Who will pay for your final expenses? Let's say you are retired, living on a fixed income, and have little to no savings. Let's say you are 67. Ok, you know that you are going to pass away at some point either due to accident or illness and someone is going to pay for the funeral and burial expenses. Who? We have already established that you don't have savings, so that leaves the children to take care of the bill. One option would be to tell them, "Just put me in a cardboard box, etc., I don't want you to spend much on my funeral." But...(aside from the cardboard box idea not meeting legal standards) your spouse, children, family, and friends will want more than that for your funeral and the funeral is not for you - it's for them! All that to point out - there will be funeral expenses and someone will be writing the check. That's where a final expense policy comes to the rescue. It is a small permanent life insurance policy that will help take care of all or some of your final expenses depending on how much coverage you get.
And...even if you put 50 bucks a month away to save for your final expenses for the next 15 years, you would still only be saving about the same amount as the policy coverage amount. So, you can start saving on your own or you can make a policy payment knowing that if God calls you home sooner than later, your family will still have the money!
Final expense coverage has become very popular - It doesn't involve much to apply (a few medical questions), the premiums never go up, the coverage never goes down, and you have peace of mind knowing that your final expenses are taken care of...by you!
It is also important to have a will and make sure your family knows what your wishes are and where to find everything. Take the time to put all that in place - it makes sense.