Final Expense Insurance: Covering Costs So Family Doesn't Have To
Many retirees no longer need large life insurance policies, but they still want to cover funeral costs and small debts. Final expense insurance is designed for exactly that.
What final expense covers
These are small permanent life policies, often in the range of a few thousand to tens of thousands of dollars. Beneficiaries can use the money for funeral costs, medical bills, or anything else.
Because the policy is permanent, it does not expire as long as premiums are paid.
Simplified vs. guaranteed issue
Simplified issue policies ask a few health questions with no exam and offer immediate coverage for many applicants.
Guaranteed issue policies accept everyone in an age range but usually have a two-year waiting period before the full benefit is paid for natural causes.
Planning tips
Lock in coverage earlier for lower premiums. Tell your family where the policy is kept so they can file a claim quickly.
Compare the cost with a prepaid funeral plan, since life insurance gives beneficiaries more flexibility.
Frequently Asked Questions
- Is a medical exam required?
- No. Final expense policies typically require only health questions or none at all.
- What is the waiting period?
- Guaranteed issue policies commonly have a two-year graded benefit period.
- Can premiums increase?
- Most final expense whole life policies have level premiums.
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