What is final expense insurance?
If you were to pass away unexpectedly, financial burdens are the last thing you’d want your loved ones to deal with during an already painful time. That’s where final expense insurance comes in. Final expense insurance, also known as burial insurance, is a life insurance policy that has a smaller death benefit than term life insurance or permanent life insurance policies but still offers enough to cover end-of-life expenses and potentially other debts you may be worried about leaving behind. Final expense insurance is often easy to get approved for, making it a good fit if you don’t qualify for other types of coverage. Let’s walk through the details of this policy type and why it’s important.
Why is final expense insurance important?
Final expense insurance helps alleviate any financial worries of your family members in the event of your passing, as they don’t have to worry about end-of-life expenses while also grieving. Like many whole life insurance policies, final expense insurance builds a cash value over time, so you may borrow from it or use it as collateral during your lifetime. While the primary benefit of final expense insurance is to be used for end-of-life expenses, such as funeral costs, it can be used for whatever your beneficiary needs it for, like mortgage payments, hospital bills, credit card debt, and more.
Types of Final Expense Insurance and Benefits
There are different types of final expense insurance to help cover end-of-life expenses, and while most are favorable to individuals who are older or ill, there are a plethora of benefits to inquiring about final expense insurance.
Simplified Issue: Simplified issue life insurance can be a good option for seniors and people with health conditions that may affect their eligibility for traditional life insurance because it’s designed to provide coverage without a medical exam or a long underwriting process.
Guaranteed Issue: Guaranteed issue life insurance ensures that if you’re between the ages of 45-85, you can’t be denied coverage. This type of policy makes sense for seniors, those with pre-existing medical conditions, and those who have previously been denied coverage.
Critical Illness: Critical illness insurance provides coverage despite future serious health issues such as cancer, heart attack, or stroke. It doesn’t require a medical exam and provides lifetime coverage, regardless of future diagnoses.
No matter what final expense insurance policy you choose, there are a variety of benefits to explore from this type of coverage. These include:
Your premium never increases and your coverage amount never decreases
No medical exam required
Guaranteed coverage if you’re between the ages of 45-85
With SelectQuote, you may be able to find coverage for around $1/day
How do I get final expense insurance?
If you’re interested in final expense insurance, it can be difficult to know where to get started. Shopping around and considering your options for coverage can be extremely beneficial in selecting the right policy for your needs, and we can do all the heavy lifting for you. Our licensed insurance agents will take the time to learn about your situation and get to know what’s most important to you. They’ll then help you compare final expense insurance quotes from some of the most trusted insurance carriers in the nation to find the right policy for your needs and budget. Once you find a final expense insurance policy that’s right for you, we’ll help you take the next steps toward applying for and securing coverage. Remember that if you’re between 45-85, you can’t be denied coverage, and there’s no medical exam required.
Let SelectQuote Help you Secure Final Expense Insurance
If you’re ready to protect your loved ones financially by covering your end-of-life expenses with final expense insurance, let us help. We have nearly 40 years of experience helping families find the right coverage for their needs and budget. We’ll help you understand all the final expense insurance options available to you, guiding you through your options so you can feel confident in your decisions about coverage.
