How Does Final Expense Insurance Work?

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Final expense insurance stands out from other life insurance policies for its accessibility and usefulness. In essence, you purchase a policy because you want to provide your loved ones with financial peace of mind. In many cases, you’d have to undergo a lengthy enrollment process in which you may or may not be accepted. But final expense works differently, and it works well.

What Is Final Expense Insurance?

Final expense insurance is a form of whole life insurance, meaning when you sign up for it, the policy is active for life as long as you maintain your premium payments.

It pays a relatively small death benefit compared to other types of life insurance, as it disburses between $2,000 and $50,000 to your beneficiaries.

How Do I Get It?

Unlike other forms of life insurance, final expense insurance doesn’t require an exam. At most, you’ll answer a medical questionnaire – no office visit required. The questionnaire isn’t even mandatory. In fact, you can get a final expense policy with no questions asked.

Age is not a barrier to enrollment, as many companies allow enrollment for individuals up to 80 years old.

How Much Does It Cost?

Costs vary based on the insurance company you get the policy from. However, like other types of life insurance, age and gender influence the amount you’ll pay in premiums.

Younger women pay the lowest premiums. The younger you are, the longer you’ll be able to make premium payments. Women also tend to live longer than men, hence why women pay lower rates by default. 

How Does It Work?

Upon passing away, your insurance will pay a death benefit to your beneficiaries. They can use this for any purpose, though many get this policy for the sake of covering funeral costs.

This death benefit is tax-free. Not only will your loved ones get relief from the financial burdens they’re currently facing, but they will also not have to worry about income taxes. What you sign up for goes directly to them – not the IRS.

The death benefit can help with covering your loved ones’ largest debts, including credit card payments, rent or mortgage, student loans, or other monthly expenses.

In the end, you are able to pass along a small fortune without having to take on additional work. By getting final expense insurance, you’re providing significant financial relief for the future.

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. That’s why we’re here to help you get a final expense policy that can help you ensure the peace of mind of your loved ones. Call us today at 888-280-2825.