What Is Final Expense Insurance Insurance
Final Expense Insurance also known, as “funeral“ or “burial” insurance is a low face value life insurance policy such as $5,000 to $50,000 purchased from a private insurance company.
Final Expense can be either “Term” (purchased for a specific time frame or certain age) or “Whole” (for the life of the Insured). Guarantee issue policies are available for applicants who wish to apply without medical questions but these policies often carry a higher premium. Policies can also be purchased as “Level” (policy pays the full face value upon death) or “Graded” (policy pays a certain percentage depending on the length of time owned)
Typically a person is named as Beneficiary, and would make claim to the monies upon death to carry out wishes of the named insured. It’s important to discuss your wishes with your Family and Loved ones as well as Funeral Directors who can give you an idea of the current costs of a funeral and other related services.
Contact us today to learn more about coverage options. We are happy to work with you to determine if a Final Expense Policy will fit your needs.
Medicare has neither reviewed nor endorsed this information