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Final expense policy is not an easy subject to speak about. Pixabay

BY CATHY CARTER

Losing a parent is an emotional and painful experience, no matter how old you are. Thinking about your parents no longer with you could be your biggest fear come to life. The agony of losing your parents will be immense if you need to worry about paying for the funeral, among other things. Buying a final expense policy for parents is a great way to grieve without considering your financial uncertainties.


You can choose a suitable final expense insurance policy at platforms like https://insuranceforfinalexpense.com/ for your parents. It will guarantee that you will give them a reverent and humble burial when they pass away. Final expense policy is not an easy subject to speak about, but getting it for parents should be your priority.

How Massive is a Final Expense Life Insurance Policy?

Final expense insurance plans range from $10,000 to somewhat $100,000 in 2020. Earlier, these policies were smaller death benefits, but a surge in the cost of funerals and wrapping up bills and the estate has compelled companies to increase the face amount of new policies. It is to keep up with inflating prices. The standard final expense policy sold is about $25,000 at the face value.

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The funeral price is rising each year, making the demise of a parent a real and an approaching expense. For example, the average cost of a funeral can be $10,000 or more. It encompasses things such as burial or cremation costs. If your parents have unpaid medical debts, these will also fall on your shoulders at a time when you are already grief-stricken.

The sooner you realize this fact and take the necessary action, the easier it will be for you to pay for these expenses in time. Following are points you should consider when buying a final expense policy for your parents.


It is important to take a life insurance policy. Pixabay

Talk to Your Parents

Talk to your parents about their personal preferences and wishes. According to some experts, you should follow the 40/70 rule: By the time you get 40, and they are 70, speak with them about final arrangements and crucial aging issues.

Ask them questions like What type of funeral do they want? Would they prefer to be buried or cremated? What kinds of insurance for parents do they need? It may not feel very comforting to have this conversation, but it will make everybody feel better about what is to come.

Depending on your parents’ wishes, it’s a smart idea to plan for sufficient insurance to cover the utmost expected expense of the funeral, plus any extra costs, such as hospital medical bills. When considering buying final expense insurance for your parents, the following are a few steps that you will need to take:

  • Your parents should consent if they are legally allowed to do so.
  • You require their Social Security number and other personal details.

In case you talk ahead of time with your parents, things will go much more smoothly once the time comes to purchase a policy.


Whenever you are taking the insurance make sure that you read the policy carefully. Pixabay

Follow the Criteria

Look for the below-given criteria when you search for the right final expense insurance:

  • Find a final expense insurance company with financial stability. The company should have a financial track record that can pay out all entitlements.
  • Select the policy with the lowest monthly premium
  • Choose a funeral policy that will get your parents protection as soon as possible

Are the Third Party Costs Covered?

Make sure that the final expense policy includes a contribution to third party expenses. These expenses are characteristically known as disbursements and encompass costs such as doctor and minister fees. Since these fees are not the responsibility of the funeral directory, they may not promise them. If these disbursements are not covered, you may end up paying the balance.

Check the Waiting Period

Pay attention to the waiting period. Do your parents have a terminal illness? Are they nearing the end of life? Well, if so, you should look for a policy that doesn’t have a waiting period, or you may not receive the amount you expected to help with the funeral and other medical expenses.

ALSO READ: Quick Guide To Buy The Best Term Plan In India

Pick a Good Payment Plan

For most of the final expense policy plans, you may need to pay every month. However, you can pay these policies once per year. It may work out to cost savings in the end. Most carriers do not accept credit cards, but they can charge you a small fee if they do.

To sum up, these points will help you get the best final expense insurance policy for your parents. Why pay more than you need to? If you stay patient and spend a little more time comparing the plans, you can get a much better insurance policy. (IANS)

(Disclaimer: The article is sponsored, and hence promotes some commercial links.)


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