What is Final Expense Life Insurance?

Final Expense Life 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.

Why is it popular with seniors?

• Affordable price

• Smaller Benefit Amounts

• Built for covering funeral costs

Most final expense plans have these features:

• Your coverage won't expire as long as your premiums are paid

• Potential for cash value- insured may be able to take out a policy loan

• Fixed premiums for your life as long as they’re paid

• Simplified issue- usually no medical exam is required, just health questions on the application. Most people can get coverage even if they’ve had health issues in the past.

• Easy application process

• Fast approvals- coverage can often be issued in days

Why would you need a final expense policy?

Traditional life insurance policies such as term insurance are primarily intended to replace lost income when a loved one dies. These policies are most important to families during the early years when we’re working, paying a mortgage, making car payments, and raising our kids.

Once we’ve retired, and the kids are out of the house, traditional life insurance policies aren’t needed as much. What we do need is a way to pay for any expenses we leave behind after we pass.

It’s no secret that one day we all will die. Some sort of funeral costs are inevitable. Not all family members may have the means to pay for a funeral and often experience financial burden and debt during this time of grief.

So, how can a final expense policy help? What can we do to protect our families from this financial burden? How can we make sure they aren’t left with any outstanding medical bills after we pass?

A final expense policy is a smart and caring way for seniors to protect their loved ones from rising funeral costs.