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What is Final Expense Insurance?
A final expense life insurance policy is used to pay for burial expenses and funeral services when a loved one dies. This helps ease the financial burden placed on a family when a loved one dies.
Why Buy Final Expense Insurance?
Final expense insurance is designed to help older adults pay for end-of-life costs ranging from medical bills to funerals to credit card debt. It's also much easier to qualify for than most policies, with no medical exam and coverage that starts right away.
What can be considered final expenses?
Final expenses can include medical care, end-of-life care, and funeral services. A death benefit from a life insurance policy can be used as the beneficiary decides. Credit card bills and other debts can be paid with the death benefit from a life insurance policy.
When Do People Buy Final Expense Insurance?
Final expense insurance is typically purchased once a term life policy expires. Term life policies typically last from 10 to 30 years, so it’s common for people in their 50s or 60s to have a policy expire. If you no longer need a big policy, final expense plans can be a way to cover a funeral or other end-of-life costs.
It also may be purchased in the event that you no longer have group coverage. If you previously had a policy through work, you may need financial protection after you retire. A final expense can provide right-sized coverage later in life.
Depending on your age, it may be harder to find a term or permanent coverage plan that works for you. It’s still possible to purchase term or permanent policies into your 70s, but it can be tougher and more expensive to qualify as you get older. Final expense helps you get that necessary protection when there are fewer options.
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