What is a final expense?
Final expense is a type of whole life insurance and usually has a smaller face amount than traditional insurance. It focuses on covering end-of-life expenses while most life insurance policies focus on income replacement.
How does final expense insurance work?
Technically, final expense insurance is a whole life insurance policy specifically marketed to cover the expenses associated with a funeral, memorial service, reception, cremation, and or burial. It is also commonly known as burial insurance, funeral insurance, or cremation insurance.
But while it is described as a policy to cover final expenses, beneficiaries who receive the death benefit are not required to use it to pay for final expenses — they can use it for any purpose they like. That’s because final expense insurance really falls into the category of modified whole life insurance or simplified issue life insurance, which are typically whole life policies with smaller death benefits, often between $2,000 and $20,000.
When buying final expense insurance, you will have to answer a series of questions related to your age and health. After you’re approved, coverage will be in effect for as long as you make your payments.
Should I get final expense insurance?
Final expense life insurance is a worthwhile investment for anyone who needs a financial product to ensure their funeral expenses won’t burden their family.
At what age should you buy final expense insurance?
Final expense insurance is a life insurance policy that has a lower death benefit, usually intended to cover final expenses and burial costs. Also known as burial insurance or funeral insurance, it’s designed for older adults who are ready to make end-of-life plans, typically age 50 and older.
What is the average cost of final expense insurance?
How Much Does Final Expense Insurance Cost? The average final expense policy costs between $30-$70 a month and depends on your age, sex, health, coverage amount, and the life insurance company you choose.
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