Final Expense Insurance
Final Expense Insurance, also known as Senior Life Insurance or Burial Life Insurance, helps protect your family against the growing costs associated with funeral expenses, burials, and final interment.
The National Funeral Directors Association (NFDA) reports, the median cost of a funeral with viewing and burial in 2019 was $9,433, and the median cost of a funeral with viewing and cremation in 2019 was $5,251, up 7.4% and 8.3% over the prior five years.
Final Expense Insurance Features
Guaranteed Protection
Senior Life Insurance
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Additional costs, like credit card debt and medical expenses, can also be subsidized through Final Expense Insurance, giving you and your loved ones added peace of mind in the event of your passing.
Final Expense Life Insurance provides additional layers of financial protection to families of seniors, retired individuals, or individuals with underlying or chronic health conditions. Persons between the ages of 50 and 80 are guaranteed coverage with no medical exams or health questions, with rates that cannot be increased during the duration of coverage, provided premiums are consistently paid.
The best way to ensure the policy amount paid is spent where intended is to name a beneficiary (and, in some cases, a secondary and tertiary beneficiary) or to place your wishes in a surviving will and testament. It is often a good practice to notify primary beneficiaries of their expected duties once a Final Expense Insurance policy is obtained.
Guaranteed Issue Whole Life Insurance for Final Expenses
Guaranteed Issue Whole Life is a form of Final Expense Life Insurance where coverage is guaranteed, you cannot be turned down. The rates and premiums are guaranteed not to increase. No medical examination and no health questions are required, and consumers are guaranteed coverage through automatic qualification.