Final Expense – burial expenses paid and up to $50,000 in additional funds to relatives/Life Insurance

Final Expense Insurance (also commonly referred to as burial insurance) is a type of life insurance that provides basic coverage for funeral costs, final medical bills, debts, and any other final financial needs. Because these policies are considered life insurance they work just like a traditional life insurance policy - once the insured dies the policy will pay the amount of the insurance policy to a predetermined beneficiary. The beneficiary can use the proceeds from the policy to cover any expenses or needs of their choosing.

Typically, final expense insurance policies have relatively low face amounts between $1,000 and $50,000 and are available to persons 50 to 85 years of age (actual ages may vary from carrier to carrier). The policies are great for seniors and for people with preexisting health conditions because most final expense insurance is guaranteed issue. This means that usually there are no medical questions and no medical exam required to qualify for coverage.

Premiums for final expense insurance are often times less expensive than a traditional life insurance policy and can offer the protection your family needs.

Term life insurance provides protection for a “specific time period”. Premiums are generally lower compared with whole life, which allows an individual more coverage at a younger age when protection is needed the most.

The amount of coverage, as a rule of thumb, is to buy life insurance in the amount of 8 to 10 times your annual gross income plus the amount of mortgage debt owed. The death benefit is income tax free, as long as the policy is active at the time of death. The premiums for term life insurance policies may vary by 50% for the same coverage and one should compare the quotes of the different companies.