Final Expense
A smaller, simpler form of life insurance, built for one purpose: keeping the costs off your family.
Final expense insurance is a smaller, simpler form of life insurance built for a single purpose: making sure the people you leave behind aren't covering costs out of their own pockets or accessing funds you've specifically set aside for them. When you pass away, the policy pays a death benefit directly to the beneficiary you've named, and those benefits can be used to fund any remaining expenses — emergency room and hospital stays, hospice care, other medical bills, or funeral costs.
$8,000 – $13,000
Average amount of medical expenses left to a family.
When it works as a substitute for prearrangements
If you've determined that funeral prearrangements themselves aren't the right fit for you and your loved ones, a final expense policy may be your solution. If you haven't chosen a funeral home, or you'd rather not commit to one right now, the policy can still be structured to cover funeral costs. That gives your family the flexibility to use any funeral home in the United States.
$5,000 – $25,000+
Typical range for funeral expenses.
How it's paid, and how it holds up
Choosing final expense coverage means having the flexibility of choosing which of the two purposes it will serve. Either way, you can fund it completely or finance it over a set number of years — and once it's paid, it's paid for life. No ongoing monthly bills, and the coverage remains in force until your passing. Furthermore, the full benefit amount is paid out even if your payment term isn't complete.
Once it's paid, it's paid for life.
Lastly, these policies especially work well in a supplemental capacity if your existing life insurance death benefit will fall short of what your family will need.
Tell us which one works best for your situation.
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