What is Final Expense Insurance?

Death. The one thing in life we can count on. And, these days, death can be expensive. For example, according to the National Funeral Directors Association, the median cost of an adult funeral in the United States has increased 28.6 percent over the past decade. Having a Final Expense Insurance Policy in place can help your loved ones with the inevitable financial burden of these expenditures.

A final expense insurance policy (also known as Guaranteed Issue Life Insurance,  Burial Insurance, or a Burial Policy) is a simple and affordable life insurance that is used to pay for burial expenses, cremation expenses, and funeral services when the named insured dies. Such an insurance policy helps to ease the financial burden placed on a family during a time of sorrow-when a loved one dies. While life insurance policies that are included in this category are called final expense or burial insurance, we can provide these no medical exam polices as traditional life insurance policies. In other words, the named beneficiary could use the proceeds for any purpose.

Also, it is important to note that a final expense policy is not the same as a prepaid funeral policy. With a final expense policy, the policyholder can choose the beneficiary(s) as opposed to a prepaid funeral policy, which is a way to pay a funeral director in advance. Because final expense policies are whole life policies, they will not include a specific time period of coverage. As long as the premiums are paid, the policy will remain in effect.

Features of a Final Expense Policy Include:

  • There is no medical examination required so you will not be turned down due to your health
  • Coverage offered is between $2,500 – $100,000
  • Typically issued either immediately, or within 48 hours at the most
  • Premiums will never increase so very simple to budget
  • Beneficiaries can use proceeds for any purpose

What is Needed to Apply for a Final Expense Policy?

  • A phone interview with one of our professional final expense agents where pertinent information will be obtained so that a correct quote can be done. Commonly asked questions by the insurer are What is your: Age, Gender, Height, Weight, Alcohol usage, Tobacco usage, Lifestyle or dangerous hobbies, Occupation, Income…?
  • A voice, or digital signature, along with policy payment information

Are There Prequalifying Questions for a Final Expense Policy?

Yes. There are prequalifying questions for a final expense policy. So, if the proposed insured is in any of the situations listed below, it is most probable that we would not be able to secure a final expense policy for the proposed insured at the time.

Coverage will likely be declined if the proposed insured:

  • Is currently admitted into a Hospital as an inpatient
  • Is currently residing in a Nursing Home
  • Is currently under the care of a Hospice organization
  • Has been advised by a medical professional to have < than one year to live
  • Is over 89 years of age
  • Has tested HIV Positive or has been diagnosed with AIDS
  • Has been diagnosed with Alzheimer’s disease or Dementia

Available Coverage Amounts

  • Coverage extends from $2,500 to $75,000

How we can help you:

  • Prices – We are an independent insurance agency and we deal with the top final expense insurance companies
  • Experience – We have dedicated professional insurance agents who have specialized in issuing final expense polices for years
  • Knowledge – We can answer any questions you may have regarding final expense insurance policies and we will deal with the insurance companies on your behalf
  • Speed – Policies are issued immediately, or within 48 hours (depending on the insurance provider).

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