If you already have a term life insurance policy, you’ll want to look and see when your term is completed. If it’s coming up to term, a final expense plan is often a good choice to cover the gap once it’s up.
If you have a whole life insurance policy, you may not need final expense insurance. It’s up to you to compare premiums, coverage and your financial situation to determine if a final expense plan makes sense for you. Remember, a final expense policy is meant to be a simple, low-cost solution to cover funeral expenses. The purpose of other types of life insurance policies is to provide financial protection or income replacement to surviving dependents after the death of an insured.
If you’re a senior with no financial dependents and limited (or no) other life insurance, final expense insurance is worth considering.