Final Expenses Life Insurance
Final expense life insurance, also known as burial insurance, covers the costs associated with a person’s final expenses, such as funeral and burial costs, outstanding debts, and other end-of-life expenses.
Final expense life insurance policies offer lower death benefits, with death benefits ranging from $5,000 to $30,000. These policies are affordable for people who may have difficulty qualifying for other types of life insurance due to age or health issues.
Some specific features of final expense life insurance include:
- Death benefit: This is the amount of money paid to the policy’s beneficiaries upon the policyholder’s death. The death benefit is typically used to cover funeral and burial costs, outstanding debts, and other end-of-life expenses.
- Premiums: These are the payments made by the policyholder to keep the policy in force. Final expense life insurance premiums are typically higher than other types of life insurance. Still, they are fixed and do not increase over time based on the policyholder’s age and health.
- No medical exam: Some final expense life insurance policies do not require a medical exam, making them an option for individuals who may have difficulty qualifying for other types of life insurance due to health issues.
- Guaranteed acceptance: Some final expense life insurance policies offer guaranteed approval, meaning that the policy is issued to the applicant regardless of age or health.
Final expense life insurance is a good choice for individuals who want to ensure that their final expenses are covered and to provide financial support for their loved ones. It’s vital for individuals to carefully consider their insurance needs and choose a policy that meets their needs and budget. A reputable insurance broker or agent can help individuals determine the coverage they need and find a policy that meets their needs and budget.
