What is Final Expense Insurance?
Final expense is exactly what it sounds like; it is used to pay for burial expenses and funeral services when the named insured dies.Like many forms of life insurance, a final expense policy helps ease the financial burden placed on a family when a loved one dies.
More About Final Expense Coverage
Final Expense is a basic issue life insurance policy that covers people until they reach 100 years old. It is often referred to as graded life or burial insurance with easy issue permanent coverage.
Final Expense is typically an inexpensive insurance choice that can be used to cover the funeral and burial costs of the policyholder. Most people who do not want to place a hardship or burden their families with these burial and funeral costs will take out burial insurance policies.
As many final expense products are whole life policies, they can begin with higher costs at first than other forms of insurance since they include cash value features. An important advantage of burial premiums is that they are fixed, which means they remain the same even if your health deteriorates.
Final Expense coverage can pay for the funeral service, visitation/viewing, hearse, casket, digging and filling the grave, the actual cemetery plot, or burial vault or grave liner, minister, headstone, flowers as well as other expenses related directly to named insured’s funeral.