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Final Expense 101

Ben Franklin famously wrote in a 1789 letter, “In this world nothing can be said to be certain, except death and taxes.” Mr. Franklin, of course, has a point.


Final Expense is a title for Whole Life insurance Policy. It is a policy that you can't outlive. It is a benefit that is paid directly to the beneficiary you choose. They (the beneficiary) then uses the funds to pay for any expenses that may arise upon you passing away.


These costs can quickly add up and create an unexpected financial burden for those left behind. Facing these expenses, some families may choose to take on debt in the form of loans or money borrowed from friends. We have all seen the Go-Fund-Me campaigns asking

for help to cover just the burial and funerals, they aren't asking to get rich, just enough to help.


Making these financial decisions is not what loved ones need during this difficult time. Instead, they need time to heal and space for grieving.


While it can be tempting to put this issue out of sight and mind, the reality is that it’s statistically unlikely for most families to comfortably swing the cost of a funeral. CNBC reported that 40% of American families couldn’t cover an unexpected expense of $400. As we’ve discussed, final expenses—which include funeral services, outstanding debts, probate fees, and more—can have a much more significant price tag.


Proactively making arrangements with final expense or another type of burial insurance makes it simple for your family to access the funds they need to handle these expenses.


The estimates listed here do not include additional charges for flowers, obituaries, grave plot, or monument or marker costs. These numbers also do not include cash advance fees, which can further increase costs when funeral providers use third-party vendors. We’ve broken down the estimate into two types: burial and cremation.


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Funeral With Burial: Total $9,455

  • Metal Casket: $2,600

  • Basic Services Fee: $2,100

  • Vault: $1,395

  • Embalming: $725

  • Facilities/Staff for Ceremony: $500

  • Contingencies: $500

  • Facilities/Staff for Viewing: $425

  • Hearse: $325

  • Removal or Transfer of Remains: $325

  • Miscellaneous Preparation: $250

  • Printing for Memorial: $160

  • Service Vehicle(s): $150


Funeral With Cremation: Total $6260

In 2015, the NFDA projected that cremations would eventually become more common than traditional burials. Some families opt to hold memorial services and viewing prior to cremation. Other families, however, choose to hold their remembrances after cremation, letting the urn symbolize their loved one. The median price of funerals with cremations is $6,260. As with the above estimate of services with burial, this number does not include cash advance fees or cemetery monument or marker costs.

  • Basic Services Fee: $2,100

  • Cremation Casket: $1,000

  • Embalming: $725

  • Facilities/Staff for Ceremony: $500

  • Facilities/Staff for Viewing: $425

  • Third-Party Cremation Fee: $350

  • Removal or Transfer of Remains: $325

  • Urn: $275

  • Miscellaneous Preparation: $250

  • Printing for Memorial: $160

  • Service Vehicle(s): $150


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Above Video - Shawn Meaike Family First Life CEO (our parent company)





Article based on information from Health Markets, What You Need To Know Final Expense Insurance

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