Final Expense Life Insurance
Protection for when your family needs it most.
With the average funeral costing $10,000 or more, a final expense insurance policy is a type of life insurance that can help minimize financial stress for your family during a difficult time. Let your family focus on what’s important with final expense coverage.
Understanding Final Expense Insurance
The average funeral today costs $10,000 or more. These and other end-of-life costs are often overwhelming to families after losing a loved one. A final expense insurance policy can help minimize that stress. Instead of having to drain their savings, your family can have the comfort of knowing there’s a plan in place after your death.
Also sometimes called burial insurance or funeral insurance, final expense insurance can help cover costs like medical bills or even credit card debt, or add to any other life insurance coverage you may already have.
With quick approval times and no required medical exam, final expense life insurance is a simple way to add important protection for your family. In many cases, coverage is available even if you have a pre-existing health condition. If you’re between the ages of 50 and 85, final expense insurance can offer tax-free protection and peace of mind to the people you love most.
Benefits of Final Expense Insurance
End of life insurance can be an ideal fit if you’re over 50, have health problems, or live on a fixed income, which can make it hard to qualify for a standard life insurance policy. With final expense insurance, you’ll benefit from:
No medical exam
No medical exam
Quick and easy approval
Quick and easy approval
Who needs final expense insurance?
When you’re younger, term or permanent insurance can help provide a financial cushion for your family to cover big expenses. Most people use term or permanent insurance as a way to replace income, pay the mortgage, cover day-to-day expenses, pay off credit cards, or save for college. It takes a lot of money to pay those expenses for years if something happens to you, so these policies are often in the hundreds or thousands – or sometimes even in the millions – of dollars.
As you get older, you don’t have a lot of those same financial responsibilities. The house is paid off, the kids are grown, you retire, and you are no longer dependent on income. But many people still want a way to cover their final sendoff. Funeral costs can add up, so final expense is a way to provide your family with the means to pay them during an already tough time.
If you are between 50 and 85, an end of life insurance policy may be right for you if:
- You’re looking for enough coverage to pay for funeral or end of life costs. Keep in mind that these policies top out at $40,000. If you need more coverage, you might want to consider term or permanent life insurance if you are young and healthy enough.
- You’ve been turned down for other types of policies because of your age or health. You can apply for final expense life insurance, with no medical exam required, even up to the age of 85.
- You’re looking to supplement your existing life insurance. If you want to supplement your life insurance specifically to cover funeral expenses, then final expense insurance could be the right option for you.
On the other hand, final expense insurance may not be right for you if:
- You still have big expenses. People who still have kids or other family members who depend on their income are better off getting traditional life insurance if they can. Some term life insurance companies will approve you into your 70s and beyond.
- You have enough savings and assets to pay end of life costs. It’s definitely true that not everyone needs it. Make sure to consider those extra costs that can creep up at the end of life. You might have savings for your funeral, but those unexpected medical bills can also cost your family, so make sure you’re prepared.
Still wondering whether final expense insurance is a good fit? Give one of our agents a call. They’ll walk you through all your options and costs, so you can find the right solution for you and your family.
How does final expense insurance work?
Final expense is a type of permanent insurance, which means it will last for the rest of your life once you buy it. The application process is quicker than many other types of insurance, since it doesn’t require a medical exam. Wondering how to get final expense life insurance? Here’s how the process works:
- When you apply. Start by thinking about your funeral plans and any other bills you might incur, like medical bills or leftover debt, and add them up. Then decide on a coverage amount that’s right for you, between $5,000 and $40,000. You should also decide which type of final expense insurance is best, based on your health and age. Simplified issue has a few health questions, and guaranteed issue offers guaranteed coverage regardless of health. eFinancial can help you weigh your options and decide what’s best for you. Once you apply, the process is fast. You simply answer some basic information and health questions if the policy requires it, and coverage starts within days in most cases.
- Once you’re covered. Once you’re approved for final expense life insurance, you’ll make regular payments on your policy. The payments don’t go up over time, which can help with budgeting if you’re on a fixed income. Also, as long as you keep up with premium payments, your coverage will last your whole life. You can’t lose end of life insurance coverage, regardless of what happens with your health. Just make sure to let your spouse or other family members know about the policy, so they can access it when the time comes.
- After your death. Your family or other beneficiary will receive a lump sum cash payout equal to your coverage amount. They can use this money for whatever they need: to pay funeral costs, cover bills and leftover debts, or save. Having a final expense plan in place can provide a financial safety net for your loved ones during a difficult time
Final Expense Insurance through eFinancial
With eFinancial, you’ll have access to final expense insurance plans from top companies. Our agents can guide you through the process of choosing which life insurance company and coverage is best for you. We look forward to helping you and your family.