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Final Expense Insurance
Thinking about end-of-life expenses can be difficult, but it’s important to plan for the future to keep your loved ones protected. Final expense insurance is an easy way to ensure your loved ones aren’t burdened if the unexpected happens. This type of coverage can be beneficial for both seniors and those with health concerns, as there’s no medical exam required. It can also be a budget-friendly option to cover end-of-life expenses—the average funeral costs around $10,000. Final expense insurance can cover other costs such as credit card debt, medical bills, and outstanding loans. By understanding the benefits of final expense insurance, you can find the right coverage for you and your family.
What is final expense insurance?
Final expense insurance—also known as burial insurance or funeral insurance—is one of the most thoughtful gifts you can give the ones you love. Planning for the future is essential to ensure peace of mind for both yourself and your loved ones. One of the primary advantages of final expense insurance is that it helps alleviate the financial burden on your family during a difficult time. Final expense insurance policies often have a simplified application process, making it easy to obtain coverage quickly. The approval process is typically straightforward, and policies can be issued within a short period, ensuring that you have immediate protection in place.
Policies can be tailored to meet individual needs, allowing you to choose the amount of coverage that best suits your specific requirements. This ensures that you have control over the expenses you want your policy to cover, such as funeral costs, medical bills, or outstanding debts. When it comes to shopping for coverage, we want to help remove as many barriers as possible to obtaining insurance and protecting your loved ones. Let us help you figure out if final expense insurance is right for you.
The Basics of Final Expense Insurance
Final expense insurance can be a great alternative or addition to traditional term or whole life insurance. Unlike traditional life insurance policies, final expense insurance doesn’t require a medical examination or extensive underwriting. This makes it an ideal option if you have pre-existing health conditions or if you have been declined for other types of coverage. It ensures that even if you don’t qualify for other forms of life insurance, you can still obtain the protection you need.
The amount of final expense insurance you need depends on how much financial security you want to provide for your family. With final expense insurance, you can find coverage up to $100,000 if you’re between the ages of 45-85, but we can help you determine how much coverage is right for you based on your budget and lifestyle.
Types of Final Expense Insurance
There are three different types of final expense insurance:
Simplified issue life insurance offers a more streamlined process than purchasing traditional term or whole life insurance. Coverage with simplified issue is not guaranteed but is based on a questionnaire about your health and lifestyle rather than an in-person medical exam.Learn more about simplified issue life insurance.
Guaranteed issue life insurance offers guaranteed approval if you’re between the ages of 45-85. It doesn’t require a medical exam, submission of medical records or any database check. All you need to do is fill out a basic application to obtain guaranteed issue whole life insurance.Learn more about guaranteed issue life insurance.
Critical illness life insurance can provide coverage despite future serious health issues such as cancer, heart attack, or stroke. There are policies designed specifically for various conditions. Critical illness insurance requires no medical exam and provides lifetime coverage, regardless of future diagnosis.
Final Expense Insurance Coverage
By investing in final expense insurance, you can ensure that your end-of-life expenses are taken care of, allowing your family to focus on celebrating your life rather than worrying about financial burdens. When you’re shopping for a policy, you have several options to consider based on the amount of coverage you’re looking for and your eligibility. Here’s an overview of the primary types of final expense insurance so you can determine which might be a good fit for you and your family.
Simplified Issue Whole Life Insurance
- Only a few medical questions, but no in-person exam
- Coverage up to $100,000 for ages 45-85
- Level premiums to age 100
Guaranteed Issue Whole Life Insurance
- Guaranteed acceptance
- No medical exam or health questions
- Coverage up to $25,000 for ages 45-85
Critical Illness Insurance
- Pays a lump-sum benefit upon diagnosis
- No medical exam
- Lifetime coverage
How do you use final expense insurance as funeral insurance?
Final expense insurance can help cover a number of expenses after you’re gone, including funeral costs. Your beneficiaries will work with your policy’s insurance company after your death to receive the payout.
What alternatives are there to final expense insurance?
If you aren’t concerned that your age or health will play a factor in your ability to obtain insurance, a traditional term life insurance policy should be your first life insurance consideration. It’s the most cost-effective way to cover burial expenses in addition to any other expenses your loved ones may have.
What is the difference between final expense insurance and life insurance?
The main differences between final expense insurance and traditional term or whole life insurance are the processes of securing it and the amount of coverage available per type of policy. Final expense insurance does not require a medical exam, but in turn, your coverage amount is more limited.
Do I need final expense insurance?
Whether used in addition to or as an alternative to traditional life insurance, final expense insurance can provide peace of mind for you and your loved ones. Final expense insurance can help cover the costs of funeral expenses, credit card debt, bills, and more once you’re gone, ensuring your family doesn’t have to stress about money during that time.
How much is final expense insurance?
The cost of final expense insurance depends on how much security you want to leave your loved ones. Funeral insurance plans provide coverage from $1,000 to $40,000 at very affordable premiums—plans start as low as $2/week.When thinking about the amount of coverage right for you, consider that the average cost of a funeral these days is $10,000 and on the rise.
Is final expense insurance for everyone?
Final expense insurance could be a good fit for seniors or if you have an illness. No medical exam is required in many cases; only a health questionnaire to help determine your coverage plan and premium. Once you’ve selected your coverage plan, your premium never increases—even if your health decreases.Burial insurance is a good idea even if you have traditional life insurance or savings. The additional coverage affords you an assurance that your beneficiaries will be able to take care of your final expenses.
Plan For Your Family’s Future with SelectQuote
Thinking about life insurance and final expenses can be time consuming and overwhelming, but at SelectQuote, we can help simplify the process. Not only have we been helping individuals and families shop for insurance for more than 35 years, but some of the insurance companies we work with are among the most trusted in the U.S. One of the easiest ways to gain peace of mind and protect your loved ones is by having the right life insurance for your needs. Let our team of experienced agents help determine if final expense is right for you today.
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