Final Expense: What You Need To Know

Final expense insurance promises quality coverage for important end-of-life costs. Here are three questions to get you started on what you need to know for your own policy.

What is Final Expense?

Final expense is a type of life insurance policy. When you enroll, you agree to make monthly payments, called premiums, and your insurance provider agrees to give a payout, called the death benefit.

The death benefit is the reason why people buy final expense policies. You can get anything from $2,000 to $50,000 in coverage depending on many factors, including the amount you want. People also enroll in final expense policies because they offer this quality coverage without having hoops to jump through to enroll, which we will cover in the following sections.

In short, final expense is a great way to get life insurance coverage, but it’s not whole life or term life — it is the perfect policy for individuals who don’t qualify for other policies but want the basic coverage they provide.

What Does Final Expense Cover?

The final expense death benefit covers anything you would like it to. In other words, once your beneficiaries receive the money, they aren’t under obligation to use it according to any rules set by your insurance provider.

Typically, people use their final expense policy to pay for funeral expenses, which can be as high as $11,000. You can also use it for things like leftover credit card payments, bills, etc., to help your loved ones adjust to your passing.

How Do You Apply?

There are two ways to apply to a final expense policy — simplified issue and guaranteed issue. Both are significantly easier to apply for than other life insurance policies.

Simplified issue only requires a few simple medical questionnaire questions to qualify. You can qualify for a good death benefit and a low premium if you don’t have any major pre-existing conditions like cancer or heart disease.

Guaranteed issue does not take your health into consideration whatsoever. You can apply even with serious pre-existing conditions and still receive quality coverage. You can also apply up to 85 years old. So, final expense insurance is available regardless of your health or age.

Your Next Step is Waiting with Expense Mutual

Looking for what to do next? We can help you there. Expense Mutual will find a final expense plan that fits your needs the most. To learn more, call us at (470) 761-4652.

Give Your Loved Ones Peace Of Mind​

At Expense Mutual we want you to be able to take care of the ones who mean the most to you. Call us today at 888-280-2825.