Final Expense Insurance

Final Expense Insurance (a specialized type of whole life) is an insurance policy used to pay for funeral services and a burial when the insured dies and may include coverage for outstanding debt, such as credit cards. A final expense insurance policy helps ease the financial burden placed on a family when a loved one dies.  Final Expense insurance is typically purchased when the insured age is between 50 and 80.

Any type of whole life insurance can be used to cover final expenses. However, if other provisions have not been made and you are concerned about your family or beneficiaries having the funds to carry out your final wishes, then a final expense policy may be the prudent thing to purchase. The younger you are the lower the premiums, so consider your options and make plans and provision as early as possible. If you have existing health conditions that have prevented you from purchasing other life insurance, the Guaranteed Issue Final Expense insurance may be an option. Guaranteed issue insurance normally has a waiting period before coverage goes into effect and is the most expensive option.

As with any type of insurance, the time to buy is before you need it. You can’t buy fire insurance after the fire, you can’t buy cancer insurance after the diagnosis and you can’t buy final expense insurance while under hospice care or at the funeral home.

Plan ahead. Make preparations. Then, live in peace knowing you have done all you can to take care of future needs and protect your loved ones.