End of Life Insurance
What is Final Expense Insurance?

Final expense insurance is a specialized life insurance policy used to pay for burial expenses and funeral services when the named insured dies.

Such a policy helps ease the financial burden placed on a family when a loved one dies.

More About Final Expense Coverage

Typical Final Expense insurance is a basic issue whole life insurance policy that covers people until they reach 100 years old.  Sometimes these whole life policies are referred to as graded life or guaranteed issue life insurance.  Make sure you understand the limitations of the policy before you buy.

As an affordable insurance choice, final expense coverage can be used to both funeral and burial costs, final medical bills etc. of the policy holder. Most people do not want to place a financial hardship or additional burden on their grieving families.  Final Expense insurance can be affordably purchased even with a tough health condition, so don’t give up if your health is not the best.

Final Expense coverage can pay for the casket, funeral service, visitation/viewing, hearse, digging and filling the grave, the actual cemetery plot, or burial vault or grave liner, minister, headstone, flowers, and other expenses related directly to named insured’s funeral.

Sometimes Final Expense policies are thought of as funeral insurance or even burial insurance.  It really does not matter the name, these policies are designed to relieve the financial stress created by the loss of a loved one.

CONTACT US HERE to learn more about the right final expense coverage for you.

There are many options to assuring your loved one’s are financially protected in your loss.  Since these plans only become more expensive to own as you age, there is no reason to wait.  We have access to all the top carriers so getting a quality product at the lowest possible rate is all a right here.

Senior Life Insurance

This term is and always should be used loosely.  Both Final Expense Insurance and Burial Insurance are forms of life insurance.  As a senior planning for end of life, you should be thinking about permanent life insurance as the source of financial protection and/or wealth transfer.  Term life insurance is not a good option.  It is not dependable as none of us know when our time will come.  Term life insurance is for a defined period of time.  Plenty of seniors have turned 80 and had their life insurance expire and stuck with very high premiums to replace the inappropriate policy that expired.  Anybody who tells you otherwise has either a short history working with senior clients or is just a price salesman and forgetting what their job is.  Be careful what you purchase for end of life planning.

There are really only two options we recommend to seniors.

  • First is Whole Life Insurance.  This is the essence of permanent coverage and the original.  It is also the most expensive because it does develop cash value inside of it.  For a small burial insurance policy, these are usually the most ideal because you can obtain coverage as low as $3000.  The premiums will never go up and the benefits never go down.  Because of the “size” of the policy, the additional cost is fairly minimal compared to the next option
  • Second is Guaranteed Universal Life Insurance (GUL).  If you need a larger, permanent policy of say $50,000 or more to pass on to a beneficiary, you would be better off purchasing GUL because it is more affordable per thousand of coverage to carry this type of life insurance.  Typically, Guaranteed Universal Life Insurance has no cash value inside of it.  It is term like, the coverage out to 121.  Since the policy is guaranteed, there is no worry of benefits as long as you pay your premium on time.

While none of this is a hard and fast rule, you should understand the repercussions of buying the wrong life insurance.  Apples is not Apples and a mistake can cost you and your beneficiary a lot of financial and/or emotional stress.

CONTACT US HERE to learn more about the right senior life insurance coverage for you.

You may also always use the instant quoting tool in the sidebar to get you started.

Let us know how we can help.

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