Life Insurance - What Is Final Expense Insurance?

"Final Expense" life insurance policies are generally similar to most other life insurance policies with a few exceptions: 

  1. "Final Expense" life insurance policies are basically designed for final costs such as funeral/burial costs which could include cremation or funeral costs. Some examples could be: payment for a casket, funeral service, funeral procession, cemetery plot, headstone, and/or other miscellaneous related costs. Keep in mind that your beneficiaries are not obligated to use the death benefit payout for these specific costs. Like other life insurance policies, they are free to use the payout in any way they feel fit.
  2. These type policies come in a wide range of coverage amounts. They can range from as low as $5,000, but are usually limited to as high as $50,000.

  3. There are many different types of policies that many refer to as “Final Expense." Some examples of Final Expense insurance are listed below.

  • Final Expense Life policies that you need to get underwritten to get approved.
  • Simplified Issue. (Normally no medical exam is needed. However they do ask you medical questions and if your answers satisfies the underwriters, then no medical exam is needed.)
  • Guaranteed Issue. (No Medical Exam or Medical questions are ever needed to be approved.) There are at least a couple of reasons a person may choose this type policy. One reason could be strictly for convenience and speed of putting policy in place. However the main reason a person would choose this type policy is that they can not get approved through traditional life insurance due to medical issues, etc. Keep in mind that due to the fact you don’t have to be approved through underwriting, the premiums for this type policy are generally the highest. Also understand that full death benefits don’t kick in until after the second or third year the policy is in place, depending on the insurance company.
  • Some types of final expense are permanent life insurance (lifetime) and build cash value. However other final expense policies can be “Term" policies that can expire at certain age (such as age 80 for example), don’t build cash value, and also the premiums can increase for example every 5 years.

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Note: Life Insurance information can be confusing to many people. As an "independent licensed agent" I can explain things to you in simple terms so you feel comfortable making a decision. Then I can help you choose a life insurance policy, from many choices of different insurance companies, that you feel fits your needs. Plus if you choose to work with me you will have personalized service by a local agent that can shop premium quotes for you. If you would like my assistance to discuss and/or start the process of getting you insured please call me at 941-404-5334. 

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