Is it Required to Have Final Expense Insurance?

life insurance isn't required but it can certainly help protect your family

You’re absolutely not required to have final expense insurance. However, it may be your best option for coverage if you’re older or have serious health conditions.

Life Insurance Isn’t Required, But It’s Helpful

No one is legally required to have any form of life insurance, though some loans may include it on their contract for approval. The good news, then, is that you’re free to choose exactly what type and how much insurance you need.

Why You Might Want a Final Expense Plan

So, if you’re not required to have it, why purchase life insurance? More specifically, why have final expense insurance? Well, there are a lot of reasons, most of which involve the costs you want to have taken care of for your loved ones when you’re gone.

Final expense insurance gives you the means to provide loved ones with funds for a variety of uses that you get to choose. Say, for instance, you don’t want them to have to pay for your funeral—you can set aside the amount needed for a service and burial without having to rely on anyone else to take care of it.

You can also use it for any small remaining medical expenses, loans, and more. Really, any small expense you can think of can be covered by a final expense plan. So, even if it’s not required, you may still need it for things like this.

Final Expense Compared to Other Life Insurance Options

But final expense isn’t your only option. You aren’t required to have life insurance, but you’ll have to choose what plan you want if you decide to get it. The two other most common forms of life insurance are term and whole life.

Term life insurance has payouts of anywhere from $25,000 to $500,000 or more. Unlike the other options, you must renew your plan after a set term of 10-20 years to eventually receive the payout.

Whole life is the biggest of these policies, with payouts ranging anywhere from $50,000 to over one million dollars. Once you purchase the plan, you’ll make small monthly payments to receive the eventual death benefit.

The biggest difference between final expense and these two options are the qualification requirements—unlike the other policies, you are allowed to be a bit older and have serious health issues and still qualify. 

If you do want life insurance, final expense is probably your best option. This is great news for those who may not be eligible for other policies, but still want coverage, even if it’s not required.

Find the Right Final Expense Plan with Confidence

Houston is full of competing insurance providers. When everyone seems to be grabbing for your bottom dollar, you need an agent from Final Expense Direct to have your back. We’ll work with you to make sure you’re getting the coverage you need. Give us a call today at 1-877-674-0236.


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