End of Life Insurance Information

Final Expense also known as End of Life Insurance, or Burial Insurance, is a whole life insurance policy designed to help cover end-of-life expenses. Since this type of policy doesn’t require a medical exam, it’s usually easier to qualify for than other life insurance policies. The death benefit is smaller, but premiums tend to be low.

Final Expense Insurance can help loved ones pay for many end-of-life expenses, such as:

– Funeral costs

– Memorial or headstone expenses

– Medical bills

– Estate taxes

– Legal fees

– Travel to the funeral

The amount of expenses your loved ones could help cover depends on the amount of coverage you get.

The median cost of a funeral is approximately $7,848, not including other end-of-life costs such as medical bills or travel to attend the funeral. Final expense insurance policies typically have death benefits ranging from $5,000 to $25,000, with monthly premiums that are generally affordable for seniors on fixed incomes.

The cost of Final Expense Insurance depends on several factors:

– Age

– Gender

– Health status

– Coverage amount

– Insurance provider

There are typically three types of End of Life Insurance policies:

– Available to those in good health

– Coverage begins immediately

– Lower premiums

– Available to those with some health issues

– Partial coverage for the first 2-3 years

– Full coverage after the graded period

– Available to anyone regardless of health

– No medical questions or exams

– Waiting period of 2-3 years before full coverage

– Higher premiums

Several insurance companies offer Final Expense Insurance, including:

– Gerber Life

– Mutual of Omaha

– Transamerica

– Guarantee Trust Life

– Allstate

– No medical exam required

– Easy to qualify for

– Fixed premiums that never increase

– Coverage never expires

– Provides peace of mind for loved ones

– Lower coverage amounts than traditional life insurance

– Higher cost per dollar of coverage

– May have waiting periods for full benefits

– May not be necessary if you have other life insurance

Final Expense Insurance may be a good option if:

– You’re between the ages of 50 and 85

– You want to ensure your funeral expenses are covered

– You don’t want to burden your loved ones with end-of-life expenses

– You have health issues that make it difficult to qualify for traditional life insurance

– You want a simple policy with guaranteed coverage