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Introducing Final Expense Live Transfers insurance to clients is one of the best ways for insurance agents to help their clients. How confident are your clients about their savings when they die? Are there sufficient funds to cover funeral expenses? What will be left over for their spouse, children, and grandchildren?  

The baby boomers are the second largest age group after the millennials. Every baby boomer will be over 65 by 2030. The median retirement savings for baby boomers is just over $200,000, so few have large nest eggs to fall back on in retirement. Therefore, final expense insurance has a large market. It's just a matter of knowing how to access it as an agent.

How Does Final Expense Life Insurance Work?

Seniors can benefit from final expense life insurance. Your clients can feel confident that they have eased the burden associated with end-of-life activities by receiving a death benefit to cover funeral costs and other expenses.

The simplest way to explain final expense insurance to an insurance agent is to label it as permanent life insurance with a small death benefit. Clients may refer to it as burial insurance or funeral insurance.

Take a look at the sky-high cost of funerals to get a sense of the value of life insurance. Funeral expenses in the U.S. are on average $7,360, but they can be much higher. Funerals are most expensive in the following states:

  • $14,975 in Hawaii
  • $11,777 in California
  • $10,799 in New York
  • $10,418 in Oregon
  • Ten thousand two hundred sixteen dollars in Massachusetts

After retirement, most seniors who had life insurance through their employer no longer have that benefit. In addition, they may not have enough savings to cover funeral expenses. Beneficiaries can use the final expense payout for anything they need, including:

  • Cremation or burial
  • Vacation or trip of a lifetime
  • Care in nursing homes
  • Bills for medical care
  • Donations to charity
  • Grandchildren or children inheriting

In the end, final expense life insurance offers peace of mind that your clients' families won't need to worry about the burdensome costs of death when they are already dealing with emotional strains.

Is Final Expense Insurance Necessary?

Final expense insurance is ideal for clients who are advanced in age or have health conditions that make it difficult to qualify for other types of life insurance. Final expense insurance is also a great option for those who had life insurance through their employer but lost it in retirement.

Due to lower coverage amounts, Final Expense Live Transfers insurance has a lower premium than term life insurance. It is common for final expense coverage to range from $5,000 to $35,000, but usually not much more than that. Your clients between the ages of 50 and 85 who want to give peace of mind to their loved ones should consider final expense insurance


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