What final expenses really include
The name says final expense, not just funeral, and that's a helpful way to think about it. Beyond the service itself, a family may face a run of smaller bills in the weeks after a death. A final expense policy pays its benefit to your beneficiary, who can use it for any of them.
- Cemetery charges, such as the plot and the opening and closing of the grave.
- A monument or marker to go on the grave.
- A final medical or hospital bill.
- The last month of rent, utilities or phone service.
- Out-of-town travel for family, flowers, a printed obituary and a reception.
The funeral is often the largest piece
For the funeral itself, 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, which is why the list above matters. These are national figures, not Massachusetts prices.
To pick a face amount, add a rough number for the funeral to the other items on the list that apply to you. 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.
Talk to a licensed agent: (949) 807-3995
How the coverage works
Final expense insurance is a smaller whole life policy. Premiums are usually level, set at the start and not going up. Coverage doesn't expire as long as premiums are paid. Most plans ask a short list of health questions instead of a medical exam, often with a check of prescription history.
Your health answers decide the plan type. If you qualify for a level benefit plan, the full benefit is usually paid from the first day. A graded or modified plan pays a reduced benefit for natural death in the first two or three years. A guaranteed issue plan asks no health questions, but usually pays a limited benefit for natural death in the first two years, with smaller face amounts.
Comparing plans from Massachusetts
On the call, the agent asks your age, the health questions and roughly what you'd like the policy to cover, from the funeral to final bills. Then the agent compares quotes from several insurers so you can see what each amount would cost. You can apply by phone if one fits. The quote is free, with no obligation.
Eterna is an independent insurance agency. Rather than quoting one company, its licensed agents help Massachusetts residents compare plans from several insurers and pick the one that will issue the policy. Plans, prices and availability vary by state, insurer, age and health. Agents take calls every day, 9am to 9pm Eastern time.
You can check an agent's license through the Massachusetts Division of Insurance, at https://www.mass.gov/orgs/division-of-insurance, which also regulates insurers and takes consumer questions.
