Final Expense Life Insurance, previously known as funeral insurance or burial insurance, is a type of whole life insurance policy. It provides a financial death benefit to simply cover the costs associated with burial or cremation, many of which are often overlooked and not accounted for in end-of-life planning. Some of those forgotten costs include gravestones, funeral home time, caskets, urns, obituaries and flowers.
Final Expense insurance plans ease the financial burden that often falls on family members when it comes time to pay all the bills.
Here are some of the most common features of final expense life insurance policies:
- The financial death benefit is paid to the beneficiaries tax free
- Beneficiaries can use the proceeds for any purpose
- The policy remains in effect as long as premium payments are made.
- No medical exam or physical is needed for approval
- Simple & quick to apply. Approval can be instant up to 3 days.
- Financial Death benefits range from $2,000 to over $20,000
Final Expense insurance is a good option if you don’t currently have any sort of term or whole life insurance policy in place (or you can’t qualify) and you want to ensure your family isn’t burdened with the costs of your funeral.