The amount of life insurance you need will depend on factors such as your income, debts, and family’s financial needs. Our agents can help you determine the appropriate amount of coverage.

Term life insurance provides coverage for a specified term, while whole life insurance provides coverage for your entire life and includes a savings component.

• Final expense insurance is a whole life policy that pays medical bills and funeral expenses when you die. It’s also known as burial or funeral insurance. It’s a popular choice among seniors.

   

  Most final expense plans have these features:

   

  ⦿ Whole life insurance – no expiration if premiums are paid

  ⦿ Cash value – insured may be able to take out a policy loan

  ⦿ Fixed premiums as long as they’re paid

  ⦿ Simplified Issue – usually no medical exam (also called a life insurance exam) is required, just

  ⦿ health questions on the application

  ⦿ Easy  Application process

  ⦿ Fast Approvals – coverage can often be issued in days

  ⦿ Affordable rates.

Qualifying for a final expense policy is often easier than qualifying for other types of life insurance (such as term insurance). But there are still important questions to ask, such as:

Does the policy expire?

Final expense policies don’t expire like term policies because they are a type of whole life insurance (learn how whole life insurance works). Your coverage won’t expire as long as you pay your premiums.

Do I have to take a medical exam?

In most cases, a medical exam isn’t required to qualify because the face amount is typically under $50,000. Coverage is usually issued based on the applicant’s answers to health questions on the application. A Telephone verification may also be needed on a case by case basis.

 What features are included in the policy?

Depending on the life insurance company, your final expense policy may have added features such as child riders, accidental death and dismemberment, or support benefits for surviving loved ones such as funeral price shopping. Not all policies are the same, so make sure you review the policy’s benefits carefully.

How can the death benefit be used?

The hardest thing we must ever face is the death of a loved one. On top of this, surviving loved ones are often left to handle any end-of-life medical expenses and funeral costs. These expenses can add to the sense of grief and stress surviving friends and family members feel. Final expense life insurance was created to prevent this added pressure.

Even though final expense insurance focuses on covering funeral costs, the death benefit can be used for anything: medical bills, replacing a lost Social Security  Benefit, mortgage payments, etc. How the death benefit is spent is ultimately up to the beneficiary of the life insurance policy.