Final Expense Insurance
A funeral can easily cost several thousand dollars. Final expense insurance is a smaller whole life policy designed to cover those costs, so your family can focus on saying goodbye instead of paying bills.
What It Covers
The benefit is paid directly to your beneficiary, who can use it for whatever is needed, including:
- Funeral or cremation services
- A burial plot, headstone, or urn
- Outstanding medical bills
- Credit card balances and other final debts
Key Features
- Coverage amounts typically from a few thousand dollars up to about $50,000, depending on the insurance company
- Premiums that stay the same for life
- Coverage that does not expire as long as premiums are paid
- Many plans need no medical exam, just a few health questions
Who It Is For
Final expense coverage is generally available to people between about 50 and 85. It is a good fit if you want to avoid leaving costs to your family and do not need a large life insurance policy.
Health concerns? If health conditions make it hard to qualify, guaranteed-issue policies accept everyone in the eligible age range. These usually have a waiting period, often two years, before the full benefit is paid for death from natural causes.
Have questions about your options? Let’s talk. Your consultation is free, and there is no obligation.