Final Expense Insurance
What Is Final Expense Insurance?
Final Expense Insurance, also known as burial or funeral insurance, is a whole life policy designed to cover end-of-life expenses, including funeral costs, medical bills, and other final expenses. This policy provides a lump-sum, tax-free payout to your beneficiaries, typically within 1-3 days of your passing.
Key Benefits:
- Coverage Amounts: Typically range from $1,000 to $50,000, depending on your needs.
- No Medical Exams: Simplified issue policies often require only a health questionnaire.
- No Waiting Period: Many plans offer immediate coverage upon approval.
- Fixed Premiums: Your premium remains the same throughout the life of the policy.
- Cash Value Accumulation: Builds cash value over time, which you can borrow against if needed.
- Fast Payouts: Beneficiaries receive funds quickly, usually within 24-48 hours.
Is Final Expense Insurance Right for You?
Final Expense Insurance is ideal for individuals seeking to alleviate the financial burden on their loved ones after their passing. It’s particularly beneficial for those who:
- Want to ensure their funeral and related expenses are covered.
- Prefer a policy with no medical exam requirements.
- Desire a permanent policy that builds cash value over time.
Sample Premiums by Age
Age Range | Coverage Amount | Estimated Monthly Premium |
50–60 | $10,000 | $50–$75 |
60–70 | $15,000 | $75–$100 |
70–80 | $20,000 | $100–$150 |
Note: Premiums vary based on age, health, and other factors.