Final Expense / Burial Insurance (Whole Life Insurance)

One of the most popular kinds of Whole Life Insurance is called Final Expense Insurance. Also known as Burial Insurance or funeral insurance, final expense plans are specifically designed to help cover end-of-life expenses like medical bills and burial costs.

Funerals are expensive. Depending on your needs, expenses can range from a few thousand dollars to upwards of $15,000. And the last thing you want to do is to to be under-insured, leaving your loved ones to worry about funeral costs.

Final expense policies typically have face amounts usually ranging from $2,000 to $40,000. because they are meant to cover specific expenses for surviving loved ones. Final expense plans can be more affordable and easier to qualify for than traditional life insurance because the face amount is significantly small.

Final expenses can be difficult to talk about. Yet final expenses can be a major burden to your family and loved ones and compound an already difficult time. Being prepared with final expense insurance is one way to be certain your family won't have to dip into their savings to cover the funeral or burial costs and the medical bills you may leave behind.

Final Expense Insurance is a Whole Life Insurance policy with a small death benefit specifically marketed to help with the cost of the insured individual’s funeral.

• Premiums for final expense insurance tend to be affordable.

• Final expense insurance is relatively easy to qualify for since it does not require a medical exam.

• Final expense policies allow you to choose any beneficiary.

• The best candidates for final expense insurance are people without a life insurance policy.

Final expense insurance is generally easier to qualify for and more affordable than other types of life insurance.

Because final expense insurance offers a relatively low death benefit, the premiums tend to be inexpensive, even for policyholders who are between the ages of 45 and 85. 

To those who cannot pass the health screening questions, some insurance companies offer policies with a Modified benefit or a Graded death benefit, rather than a Level benefit, (No waiting period). These policies typically have a waiting period of two to three years until the full death benefit will be paid. If the insured dies within that time, beneficiaries would receive a return of premium or only a portion of the death benefit.

What Final Expense Insurance Covers:

Finally, this product is made to cover the following types of expenses:

* Funeral Expenses

* Casket/Cremation urn

* Embalming

* Ceremony

* Transportation/Motor Escort

* Burial vault/ Liner

* Burial clothing

* Floral arrangements

* Grave Marker 

* Unpaid hospital/medical bills

* Travel expenses for family

* Unpaid credit card debt

* Estate taxes

Ideal age of Policy holders: 45-85 years old.