Final Expense Life Insurance
Final Expense Life Insurance
quotes for final expense life insurance
Get started by comparing rates now. Comparing final expense quotes is one of the most important steps of a smart shopper! Use our final expense life insurance quote engine and get instant quotes now. You can also keep reading to learn more about Final Expense and come back here when you’ve found all the information you’re looking for.
Final Expense Quoting Tips
- Most Final Expense policies offer a maximum up to $25,000.
- Some companies offer a maximum of $100,000.
- Get quotes from several coverage amounts to compare rates.
- Most common coverage amounts are $10,000, $20,000 & $25,000.
- There are 3 Health Classes available with our quoter. Make sure to use them all if you’re unsure about your health status.
On This Page (Clickable Table Of Contents)
What is Final Expense Life Insurance?
We should start with a final expense life insurance definition. Only then will we have an idea it’s the type of policy you’re looking for or if another type is better. Final Expense life insurance is a kind permanent life insurance policy that used to pay for your funeral and burial expenses. In other words, it’s life insurance for final expenses. Final expenses may also include medical costs or any other expenses that you need covered.
final expense life insurance for seniors
Senior are often looking at final expense life insurance because it provides them a smaller life insurance policy at an affordable price. It’s designed to cover any funeral costs and final expenses. Final expense isn’t a fit for younger shoppers who are looking for a policy to cover long term goals such as income replacement and mortgage protection.
Seniors want a simple life insurance policy to cover their funeral so the burden of burial costs aren’t passed to a grieving family member. As you may know, some funerals can cost around $10,000. Anyone who has lost a loved one knows that paying for a funeral is the last thing you want to think about when you’re grieving. Your children or spouse will be going through a very stressful time when you pass. A final expense policy is a great way to protect your family and help with the cost of your funeral. Final expense assists seniors looking to help relieve their family of the financial burdens of funeral costs.
What Are The Costs Of Final Expense Insurance?
The average costs of final expense life insurance policies is about $55 per month for the most common benefit amount of $10,000. Final expense premiums can be lower or higher depending qualification criteria such as your health, age, and gender. The amount of coverage you buy will also factor in the cost of your policy. Final expense face amounts typically range from $5,000 to $25,000.
For the average person, their out-of-pocket end of life costs averages to $11,618 in the last year of life. Make sure to calculate what you final expenses are to see how much coverage you’ll need. Factor in the cost of the funeral, medical bills, and any miscellaneous debts.
Sample Quotes For Final Expense Life Insurance
Sample Final Expense Quotes with Level Benefit
Level Death Benefit for Ages 40-80
The following monthly rates are for Final Expense life insurance for men and women with a Level Death Benefit (immediate coverage). All rates are rounded up to the nearest dollar and are subject to qualification.
Sample Final Expense Monthly Rates for Men
Sample Final Expense Monthly Rates for Women
Sample Final Expense Quotes with Graded Benefit
Graded Death Benefit for Ages 40-80
The following monthly rates are for Final Expense life insurance for men and women with a Graded Death Benefit (waiting period). All rates are rounded up to the nearest dollar and are subject to qualification.
Sample Final Expense Monthly Rates for Men
Sample Final Expense Monthly Rates for Women
top ten final expense life insurance companies
The Top 3
Gerber Life Insurance
Mutual of Omaha
Comparison List final expense life insurance companies
Final expense life insurance companies and policies can vary quite a bit depending on several factors. Let’s look into which companies you may want to focus on based on these factors.
|Company||Issue Ages||Maximum Face Amounts||Graded Benefit Length||Underwriting Criteria|
|Gerber Life||50 - 80 Years||$25,000||24 Months||Guaranteed Issue|
|AIG||50 - 85 Years||$25,000||24 Months||Guaranteed Issue|
|Mutual of Omaha||45 - 85 Years||$25,000||24 Months||Guaranteed Issue|
|American National||50 - 80 Years||$25,000||24 Months||Guaranteed Issue|
|Americo||50 - 85 Years||$30,000||Not Graded||MIB & Prescription Check|
|Assurity||40 - 85 Years||$25,000||24 Months||MIB & Prescription Check|
|Fidelity||50 - 85 Years||$35,000||36 Months||MIB & Prescription Check|
|Foresters||50 - 80 Years||$35,000||24 Months||MIB & Prescription Check|
|Phoenix Life||60 - 80 Years||$50,000||Not Graded||MIB & Prescription Check|
|Sagicor||18 - 65 Years||$25,000+||Not Graded||MIB & Prescription Check|
|Transamerica||55 - 85 Years||$25,000||Not Graded||MIB & Prescription Check|
|United Home Life||25 - 80 Years||$100,000||24 Months||MIB & Prescription Check|
Final Expense Underwriting Criteria
When comparing the final expense companies above you’ll see a column heading called “Underwriting Criteria”. Let’s look at how these policies are different.
- Guaranteed Issue: Guaranteed issue means the policy has no health questions and is guaranteed as long as you meet the age requirements and live in a state that the company offers the policy.
- Simplified Issue: With a simplified issue underwriting, the life insurance company may ask a few health questions and use an MIB & Prescription check.
- MIB: MIB stands for the Medical Information Bureau. The MIB is a resource that life insurance companies companies use to figure out how much of a risk you provide them which ultimately determines if they offer you a life insurance policy.
- Prescription Check: Life insurance companies also have access to a medication database that they check. They’ll be able to see any medications that have been prescribed for you.
How do You Apply For Final Expense Insurance?
The application process for final expense life insurance is simple and quick. Traditional life insurance policies typically have a very long application and a medical exam. Final expense is a No Medical Exam life insurance policy where you simply answer some qualifying questions before getting approved.
Each life insurance company is unique. Some companies have more questions than others. Some qualifying questions are more strict and some are not. Your coverage opportunities are based on these questions, not on a medical exam. What if you are unable to pass any of the qualifying questions? You can purchase a Guaranteed Issue life insurance policy.
What’s so Great about Final Expense Insurance?
Every type of life insurance has its pros and cons. Final expense life insurance is a good choice if you’re looking for a relatively affordable premium. This is especially true if you’re on a budget or fixed income. Final expense can be purchase easily online and over the phone. It doesn’t require a medical exam and it a much simpler application process compared to traditional term or whole life policies.
What’s so Bad about Final Expense Insurance?
Unfortunately there are some drawbacks to final expense. When comparing final expense policies to other types of life insurance, final expense provides smaller face amounts. The premium costs per $1,000 of coverage is also more expensive compared to other policy types. For example, if you compared the premiums of a $25,000 final expense policy to a 10-year term life policy, the final expense policy would typically be more expensive.
How Life Insurance Covers Final Expenses
Nobody enjoys planning for their death, but everyone knows it’s inevitable. As uncomfortable as this is, it’s even worse if you don’t do it. When final expenses are not planned for properly it can create some real problems. Here are the ways that final expense life insurance can help you pay and avoid these problems.
- Funeral Costs Are Not Cheap
The cost of a funeral these days isn’t cheap. As with most things these days, the prices are increasing. Will you be purchasing a headstone, casket, plot, or cremation? Will you have a service? There will be a fee for the ceremony. These are just some of the things that need to be paid for when you die. We ran the numbers and have provided you a complete expense report in the table below.
- Burial Costs Is Just One Final Expenses
Your burial is the most expensive final expense, but there are many more that you may not even be aware of. You’ll need to think about any outstanding debts such as credit cards, medical bills, and loans need to be paid. Do you have any household debts? Take a moment to calculate all of your current and future debts that your family will be responsible for if you don’t have coverage.
- Final Expenses May Impact Your Estate
Have you made a will? Do you have an estate plan? Do you know that they can be affected by your final expenses? Depending on your specific situation, you may have to pay estate taxes when you die. Your final expense life insurance policy can help your family pay for these unforeseen expenses.
- Use Final Expense Funds Before You Die
Your final expense policy may build enough cash value that you can use to pay for medical costs or any other emergency expenses before you die. Medical bills often add up quickly in many end of life situations. Some final expense policies can grow cash value over time that you can access for these expenses.
- Medical Bills
Our current healthcare system provides great care overall, but at a cost. Prescription costs, insurance, and medical procedures are not cheap. Even if you’re covered by Medicare, you may still be responsible for some considerable costs. Depending on your insurance, you may have accumulated a significant amount of medical debt from medications, nursing, hospital fees, co-payments, co-insurance, facility fees any more.
Did you know that over 70% of Americans die with financial debt? That amount of debt is pretty alarming as the average balance is just over $60,000 which includes mortgage debt. These debts do not simply vanish when you die. Your estate is responsible for paying off debts in the majority of cases. This occurs prior to any assets being allocated to your loved ones.
Final Expense Cost Report
Let’s look at the average costs that you may be facing when planning for final expenses. It’ important to calculate all of the fees and costs below as well as any household debts that you have. You’ll quickly see that a final expense policy is a good way to make sure your family isn’t stuck with this financial burden.
- Casket – $500 to $11,000
- Vault – $500 to $14,000
- Urn – $100 – $3,000
- Flowers – $50 – $2,000
- Grave Plot – $500 to $11,000
- Grave Monument – $500 to $11,000
- Basic Cremation Package – $500 – $3,500
- Basic Funeral Services Fee – $1,000 to $5,000
- Funeral Facilities Fee – $500 to $2,000
- Embalming – $700
- Body Preparation – $200
- Service Vehicle(s)– $100 to $500
- Hearse – $250
- Transportation of the Deceased – $200 to $500
- Memorial Service – $150
- Total Expenses – National Average is $11,618
Final Expense Life Insurance FAQ
You may need final expense or another type of life insurance depending on your coverage requirements and/or your risk factors. Some shoppers may only qualify for Final Expense policies due to their age or health. You may only need a small policy to cover your burial. In this case a Final Expense policy is a good choice as rates are very affordable.
Traditional final expense policies will not expire because they're permanent life insurance. Most final expense policies are small whole life insurance policies. This means that as long as you keep paying your premiums, you policy will remain in force.
Some final expense policies are guaranteed issue, also known as GI policies. This means that there are no health questions required. GI policies will be more expensive. There are simplified issue final expense policies that are less expensive, but you need to qualify by answering some basic questions.
Here are some of the more common questions asked:
1. Are you currently admitted in a hospital?
2. Are you admitted in an assisted living facility, nursing home or bedridden?
3. Are you currently getting care from hospice?
4. Have you been advised by your doctor or any medical professional that you have less than 12 months to live?
5. Are you over the age of 89 years?
6. Have you tested positive or diagnosed for HIV or AIDS?
7. Have you been diagnosed with dementia or Alzheimer’s?
8. Are you over the age of 89 years?
9. Have you had any heart diseases, conditions or heart surgeries?
10. Have you had a stroke or any circulatory system conditions?
Did you answer "yes" to any of these questions? You may still qualify for final expense or guaranteed issue policies depending on the details of those responses.
Final expense policies are usually a great fit for seniors. A common shopping scenario is for someone age 50 or older who is simply looking to purchase a policy to cover burial and any other final expenses. Also referred to as funeral insurance and burial insurance on TV and radio, these policies are all the same as final expense.
Final expense policies are a good choice for seniors due to their affordable premiums. Final expense also is convenient because they don't require a medical exam.
These are two of the most frequent questions that final expense shoppers have:
1. What is the difference between final expense and life insurance?
2. What is final expense whole life insurance?
Final Expense is a type of life insurance policy. It simply provides a death benefit to cover burial and other final expenses. A final expense policy is usually a small whole life policy, but it doesn't have to be. You can purchase a small term life or guaranteed universal life if it is available to you.
At Life Insurance Blog, we help life insurance shoppers everyday secure affordable life insurance. Here's how we can help:
- Shop: We have access to over 60 life insurance companies in order to find the best company for your needs.
- Cost: Since we're an independent life insurance insurance broker who does business with the best final expense insurance companies - we'll get you the best price.
- Experience: Our agents have access to the underwriting guides to make sure you're applying for the right final expense policy
- Help: We'll answer all of your questions and our support staff will deal with the life insurance companies on your behalf.
- Convenience: We use companies that have online and phone applications. This allows you to get your policy issued much faster than mailing forms back and forth.
Final Expense Tips
1. Don’t Lie
You want to make sure you’re completely honest when you work with your agent. They are trying to find you the best policy that you can qualify for. Your goal is not to get a policy, but to have a policy that pays. Remember, the purpose of life insurance is to PAY a death benefit.
Anything you don’t reveal or aren’t honest about when you apply may create a disaster when your family needs the death benefit. Your benefit can be denied even though you have a policy. The life insurance company can order past medical records when you die within the contestability period. If the answers on your application are not in line with your medical records, your death benefit can be denied. The most important thing to remember is to work with your agent and answer all of their questions honestly.
Make sure you prepare and do some research on burial costs. Find out how much funerals cost in your town from several funeral homes. Be sure to provide the person in charge of your funeral with all of the paperwork and required documents. Provide them with your funeral plan so they won’t have to make these arrangements.
Make sure to evaluate and review your life insurance coverage regularly. This can be done once a year to see if anything has changed over the past 12 months. Burials and medical costs increase every year. Just be sure that your current and future expenses are covered so your family is protected.
Final Expense – Final Thoughts
There are so many final expense policies available to shoppers. Which policy is the best one for your situation? Which final expense policy will provide the most protection for your loved ones? Which company pays claims fast and without any hassles? These are just a few of the questions to think about before you apply for a final expense policy.
Life Insurance Blog specializes in finding the best plan by asking the right questions. We’ll find you the best policy available that won’t require a medical exam. You’ll be able to apply conveniently online and over the phone.
With Life Insurance Blog, you’ll always get a dedicated licensed agent from start to finish. We’ll never use pushy sales tactics – just a friendly no pressure agent who will answer all your questions and provide you honest final expense recommendations. Simply reach out to us if you’re needing some helpful expert advice.