There are many reasons why having Final Expense life insurance can complete your overall financial plan – even if you don’t currently have loved ones counting on you for their financial support.  For example, today, the cost of an average funeral can be more than $10,000 – which is especially the case when you factor in the expense of a memorial service, flowers, and transportation, as well as a burial plot and headstone.

Often, loved ones who are left behind do not have the amount of cash that is needed to pay for these final expense costs.  Unfortunately, they must resort to dipping into savings, selling precious assets, or even worse, putting these items on credit – which can then cause them financial hardship for many years to come.

There is a way to help avoid this, though. That is by purchasing a final expense insurance policy. Final expense coverage – which is often also referred to as burial insurance or funeral insurance – is specifically designed to cover the cost of an insured’s funeral and other final expenses.

These policies will typically have a face amount of coverage that is between $5,000 and $25,000 – so in many cases, an insured may also have additional funds in the policy that can be used for paying off other debts, uninsured medical expenses, and other ends of life costs.

When purchasing a burial insurance policy, it is important to obtain the right amount of coverage. It is also key to ensure that the insurance company you are considering buying the coverage through is secure and stable from a fiscal standpoint and that it has a good, solid reputation for paying out its policy holders’ claims.