Final Expense

Your beneficiary can use the death benefit for anything, but it’s typically used to cover funeral or cremation expenses.

Final expense is a type of whole life insurance and usually has a smaller face amount than traditional insurance. It focuses on covering end-of-life expenses while most life insurance policies focus on income replacement.

It works like most other types of life insurance: there’s an application process and a review/approval process by the insurer. The death benefit is paid to the primary beneficiary once the claim is approved.

It depends on the insurance company. Most people can get coverage until they turn 85. There are some companies that insure someone over the age of 85, but be prepared to pay a very high premium.

Final expense insurance doesn’t guarantee a certain amount of money towards funeral costs – 100% of the death benefit goes to the primary beneficiary. If you do any kind of funeral planning in advance, you can document your final wishes for your primary beneficiary and show how much of the policy benefit you want to go towards final arrangements.

The process is typically the same at every age. Most insurance companies require an individual be at least 30 days of age to apply for life insurance.

This depends solely on the life insurance company. Some companies can take weeks or months to pay the policy benefit. Others, like Lincoln Heritage, pay approved claims in 24 hours.

It’s difficult to say what the average premium will be. Your insurance rate depends on your health, age, sex, and how much coverage you’re taking out. A good estimate is anywhere from $40-$60 a month for a $5,000 – $10,000 policy.

Rates for smokers are usually 30% higher than a non-tobacco rate. Tobacco rates are higher no matter what type of life insurance you take out. The older you are, the higher your tobacco rate will be.

Final expense insurance lifts a financial burden from families grieving the loss of someone they love. If you want to provide those you care about a safety net during their time of grief, this policy type is a great option.

Learn More About Final Expense Insurance


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