What is Final Expense Life Insurance?
Final Expense Life Insurance (also called Burial Insurance and 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. unpaid credit card bills, outstanding mortgage, etc.).
Final Expense policies tend to have face values of $2,000 to $50,000 (amounts vary, depending on the insurer). These policies don’t require a medical exam. All you have to do is answer a few health questions, and the entire process usually only takes a few days. As long as you’re between 50 and 80 years old…you’re good to go!
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.
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).
Graded Death Benefit
Sometimes death benefits on Final Expense policies are phased in over time, typically two years. For that reason, we typically recommend this type of policy only to people who can’t qualify for traditional life insurance, due to poor health or questionable lifestyle habits.
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 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.