Final Expense insurance is also known as burial insurance. It is a type of life insurance product geared towards helping people in paying for their final expenses. It helps to remove the financial obligations of a family when a person dies and provides peace of mind.
WILL YOU BE PREPARED WHEN YOU PASS?
Will you be prepared when you die or will you leave your loved ones a financial burden? 21% of all Americans say they don't think they will be able to pay off their debts- including car, credit cards, mortgages, student loans when they die.
AVERAGE FUNERAL COSTS
Many times you'll hear people say that the average funeral costs is around $8,000. However, funeral prices, like everything else, have increased with inflation. Today the average American traditional funeral costs between $7,500 and $20,000. This price range includes the funeral home services, expenses, cemetery plot, burial services, headstone, and post service expenses.
CREDIT CARD DEBT
Most Americans from the ages of 45-75 years of age have on average $6,000 and $9,500 of credit card debt when they die.
Will you owe taxes when you die? The IRS can assert a lien against the assets of your estate. A federal tax lien along with other debts must be satisfied out of these assets before any of the property can pass to the heirs.