is usually what you see in TV commercials and other advertising. The coverage is also much lower, normally $25,000, or less. In addition, this policy may have a death clause, which means, if you die within a certain period after the issue date, your beneficiaries will not receive the full benefit. Instead, they may receive the paid premium back with possible interest at a 10% annual rate.

An Average Premium Quote of $10,000 for a Male age 51 in Huntington Beach

Simplified Life Policy: From $32 to $48 a month, varying by which company he would qualify for.

Graded Life Policy: From $40 to $75 a month, varying by which company he would qualify for.

Guaranteed Life Policy: From $47 to $99 a month. Because this is a “guaranteed issue” the premium would vary depending on the insurance company.

 In Summary:

The younger you are and the healthier you will have a great deal to do with the premium of the policy. It is best to speak to a broker that offers many companies and that can offer different types of final expense coverage, as Welch Insurance does. That way you will be able to find the right policy to fit your needs.

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  • There is no cost to using a broker.
  • We can compare many companies and plans and explain the differences to you. A company agent only knows their plans and can only offer their plans.
  • We would continue as an advisor to you. 
  • If you have questions or issues, Welch Insurance is an additional asset that you can rely on.

How much does a funeral cost? The average funeral costs between $7,000 and $12,000. This includes viewing and burial, basic service fees, transporting remains to a funeral home, a casket, embalming, and other preparation. This does not included any medical or unpaid bills.

There is a special lump-sum death benefit available to the family through the Social Security Administration which is $255. 

For a healthily 61 year old female in California she could get a $10,000 policy for as low as $32.73 a month or $385 a year.

No. Different companies offer various plans with a range of premiums. There are 3 types of Final Expense Policies:

  • Level lowest cost, which has a level death benefit which will be paid first day of the effective date.
  • Guaranteed Issue, which has a higher cost and the death benefit will only pay the premium and 10% before a period of time such as two years than the entire death benefit will be paid. (Note: this is typically sold by mail)
  • Graded or Modified policies have a higher cost than Guaranteed Issue policies and have a waiting period before the death benefit will be paid.

Yes. Final expense policies are whole life policies that gain cash value over time.

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