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Written by Kim Wilhelm
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Final expense insurance is a type of whole life insurance that aims to provide money for end-of-life expenses, from funeral bills to debts. Seniors often take these plans to provide financial support to their loved ones after they pass. Coverage options range from $3,000 to $35,000.
At Final Expense Direct, we offer final expense insurance at an affordable price. We work with many trusted insurers to provide affordable options that suit your needs. Our over-the-phone service eases the process of getting coverage.
What Is Final Expense Insurance?
Final expense insurance, also known as burial insurance or funeral insurance, is a coverage option that primarily applies to seniors ages 50 to 85 and offers funds to cover end-of-life expenses.
This whole life insurance plan never changes or expires, unlike term life insurance which ends after a set number of years. Premiums and coverage remain the same, and it builds cash value you can borrow from. The coverage is typically small, from $3,000 to $35,000, providing a death benefit for seniors who need less coverage than younger generations.
How Does Final Expense Insurance Work?
Seniors typically use final expense insurance to leave their families without a financial burden. The insurance covers a range of expenses at an affordable price. You can qualify even with health issues. The process for enrolling doesn't require a medical exam, just some basic health questions.
During the application process, you can decide on your coverage amount and your beneficiary. Most people make monthly payments to the plan.
After the receipt of your death certificate, the benefits typically get paid out within 24 to 48 hours with no spending restrictions. Your family can keep any unused funds.
Final Expense Planning Considerations
For seniors considering final expense insurance, here are a few points to consider:
- Coverage amount: Be mindful of what you anticipate your final expenses to cost. Most policies cover expenses like your funeral, burial, casket and medical fees. Be prepared to talk to your agent about how much coverage you want to leave to your loved ones.
- Premiums: Your final expense insurance premiums may vary based on health, age, coverage amount and policy type. Planning should include finding an affordable premium.
- Beneficiary: As you set up your final expense insurance policy, you must choose a beneficiary to manage the money.
- Insurance agency: Many insurance agencies offer final expense insurance, so you will want to consider factors like their financial strength, reputation, responsiveness and policy options to find the right fit for you.
A Must Read: The Best Final Expense Insurance Companies
Why Trust Final Expense Direct?
We have extensive expertise in providing final expense insurance. Our company began in 1984 and was the first to offer policies directly over the phone. Our team of passionate and qualified insurers ensures we keep your best interests in mind throughout the insurance process. We also have a caring customer service team offering live support, and we always strive to fulfill our mission of delivering protection options that meet your needs and budget.
Get in Touch With Our Team
Discuss final expense life insurance programs with our team. Call us to get started today.
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