What is Final Expense Insurance?

You have probably been searching around on the internet, seen adds on TV, radio or even have gotten mailers that mention low cost, guaranteed acceptance final expense insurance. But what exactly is final expense insurance?

Final expense insurance, or sometimes referred to as burial insurance or funeral insurance is most often small (typically less than $50,000) whole life insurance plans or policies that are meant to cover the expenses of funeral, burial or cremation. These are no-exam life insurance policies that provide a quick cash payout to your beneficiary(s), so they have the necessary monies to pay for your funeral costs.

These final expense policies are affordable with no medical exam required and are designed to pay all final expenses. Serious health issues (heart attack, stroke, cancer, etc.) will not prevent your ability to gain coverage. So they have the added benefit of peace of mind, knowing that you can protect your family and loved ones regardless of your health.

There are some other excellent benefits of a whole life final expense insurance policy:

• Once qualified, your rates are locked in and can not increase for the life of the policy.
• Your coverage (benefit amount to be paid to your beneficiary) is guaranteed and will never decrease.
• Your policy can never be cancelled or expire due to your health or age.
• You policy will build cash value that can be used in times of need.

Although these policies can be labeled as final expense, burial insurance, and or funeral insurance they all refer to the same thing and, regardless of the label, there are no restrictions on how or what the monies can be used for. Weather it is funeral related costs or other expenses such as debts or medical bills, the money can be spent on anything. Any monies left over will remain with your beneficiary(s) an not the funeral home unless named as the beneficiary.

Upon your passing, the insurance company will quickly pay your beneficiary(s) the death benefit in the form of a tax-free check. Your beneficiary does not have to be a family member or loved one either. If you prefer, you can name a funeral home or an estate as the beneficiary rather than a person.

All things added up…Final Expense Insurance offers many great benefits that most families appreciate including easy application, guaranteed rate lock, guaranteed benefit, low cost and extremely flexible. What is not to like!