What is Final Expense Insurance

Final expense insurance is a type of life insurance plan made to cover your funeral and burial expenses. Most people who purchase final expense are between the ages of 50-80.

These affordable plans are open to people who have health problems as well, making them a great way to plan for the expenses you will leave behind when you pass away.

Final expense is life insurance?

Yes. It’s a form of permanent life insurance, meaning that as long as you pay your premiums, you are covered for the rest of your life. That also means that you get coverage in the form of a death benefit paid to your beneficiaries when you pass away.

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What do you get with final expense?

Final expense promises your beneficiaries a death benefit when you pass away. This death benefit is usually in the form of a cash payment made out to your beneficiaries to help cover the costs of your funeral and burial expenses.

Some plan types made for people who are in poor health will have a delayed benefit. This means that the beneficiaries of people with these policies will not receive the full death benefit if the person dies within one or two years of purchasing the policy. However, they are still guaranteed to receive the amount that the person has paid in premiums, with interest at an average of 10%.

How much does final expense cover?

The amount of coverage depends on how large of a death benefit you purchase. This is the true coverage of a life insurance policy.

Most final expense policies have substantially smaller benefits than those you see with typical life insurance policies. The benefit can be as low as $2,000 or as high as $50,000. You decide how large the benefit is when you purchase your policy. Most coverage is between $10,000 and $20,000.

How can my beneficiaries use the death benefit?

Your beneficiaries can use the death benefit however they choose. While the coverage amount is intended to cover funeral and burial expenses, your loved ones can use the money however they need to. 

Most funerals cost around $7,000 or more, so most of the benefit can be spent paying for the cost of your funeral service and burial or cremation. There are quite a few costs involved for funerals, and funeral homes like to be paid at the time of service instead of in payment plans. Having the money they need to cover your funeral service expenses will allow your loved ones to focus on remembrance and grief instead of their financial worries when you pass.

How do you get final expense?

You can purchase final expense insurance through final expense life insurance companies. Purchasing your policy from an insurance company that specializes in securing their clients the best possible coverage at a price that fits their budget is exactly what seniors need. Here at Poarch Insurance, we are dedicated to finding seniors the final expense coverage they need to provide for their loved ones.

If you’re in the El Paso or Dona Ana region, give us a call today.