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Final Expense Insurance

Why You May Want to Consider Final Expense Insurance


Final expense insurance is most often a type of permanent life insurance used to cover medical costs and other end-of-life expenses, most often funeral and burial costs including services, items (like a casket and hearse), and/or cremation.


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Permanent life insurance does not expire and is more expensive per unit of coverage than term life insurance, which runs for a specified amount of time before ceasing. Permanent life insurance remains in force for as long as the premiums are paid.


Permanent life insurance policies carry a cash value. This value builds up over the life of the policy, similar to an investment, and is paid out as part of the death benefit when you die. You can also cash out the policy for part of its value after a certain amount of time.


Final expense insurance has a lot in common with guaranteed issue life insurance. Unlike traditional life insurance policies, which require an investigation into your health – including a paramedical exam – guaranteed policies don’t require such in-depth research and applicants will often be insured after answering only a few questions.


Some funeral homes will accept an assignment of the insurance policy payout. This means that the proceeds will go directly to the funeral home to cover the cost of the funeral. (The beneficiary will receive any money over the cost of the funeral.) When you’re making arrangements, make sure to ask about this and don’t assume that the funeral home will accept this sort of payment method; some funeral homes require payment upfront and won’t wait until the final expense insurance policy pays out


Miscellaneous costs

These costs can quickly add up, making burial insurance a smart and pre-emptive decision. Don't make your loved ones worry about costs when the only thing they should worry about is grieving.


Call 346.381.5991 today to learn about burial insurance or final expense insurance policy so your family won’t have to worry about it tomorrow.


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