Final Expense Insurance
Final Expense is a type of insurance that works like a whole-life policy to pay medical bill and funeral expenses once you pass away. It can also be called burial or funeral insurance, but all falls under the Final Expense umbrella.
Most final expense plans include:
- Whole life insurance: no expiration if premiums are paid
- Cash value: insured may be able to take out a policy loan
Fixed premiums as long as they’re paid - Simplified issue: usually no medical exam (also called a life insurance exam) is required, just health questions on the application
- Easy application process
- Fast approvals: coverage can often be issued in days
- Affordable rates
Final Expense Life Insurance For Seniors
Final Expense Life Insurance can be a popular product for seniors because it creates an affordably priced pathway to relieve all the expenses associated with end-of-life events. This can include debt, funeral costs, medical bills, and more. While some seniors simply save investments to cover these costs, Final Expense Insurance acts as a catch-all to cover costs that were forgotten or you didn’t anticipate.
Once you retire and have a paid-off mortgage, traditional life insurance policies become less important. End of life is the next largest financial event that occurs that needs to be accounted for in financial planning. Traditional life insurance policies such as term insurance are primarily intended to replace any income lost when a loved one dies. These policies are most important to families during the earlier years when we’re working, paying a mortgage, making car payments, and raising our kids.
This is when Final Expense can step in as a new policy to undertake.
According to the National Funeral Directors Association, the median cost of a funeral can be over $9,000. Family members or surviving loved ones can easily experience financial burden with such a large unforeseen expense during a time of grief.
Protect Your Family
Those that experience the death of a loved one understand the stress that comes with juggling both the grief of loss and handling final affairs such as finances and funeral preparations. The thought of our own loved ones going through that same additional stress should be a wake-up call to ensure you can give your loved ones peace of mind that the financial aspect of your passing is handled.
Final Expense Insurance protects your family financially and provides a means to grieve the loss of a loved one without financial pressure.
- Funeral Costs
- Medical Bills
- Debt
- Cash Value