Final Expense Insurance
Protect Your Family & Final Wishes
A final expense insurance policy is an affordable way to provide your family members with up to $50,000 upon the time of your death to help pay for your medical bills, outstanding debt, funeral costs and more.
For example, a $10,000 policy may cost $25 per month.1
Final Expense Insurance Plan Features & Benefits
Frequently Asked Final Expense Questions
Final Expense Insurance, or Burial Insurance, is a form of whole life insurance that provides the policyholder a payment after the policyholder dies.
No. Unlike traditional life insurance policies which require applicants to undergo underwriting before determining eligibility, Final Expense Insurance doesn’t require a medical exam. Instead, you’ll go through “simplified underwriting,” in which you’ll answer some basic questions about your medical history before determining your plan eligibility.
There are no restrictions on how your Final Expense policy payment must be used. While many people purchase policies to help pay the cost of a funeral with a viewing. As stated above, the cost of a funeral with a viewing in 2021 can average $7,848. Funds can also be used to help pay for any outstanding debts or any unforeseen expenses that may arise for your loved ones in your absence.
The cost of traditional life insurance policies tends to scale with your age and health, which make policies less affordable later in life. A Final Expense Insurance policy may be a good alternative for pre-retirees over the age of 50 who either don’t have life insurance or see the need for additional coverage.
As you pay your premiums, your policy builds a “cash value,” which you can borrow against and use as a personal loan. You will then repay the loan over time. Any unpaid loans when you die will reduce the amount your beneficiaries receive.
Plans can be customized to fit most budgets. They can offer payouts ranging from a few thousand dollars to tens of thousands of dollars. Your monthly plan premium will cost more if you wish to have a larger payout.
Yes. The final expense insurance policy proceeds are distributed to the person or persons of your choice, called beneficiaries. You can divide up your payment any way you see fit. You may even name a funeral home as a partial beneficiary to cover your funeral expenses automatically.
No. The Final Expense Insurance Plan proceeds are distributed tax-free to your named beneficiary or beneficiaries.
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