Final expense insurance is a type of whole life insurance designed to cover end-of-life expenses such as funeral costs, medical bills, and other outstanding debts. It typically offers smaller benefit amounts compared to traditional life insurance, with simpler qualification processes and no medical exam requirements.

The cost of final expense insurance varies based on factors like age, gender, health, and coverage amount. On average, premiums can range from $30 to $100 per month for a policy with a death benefit of $10,000 to $20,000. Younger, healthier applicants generally pay lower premiums.

Final expense insurance is typically suitable for:

• Seniors aged 50-85 who want to ensure their end-of-life expenses are covered

• Individuals who don't qualify for traditional life insurance due to age or health issues

• People who want to prevent their families from bearing the burden of funeral costs

• Veterans who realize that the VA doesn't pay for full funeral expenses

• Those with limited savings who still want to leave something for their beneficiaries

Many final expense policies have a graded death benefit, which means there's a waiting period (usually 2-3 years) before the full death benefit is payable. If the insured passes away during this period, beneficiaries typically receive a refund of premiums paid plus interest. However, most of our policies offer immediate full coverage, especially for healthier applicants.

Yes, many of our final expense insurance policies offer guaranteed acceptance options, meaning you can get coverage regardless of your health condition. However, these policies often have higher premiums and a waiting period before full benefits are paid out. We offer simplified issue policies with a few health questions that may provide better rates for those in reasonable health.

While both cover end-of-life expenses, final expense insurance pays a cash benefit to your beneficiary, who can use it as needed. Pre-need insurance, on the other hand, is typically arranged with a specific funeral home and pays directly for pre-arranged funeral services.

The amount of coverage you need depends on your specific situation and desired arrangements. As of 2024, the average funeral costs range from $7,000 to $12,000. A policy of $10,000 to $20,000 is common, but consider additional expenses like medical bills or outstanding debts when choosing your coverage amount. This amount can also consider a cash lump-sum you would like to leave behind to your chosen beneficiary.

Yes, final expense insurance can cover cremation costs. The beneficiary can use the death benefit for either burial or cremation, depending on the deceased's wishes. We also have a Legacy program where we negotiate the prices on your behalf to lock in 2024 prices (and not the future prices that are projected to be higher) to ensure more is left to your beneficiary to use.

Yes, it's possible to have multiple final expense policies, either with the same company or different insurers. However, be cautious of over-insuring, as insurers may limit the total coverage amount based on your age and income.

The value of final expense insurance depends on your individual circumstances. It can be worth it if you:

• Don't have sufficient savings to cover end-of-life expenses

• Want to ensure your family isn't burdened with funeral costs

• Don't qualify for traditional life insurance

• Desire peace of mind about your final arrangements However, if you have significant savings or other life insurance coverage, it may not be necessary.