If you are considering your Final Expense insurance options in Raleigh, NC, you are in the right place. Matador Insurance Services is a local insurance firm that has been helping Charlotte families and small business owners for the past decade. If you are interested in getting a quote or scheduling a consultation, look no further. We look forward to working with you and hope you find this article helpful.
What Is Final Expense Insurance?
Final expense life insurance is a type of permanent life insurance designed to help older people pay for funerals and other end-of-life expenses. Final expense life insurance, sometimes known as “funeral insurance” or “burial insurance,” is designed to help loved ones pay for a funeral ceremony, burial or cremation, doctor or hospital bills, or other immediate expenses after a death. Final expense life insurance, like other types of permanent insurance, will never expire as long as you pay your payments on time.
The premiums for a final expense policy are often lower than those for other types of life insurance, such as term or permanent insurance, because the coverage amounts, or the face value of a final expense policy, are lower. In other circumstances, coverage levels can range from a few thousand dollars to $35,000. Final expense insurance is simple to obtain and does not require a medical checkup. If you’re between the ages of 50 and 85, you may usually get approved for a policy in a matter of days.
What Is The Primary Function Of A Final Expense Insurance Policy?
Any coverage designed to help relieve the financial demands of your final farewell is included in the definition of final expense. Many of life’s major expenses, such as paying off a house or preparing for a child’s college tuition, are behind you as an older adult. However, there is one major cost to consider: your funeral. Today’s average funeral costs more than $9,000, putting a financial strain on loved ones who are already grieving. Understanding the average funeral costs is essential for effective planning.
Insurance for final expenses can be beneficial. The money isn’t tied to anything, so your family can use it to pay for things like:
- A funeral
- Cremation or burial
- A gathering following the funeral
- Funeral flowers, music, obituaries, and other arrangements
- Medical expenses
- Residential care in a nursing home or elsewhere
- A savings account for the future of a child or grandchild
- A memorial trip
- A donation to a charity that means something to you or the person who has passed away
This sort of insurance, including options like a waiver of premium rider, is often an excellent alternative for people whose age or health make other types of coverage difficult to qualify for. While it is more expensive than term life insurance on a dollar-for-dollar basis, the smaller coverage limits make it more reasonable. If you lock in a premium, it stays the same for the duration of the policy, which is advantageous if you have a set budget. Once you’ve been accepted, you can’t have your coverage canceled due to health difficulties, offering you and your family peace of mind.
Final expense insurance, like other types of permanent insurance, accrues cash value over time. You can borrow against that cash value or use it as collateral for a loan during your lifetime, offering you another way to pay for costs as they arise.
Final expense insurance provides guaranteed coverage and predictable premiums, backed by Matador Insurance’s strong financial position. Your family can use the death benefit to pay for anything they want, including burial or funeral charges, medical bills, credit card debt, and so on.
Is Final Expense Insurance The Same As Burial Or Funeral Insurance?
“Burial insurance” or “funeral insurance” are other terms for final expenditure insurance, which includes various term life insurance policies. These names are frequently interchanged to refer to a sort of permanent life insurance designed to cover burial expenses.
Burial insurance coverage amounts are substantially smaller than standard permanent life insurance plans, and are designed to merely cover your funeral costs and related debts. It isn’t intended to replace your salary, pay major bills, or serve as a retirement plan. In addition, unlike many other life insurance policies, last expense insurance does not require a medical assessment. Accidental death insurance can also be a consideration for those seeking affordable coverage options. To apply, you’ll just have to answer a few health questions, and approval is quick and painless. Contact our knowledgeable staff at Matador Insurance by requesting a consultation or reaching out to us online to take care of all your final expense insurance needs.
The Simplest Way to Safeguard Your Family
Are you looking for a trusted life insurance professional? With Matador Insurance, a local, NC Life Insurance Agency, you can choose a life insurance policy that safeguards your loved ones while being suitable for you. You won’t need a medical exam if you’re in excellent health, and you can get coverage ranging from $50,000 to $5 million. To learn more about how you may obtain the best life insurance policies at the most competitive rates, get in touch with us online right away or schedule a consultation.
Average Funeral Costs in North Carolina
When planning a funeral in North Carolina, families can expect to face varying costs depending on the type of service they choose. On average, funeral costs in North Carolina can range from $895 for a direct cremation to over $20,000 for a comprehensive funeral service that includes a casket, burial vault, and memorial service. The significant variance in expenses can be attributed to factors such as the location of the service, the type of funeral home selected, and additional service items chosen by the family, including memorial cards, flowers, transportation, and more.
Here’s a quick breakdown of average funeral costs in North Carolina:
Service Type
Average Cost
Price Range
Basic services
$2,087
$1,000 – $3,175
Embalming
$700
$600 – $800
Transportation of remains
$370
$195 – $545
Casket
$4,155
$790 – $7,520
Outer burial container
$7,450
$900 – $14,000
Direct cremation
$1,585
$895 – $2,275
Direct burial
$2,722
$1,550 – $3,895
Understanding these figures can help families make informed decisions and alleviate some of the financial burdens associated with these unavoidable costs.
Get Started With Matador Insurance
Matador Insurance combines the knowledge and breadth of a modern insurance agency with the friendliness and support of a traditional agency to deliver tailored life insurance policies. Regardless of what you are looking to attain in your life insurance plan, we can successfully guide you through your options in a seamless and stress-free manner. Reach out by contacting us online or requesting a consultation to get started today.
Leading Causes of Death in North Carolina
In North Carolina, the leading causes of death can significantly impact families and the importance of planning for final expenses. The Centers for Disease Control (CDC) lists cancer, heart disease, and accidents as the top three causes, among others. These statistics are sobering reminders of the potential financial burden that can arise from unexpected loss. Final expense insurance is designed to ease this burden; by securing coverage, family members can ensure that funeral and burial costs won’t add additional stress during an already challenging time.
Moreover, many families may rely on Social Security benefits to help cover final expenses, but these funds often fall short of the actual costs associated with funerals. This makes having a final expense insurance policy essential. It allows families to navigate the financial implications of loss without the added worry of how to pay for essential services—a proactive step to protect loved ones from unnecessary financial burden and hardship.
Free Look Period
In North Carolina, consumers benefit from a 10-day “Free Look” period when purchasing life insurance policies. This allows individuals to review their final expense insurance policy and determine if it truly meets their needs. If you find that the policy doesn’t align with your expectations or circumstances, you have the option to cancel within this period and receive a full refund of your premiums.
This “Free Look” period provides peace of mind today, knowing that you can make adjustments to your policy without financial risk. It’s an essential feature that encourages thoughtful decision-making when it comes to securing your family’s financial future, including a free look period. Be sure to take advantage of this benefit when considering your final expense insurance options.