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Protect your loved ones with Final Expense Insurance

Also known as burial insurance or funeral insurance, final expense is a type of permanent life insurance that is meant to cover expenses associated with the end of life. Most commonly, these expenses include funeral and burial costs as well as final medical bills and sometimes costs associated with settling an estate.

Protect your loved ones with Final Expense Insurance

Also known as burial insurance or funeral insurance, final expense is a type of permanent life insurance that is meant to cover expenses associated with the end of life. Most commonly, these expenses include funeral and burial costs as well as final medical bills and sometimes costs associated with settling an estate.

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What is final expense insurance?

How does it work?

When you purchase a final expense insurance policy, your family or beneficiaries will receive a payout upon your passing to cover your end-of-life expenses. Typically, final expense plans have smaller death benefits than other life insurance plans – usually between $2,000-20,000. As long as you are up to date on your premiums, your beneficiaries will receive your full death benefit when you pass away.

What does it cover?

Final expense insurance is typically used to cover costs associated with the end of life, such as final hospital or medical bills, funeral or memorial expenses, and burial or cremation expenses. However, because final expense insurance is technically a whole life insurance plan, your beneficiaries can use the benefit to cover other costs as well.

Do I need final expense insurance?

Your final expense policy can give your family financial comfort and help ease the burden of planning a funeral, so it’s a wise investment if you can afford the premiums and would like to cover your end-of-life expenses.

However, you might find that your final expense policy won’t provide the level of coverage you’d like to leave your dependents. If you’d like to leave your family a more significant death benefit, you may consider term or whole life insurance – or a combination of policies.

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Do I need final expense insurance

Your final expense policy can give your family financial comfort and help ease the burden of planning a funeral, so it’s a wise investment if you can afford the premiums and would like to cover your end-of-life expenses.

However, you might find that your final expense policy won’t provide the level of coverage you’d like to leave your dependents. If you’d like to leave your family a more significant death benefit, you may consider term or whole life insurance – or a combination of policies.

Find a policy provider today.

Types of final expense

Simplified issue​

A simplified issue policy does not require a medical exam, so it is well suited for seniors or those with pre-existing health conditions. However, simplified issue policies may ask you to answer a medical questionnaire that could impact the cost of your premium.

Guaranteed issue​

A guaranteed issue policy will not require a medical exam nor does it require you to answer any health questions before you are approved for your final expense insurance plan. However, these plans typically have higher premiums since your health is not a factor in the cost.

Pre-need issue​

A pre-need insurance plan is a type of insurance where you essentially pre-pay for your funeral expenses. Your pre-need policy will pay out to a specified funeral home instead of directly to your family. This allows you to make your own arrangements for your funeral and burial that will be covered by your insurance when needed.

Types of final expense

Simplified issue
A simplified issue policy does not require a medical exam, so it is well suited for seniors or those with pre-existing health conditions. However, simplified issue policies may ask you to answer a medical questionnaire that could impact the cost of your premium.
Guaranteed issue
A guaranteed issue policy will not require a medical exam nor does it require you to answer any health questions before you are approved for your final expense insurance plan. However, these plans typically have higher premiums since your health is not a factor in the cost.
Pre-need issue
A pre-need insurance plan is a type of insurance where you essentially pre-pay for your funeral expenses. Your pre-need policy will pay out to a specified funeral home instead of directly to your family. This allows you to make your own arrangements for your funeral and burial that will be covered by your insurance when needed.
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How much does it cost?

The price you pay for your final expense insurance policy depends on several factors including your desired coverage amount as well as some other demographic factors such as your age, sex, and health. On average, final expense plans cost $30-70/mo.

How to get your final expense insurance policy

With so many options for life insurance, it can be hard to find the right policy for you. That’s why it’s a good idea to talk to an insurance company that can help you find the right coverage at the right price for you. Rate Retriever makes this easy. We’ll connect you with a live insurance agent who will be able to help you find the final expense plan you need at a price you can afford.

You’ll need to be ready to answer a few questions about yourself, your goals, and your health to get an accurate quote. Once you purchase your policy, you will need to make premium payments to keep your coverage active.

What is the difference between whole life and final expense insurance?

Both final expense and whole life insurance fall into the permanent life insurance category. This means that the benefits never expire and build a cash value. However, these policies differ in a few ways: 

Purpose

One of the primary reasons for a whole life policy is wealth transfer while final expense policies are meant to specifically cover end-of-life costs.

Death benefit

Whole life policies typically have a significant death benefit while the average final expense policy usually maxes out at around $20,000.

Premium cost

Since final expense insurance has a lower death benefit, its premiums are often less expensive than whole life policy premiums.

Medical exam requirement

Final expense policies do not require a medical exam, making them accessible to a wider range of people than whole life insurance.

Frequently asked

It’s worth it to get final expense insurance if you would like to leave your family dedicated funds to cover your end-of-life expenses. Here are a few common reasons why people choose final expense policies over other options:

  • If you are a senior who is planning for end-of-life expenses and does not have another permanent life insurance policy
  • If you have a pre-existing condition that makes other types of life insurance unaffordable
  • If your estate will not cover the costs of your desired funeral arrangements
  • If you want to plan your memorial service, burial, and other arrangements

Final expense insurance offers your family peace of mind in planning the funeral, memorial service, and burial or cremation you desire. It can also help them settle expenses related to final medical bills or settling your estate.

Because final expense is a type of life insurance with a relatively low death benefit and does not require applicants to pass a medical exam, most people will qualify for final expense insurance. However, final expense insurance is often recommended for individuals between the age of 60 to 85 who are ready to plan for end-of-life expenses.

The answer to this question depends on your personal goals for your life insurance. If you have term life insurance, the death benefit can be used in the ways your beneficiaries see fit, including covering any funeral or medical bills.

However, term life policies are usually intended to cover the loss of income your family might face if you are a primary wage-earner. Because of this, you may decide that you would like to supplement your term life policy with final expense insurance to allow your family to use the entire term life benefit to cover their living expenses while using the separate final expense funds to cover pricey, unexpected end-of-life costs.

Read more on if you need a final expense policy >

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We work with final expense insurance providers across the US to help you find the policy that meets your coverage needs at a price you can afford.