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Final Expense
Insurance
Final Expense
Final expense insurance is a type of whole life insurance designed to cover medical bills and funeral expenses when you pass. A final expense policy is also known as burial or funeral insurance and is popular with seniors.
What is Final Expense Insurance?
Final expense insurance is a type of whole life insurance designed to cover medical bills and funeral expenses when you pass. A final expense policy is also known as burial or funeral insurance and is popular with seniors. Most final expense plans have these features:
Whole life insurance – no expiration if premiums are paid
Cash value – insured may be able to take out a policy loan
Fixed premiums as long as they're paid
Simplified issue – usually no medical exam is required, just health questions on the application
Easy application process
Fast approvals – coverage can often be issued in days
Affordable rates
What Do Medigap Plans Cover?
Most life insurance policies aren’t designed to specifically address the many costs family members pay when preparing for a funeral. Caskets alone can cost up to $10,000 depending on the style and material. This doesn’t include other typical funeral costs like transportation, preparation of the body, grave liners, flowers, or the headstone. A final expense policy can help with these costs and protect your family from experiencing a financial burden.
For most traditional whole life policies, the death benefit and the insurance premium remain the same for the life of the policy. Most whole life policies last for the life of the policyholder and some accumulate cash value. Whole life insurance is often called “permanent life” because the term of the policy isn’t limited to a specific time frame like term insurance.
Because it’s typically used to cover funeral costs, the coverage amount is usually much smaller than traditional policies. On average, people insure themselves for $10,000 – $20,000, making the premiums for a final expense policy more affordable than larger policies.
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