Can You Buy Final Expense Insurance For Children?

Final expense insurance is commonly associated with older individuals contemplating how their loved ones will be able to afford the funeral costs. And final expense insurance policies are usually purchased by the one who will have the funeral, not by someone who is getting the policy for someone else. But, final expense insurance enables individuals to get a policy for someone else.

What do I need in order to get final expense insurance for my children?

The answer lies in insurable interest. This is when you are able to prove that you would face a significant financial loss or hardship if that loved one were to die. Your child fits in this category. The reason why this applies to children is because if a child were to pass away, the parents would bear the costs of the funeral.

Funerals are not cheap – they often cost between $7,000 and $9,000. Some funerals can be upwards of $12,000. The emotional pain combined with these steep costs can make for one of the worst times of your life. While nothing can take away from the heartbreak, you can make it so that the funeral costs will not be an additional burden on top of the hurt you already feel.

This goes without saying – this is an automatic financial hardship. When you sign up for a final expense policy, you’re given the choice in the policy size you want (death benefits go up to $50,000 in some cases) and you must answer health questions about your child.

This requires your written consent if your child is under 18. You will sign as your child’s parent or legal guardian.

What if my children are adults?

For adult children, the process is very much the same. You still have insurable interest because, like the other scenario, you will have to bear the funeral costs. However, when it comes to the other parts, your son or daughter will have to provide consent. This is not just in the form of signing their name to the policy. Your children must also give consent for access to his or her medical records. The insurance company will provide a policy with a particular rate based on your child’s health and lifestyle choices.

When you get this policy, you are paying the premiums – therefore, you can name yourself as a beneficiary so that the company will disburse the funds to you in the event that your child passes away. When these funds go to you, you will be able to cover the funeral costs in addition to anything else that needs to be paid.

Let us help you provide

As a parent, you need to do everything you can to plan for the worst. It may be the last thing you want to think about, but you can still minimize the financial toll this may take on you. At Final Expense Direct, we help individuals make critical decisions that they are happy with. We do this by finding final expense insurance policies that best fit our customers’ needs. Call us today at 1-877-674-0236.


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