There are many forms of life insurance available. Most people know about traditional life insurance, also called whole life insurance, and term-life insurance, but many have never heard about final expense insurance. Final expense insurance is a type of life insurance that is more flexible, meaning it is easier to get if you are older or have chronic health conditions.
What Is Final Expense Insurance
Final expense insurance policies ensure that your end-of-life expenses are covered. Once you purchase a policy, you will be required to pay monthly premiums in exchange for a substantial death benefit. The death benefit amount is typically under $50,000 and the premiums may be anywhere from $30 a month to $100 a month depending on your insurer. In most cases, final expense insurance requires minimal underwriting, as you will only be asked some health questions to determine if you are eligible.
Final Expense vs Life Insurance
Final expense insurance is a form of life insurance, but it is not the same as more common life insurance options. Traditional life insurance policies typically cost less, but have stricter eligibility requirements. For example, traditional life insurance plans require medical exams and have you answer medical questions during the underwriting process. Final expense plans will ask you some questions, but there is no required medical exam.
Because final expense insurance has less strict requirements, the plans will cost more than traditional life insurance policies. Though, you won’t have to worry about your insurance policy expiring, as in most cases final expense insurance is a permanent form of life insurance. Term-life insurance, on the other hand, will expire once you reach a certain age.
Who Needs Final Expense Insurance?
Final expense insurance is best for people who do not qualify for other forms of life insurance. It is also an option for people who wish to supplement their life insurance plan with additional death benefits. With final expense insurance, you can ensure that your funeral expenses are taken care of after you die. Your family can also use final expense death benefits to pay for their other needs, or your final medical expenses.
Do You Need Insurance? Shop With Final Expense Direct
The talented agents at Final Expense Direct will help you find the life coverage you need. We can help you collect and compare quotes from various insurers. Just give us a call at 1-877-674-0236 to get started with a consultation.