What is Final Expense Life Insurance?

Burial Insurance is also known as Final expense insurance! It is whole life insurance that usually has smaller face amounts aka Death benefits This type of whole life insurance is just like all others but designed to cover medical bills and funeral expenses when you pass. A final expense life insurance policy is also known as burial or funeral insurance and is popular with seniors because of the low face amounts and are designed for people who cannot prepay or afford a pre-need plan, a funeral. Usually sold by the funeral home! These people are not out there to save you money as they usually do not cover certain items like transportation and opening and closing of the plot! Many times a funeral home and a cemetery are separate entities, this means if the funeral home uses the full value the cemetery will still need to be paid for! Preneed plans may require a large initial payment and unaffordable monthly rates due to the fact they need to be paid before death! Due to this fact, it is not an affordable option. This is where final expense insurance comes in!

Most final expense plans have these features:

• Whole life insurance – Will Never expire, can never be canceled!                              (If premiums are paid)

• Cash value –Cash value will grow; the insured may be able to take out a policy loan or use the money to pay premiums!

• Fixed premiums that will never change

• Simplified issue – No Blood or urine, no medical exam (also called a life insurance exam) is required, just health questions on the application

• Easy application process- Can be written over the phone with a licensed agent

• Fast approvals – Sometimes instant approval, coverage can often be issued in days

• Affordable rates- Designed for seniors on a fixed income. Sometimes the only way to pay for a funeral!