How Long Will My Final Expense Policy Last?

When you sign up for a final expense policy, all you need to do to make it last the rest of your life is to keep up with your monthly premium payments—in other words, it’s coverage to last you a lifetime.

What is Final Expense?

Final expense is a type of whole life, permanent insurance. This means that, when you sign up, two things happen:

  1. You agree to make monthly payments, called premiums, in exchange for a death benefit, i.e., a sum of money.
  2. The insurance provider agrees to payout the death benefit when you add the policyholder pass away, so long as you make your monthly payments.

So, if final expense insurance lasts your entire life and ends by paying out, that means it’s “permanent.”

When You Purchase a Policy

How much you get for your death benefit depends on your insurance provider, your budget and goals with the policy, and the type of policy you purchase.

Your own age and health are the biggest determining factors for how long your policy will last. If, for instance, you sign up for a policy at age 85, your policy likely won’t last as long as a 60 year old’s. However, this is more of a technicality on your end—but, on the other hand, this consideration is used to determine how much you pay.

If you purchase a policy at age 85, it will last until you pass away. But, your insurance provider takes on an “assumed risk” by insuring you. In other words, they have to assume that your policy will last a shorter amount of time, and will give you a relative premium. Keep in mind, however, that you will be paying premiums for a shorter amount of time, so it evens out.

This also applies to your health, and can determine the type of final expense policy you purchase. If you are in fairly good health without any preexisting or terminal conditions, you can get a simplified issue final expense policy.

If you have a serious health concern, you can instead get a guaranteed issue final expense policy. Due to assumed risk, it will cost a bit more than simplified issue, but the coverage is vital nonetheless, and costs are still reasonable. So, your policy lasts with you.

We Are On Your Side—Call Expense Mutual

Expense Mutual provides all of the final expense insurance help and information you need to get your coverage. Get a quote or call 888-280-2825.

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.