Why the conversation matters
Few people enjoy talking about their own funeral. But when wishes aren't known, family members may have to guess, and they may also have to find money quickly. A short conversation now can spare them both. It doesn't need to be formal. A phone call or a talk over a meal is enough to start.
Final expense insurance can be part of that plan. It is a smaller whole life policy meant for funeral costs and final bills. When you die, the face amount is paid to the beneficiary you name, and that person decides how to use it.
Topics to cover with your family
You don't have to settle everything at once. These are the points that help most when it comes time to choose a policy.
- Whether you want burial or cremation, and any religious or family traditions.
- The kind of service you'd like, from simple to traditional.
- Who should receive the benefit and handle arrangements.
- Whether a cemetery plot or other costs are already paid for.
- What you can comfortably pay in premiums.
Talk to a licensed agent: (949) 807-3995
Putting a number on it
Once you know the kind of service, you can talk about cost. The National Funeral Directors Association's 2023 General Price List Study put the national median cost of a funeral with viewing and burial at $8,300, and with viewing and cremation at $6,280. Those medians don't include cemetery, plot, monument or marker costs, and local prices can differ.
Final expense face amounts often run from a few thousand dollars up to about $50,000, depending on the insurer, your age and your state. Premiums are usually level and coverage doesn't expire as long as premiums are paid, so the premium and coverage you set up don't change over time.
Which plan you can get depends on your health. Most plans ask health questions in place of a medical exam. If you qualify for a level benefit plan, the full benefit is usually paid from the first day. Graded plans pay less for natural death in the first two or three years, and guaranteed issue plans, with no health questions, usually pay a limited benefit for natural death in the first two years.
Making the call together
You can have a family member on the call with you. The agent asks your age, the amount you've agreed on and the health questions, which you answer yourself. Then the agent compares quotes from several insurers so everyone can hear the choices. You can apply by phone, the quote is free, and there is no obligation.
Because Eterna is an independent insurance agency, the family can hear plans from several insurers rather than one. Its licensed agents help Louisiana residents compare them, and the insurer you settle on issues the policy. Keep in mind that plans, prices and availability vary by state, insurer, age and health. Agents take calls every day, 8am to 8pm Central time.
Anyone in the family can check an agent's license with the Louisiana Department of Insurance at https://www.ldi.la.gov/. Besides licensing agents, the department regulates insurers and answers consumer questions.
