What is final expense insurance?
Final expense insurance, a type of whole-life insurance policy, is meant to pay for your funeral and burial costs as well as any other expenses that may arise at the end of your life such as legal and medical bills.
These policies, also known as burial insurance are usually available to those 50 years and older. They can be capped at low coverage amounts and are open to anyone over 50. These policies usually start at $1,000, and go up to $25,000 at the maximum. However, some insurers offer policies that are worth more. These policies are meant to be a way for your beneficiaries of life insurance to pay your end-of–life expenses. However, they have the option to spend the money however they like.
There’s two types of policies you can choose from and the application process for each is slightly different.
Final expense policies are designed for seniors. Insurers don’t know all the applicants so premiums can be high.