Final Expense Life & Burial Insurance
What is final expense life insurance?
Final expense insurance is designed to cover the bills that your loved ones will face after your death. These costs will include medical bills and funeral expenses. Final expense insurance is also known as burial insurance.
Final expense life insurance…
Final expense life insurance, also know as burial insurance, provides enough coverage to pay for end-of-life expenses such as medical care and funeral costs. A funeral can cost $8,000 and up. If your age or health disqualifies you from getting traditional term coverage, a final expense policy is a good option.
What Is a Final Expense Life Insurance Policy?
A final expense life insurance policy is a whole life policy with relatively low death benefits, usually between $1,000 and $50,000. Once a policy is set, final expense insurance premiums won't rise, and the coverage generally can't be revoked.
How Does Final Expense Life Insurance Work?
Final expense insurance works the same way as a whole life insurance policy. It accrues value, which you can borrow against. As long as you pay premiums on time, the policy will remain in effect until your death.
You probably won't have to undergo a health exam as part of the application process, although you likely will have to answer some health-related questions. Some final expense insurance policies don't require any health questions, but those usually have a waiting period of two or three years before the policy will pay out. There will be no payout if you die during the waiting period, even if you've paid your premiums regularly.
Why Choose Final Expense Life Insurance for Seniors?
Because there's no medical exam requirement, experts often recommend final expense life insurance for seniors. Final expense insurance is targeted at older people who can't qualify for other types of life insurance policies. Also, since they no longer have the financial obligations that term life insurance was designed to cover, many seniors find final expense insurance an appealing alternative.
Even though it's called burial insurance, final expense insurance can pay for a wide range of end-of-life expenses besides funeral costs, including medical bills and other immediate expenses like obituary notices or flowers. There's no restriction on what your policy's payout can cover, so your beneficiaries can spend the money as they see fit.
How Much Is Final Expense Insurance?
The cost of final expense insurance premiums can vary dramatically depending on your age and the amount of the policy's payout. It's not uncommon for monthly premiums to range from $30 to $100 for a $10,000 final expense policy.
Estate Planning Inc Can Help With Your Final Expense Insurance
Final expense insurance is a crucial consideration for people who don't want their deaths to burden their families financially. Backed by years of experience, Estate Planning Inc can help you sort through your options and find the best policy to suit your needs. Contact us today to begin the process.