How Long Does a Final Expense Policy Last?

final expense policies typically last until the end of the policyholder's lifetime: 10-30 years

Final expense policies, due to the nature of their benefits and structure, typically last until the end of the policyholder’s lifetime, anywhere from 10-30 years.

Final Expense as Term or Whole Life Insurance

Final expense is a type of life insurance plan. Like all life insurance, then, you make monthly payments and earn a payout at the end of it. However, this end can look different depending on the structure you agree on with the provider.

Term and whole life insurance are both ways you can structure your final expense plan but are also plans in themselves. In other words, you can purchase a term life plan on its own, or buy a final expense plan that is term life structured.

The term structured is, unsurprisingly, based on a predetermined set of times, or terms. So, for answering the question “how long does a final expense policy last?”, with a term life plan, you decide. Most often, terms are set in blocks of anywhere between 10 and 30+ years.

The whole life structure, on the other hand, does not have the same predetermined end. Rather than a renewable term of 10-30 years, your plan ends at the end of your life. At that time, your beneficiaries and other predesignated funds within your payout will be issued. 

How Long Should Final Expense Last

The interesting thing about final expense compared to most other life insurance policies is the nature and intention of the plan—final expense can be purchased at a much older age, and is even available to those with serious health issues and/or pre-existing conditions.

With all of that in mind, the length of your final expense may very well be determined by your remaining years. You can purchase plans up to age 80—if you pass away 5 years later, your plan will really only have lasted those 5 years.

The same can be said for the term-structured final expense plan. As long as you pass away within your determined term, or renew it as soon as it expires, you will receive the death benefit.

What Happens to Your Final Expense Plan When it Ends

As you may have already known or found out, a few things happen when your final expense plan comes to an end. First and most importantly, keep in mind that the end will be marked by the policyholder’s death. 

Once that happens, the plan will be terminated. This, however, does not mean that everything is lost—at this time, your payout will be officially issued in the way established between you, the provider, and your beneficiaries.

Get the Best Final Expense Plan with Final Expense Direct

If you’re reading this article, chances are you’re considering final expense insurance for you or a loved one. Whether you’re ready to purchase a policy today, or you’re just researching your options, Final Expense Direct can answer all of your questions. So stop scouring Houston for coverage, and give us a call today at 1-877-674-0236.

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