What is Final Expense Life Insurance?
Final Expense Life Insurance (also called Burial Insurance or Funeral Insurance) is a special type of permanent life insurance. This type of policy has a very specific purpose…to cover the costs incurred when the insured dies. Final Expense insurance can help cover the cost of typical funeral expenses (i.e. casket, flowers, gravesite services, etc.) and can also assist with other additional outstanding financial obligations left behind by the deceased (i.e. medical bills, credit card bills, outstanding mortgage, etc.).
Final Expense Insurance / Burial Insurance policies tend to have face values of $2,000 to $40,000 (amounts vary, depending on the insurer). These policies don’t require a medical exam, and have a reduced number of health questions. The entire process is fast and usually only takes a few days to a week. In most cases as long as you’re between 50 and 80 years old…you’re good to go!
Most Final Expense policies are also guaranteed issue. Your acceptance is guaranteed. You cannot be turned down for any reason, regardless of age, health, or occupation. Because of this guarantee, this type of policy also has a Graded Death Benefit. This is when the death benefits are phased in over time, typically two years. For that reason, we only like to recommend this type of policy to people who can’t qualify for traditional life insurance, due to poor health or questionable lifestyle habits.
Simplified Issue Final Expense policies still have an approval process, but without the medical exam. The approval process typically consists of a short list of yes / no question to determine eligibility, and a review of appropriate medical records. The entire process is fast and can usually be accomplished in about a week. Since Simplified issue policies go through an approval process they come with a Level Death Benefit. This is normal for a traditional policy where the full death benefit or face value is available the same day the policy goes into force.
Your benefits will never decrease and can’t be cancelled for any reason. Regardless of future changes in age, health, or occupation (as long as you pay your premiums on time).
Like Whole Life insurance, Final Expense policies accumulate cash value that can be utilized, if needed. Most Final Expense policies will also pay out the full face value at age 100 or death, whichever comes sooner.
Final Expense Life Insurance Companies
Below are the three primary Final Expense/Burial Insurance carriers. These small, targeted policies are very affordable and can help keep families from falling into debt. Each insurer has its own policy coverage restrictions, benefit payouts, and other options.
(Not all policy types available in all states. Restrictions may apply. )
United of Omaha (Mutual of Omaha)
Since 1926, United of Omaha has provided life insurance, pension and annuity products for groups and individuals. They currently offer 2 simplified issue final expense whole life policies
- Level benefit plan , has coverage amounts, from $2,000 to $40,000 for adults between 45 and 85 years old.
- Graded benefit plan, has coverage amounts, from $2,000 to $20,000 for adults between 45 and 80 years old.
Since 1967, Gerber Life Insurance Company has provided quality life insurance, especially for young families on a limited budget. Guaranteed Life Insurance from Gerber Life is a whole life insurance policy with coverage amounts, from $5,000 to $25,000 for adults between 50 and 80 years old.
Lumico Life Insurance Company, offers a guaranteed issue Final Expense policy. Lumico Final Expense with coverage amounts, from $5,000 to $30,000 for adults between 50 and 79 years old.
Final Expense / Burial Insurance Quote
Get the Best Quotes on Final Expense Life Insurance
Call AccuQuote today at 800-442-9899 and we’ll help you figure out what kind of policy makes the most sense for your needs.