There are many different types of life insurance, so it’s easy to get them confused. Final expense insurance is a policy that is meant to cover funeral, cremation or burial costs, as well as your remaining bills when you pass away.
How much coverage does it provide?
The coverage amount of final expense insurance ranges from $1,000 to $50,000 depending on how much coverage you need and how much you can afford in premium costs. If you need more than $50,000 in life insurance coverage, you should look into term life or single premium whole life insurance.
Who can get final expense insurance?
Although some insurance carriers do not have minimum age restrictions, most carriers will only approve people over the age of 50 for final expense insurance. This is because younger people usually need coverage for more than just their funeral and burial costs; most people under the age of 50 have car payments, mortgages, and child care expenses that would need to be covered as well. Insurance agents will likely recommend term life insurance for people who need more coverage.
How is term life insurance different from final expense?
While final expense insurance only offers up to $50,000 in coverage, term life policies can range from $100,000 to $1,000,000,000 in coverage. People who have a lot of debt usually need term life coverage rather than final expense insurance because they do not want to leave their behind debt for their family to deal with. If you do not have a lot of debt and don’t need to leave a lot of money to your beneficiaries, final expense insurance may be a good option for you.
Is it expensive?
No! An insurance agent can help you find a policy that meets your coverage needs and is also kind to your bank account. When you speak to an agent, tell them what you’re comfortable spending on life insurance, and they’ll find a plan that’s right for you.
At the Family Protection Center, of course! Visit our final expense page and call us or fill out the form and an agent will be in contact with you soon. We have products from all of the top carriers like Foresters, Mutual of Omaha, and ING to ensure that you have a variety of options.
If you think that term life insurance might be a better option for you, visit our term life page and fill out the form or give us a call. We look forward to hearing from you!
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