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What is Burial Insurance and Final Expense Insurance?

What is Final Expense Life Insurance? Do I need a Plan? What does it cost?

These are very common questions in regards to burial insurance, also known as final expense plans. These plans are small life insurance policies that are designed specifically to handle the last expenses a person’s family must handle for them.

How it Works

Burial insurance policies are permanent life insurance. This means that these policies do not have a specific time period – or term – of coverage, and, provided that premiums are paid, the policy will not expire. In addition, these policies will also include a cash value component where tax-deferred savings can be built up over time. These funds may be withdrawn or borrowed against if the policy holder opts to do so. However, it is important to note that an unpaid loan or withdrawal will go against the policy’s death benefit.

Applying for a Policy

When applying for final expense insurance, a medical exam is not typically required. This means that the applicant will not need to submit a blood and urine sample. This can be a relief for those who have a fear of needles, as well as for those who may have certain health related conditions.

Applicants will, however, be asked certain questions on the application for life insurance coverage. For example, the insurance company will want to know information regarding:

Age
Gender
Height
Weight
Smoking habits / tobacco usage
Alcohol usage
Occupation and income
Lifestyle / dangerous hobbies

Because there is no medical exam requirement, applicants can usually be approved quite quickly. Insureds will also usually have a choice in how they make their premium payment on these insurance policies.

One premium payment option is the traditional monthly mode. Another option that funeral insurance buyers have for paying their premium is to simply pay one single lump sum. This way, the policy will immediately be paid up, with no further premium payments due.

How to Find the Best Affordable Final Expense Life Insurance Coverage Policy

When shopping for final expense insurance, it is important to first compare policies and quotes from more than just one insurer. This is because the premium that is charged for this type of coverage can vary a great deal from one insurance company to another.

Not all final expense insurance policies are the same. There are several things that you should look for when comparing burial insurance plans. Just some of the questions that you need to ask include:

What is the initial policy premium – and will that premium change over time?
Will there be a waiting period before the full amount of life insurance is in-force?
How hard is it to qualify for this particular policy?
What is the maximum amount of coverage that can be purchased with this policy?

We can help you in finding just the right burial insurance coverage for your specific coverage needs. We work with many of the top rated burial insurance companies in the marketplace today, and we can assist you in comparing policy features and premiums. By simply using the form on this page, you can obtain the information that you need to make an informed decision within seconds – right from your home computer.

The Cost

The younger the age the lower the costs. If you start the process in your early 50′s the cost can be quite low while life insurance for seniors can be pretty steep. Since there is no medical exam required, those who have certain adverse health conditions can typically qualify for coverage. This means that families and loved ones can obtain the financial protection that they need pretty affordably, even if they have been turned down for other types of life insurance coverage.

Also, once an individual has obtained a burial insurance policy, their premium will usually be locked in for the life of the policy. Therefore, their costs will not go up – which can be a real advantage for those who are on a budget and / or are living on a fixed income.