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You need life insurance if somebody will suffer financially when you die.



What is Final Expense Insurance ?

Final Expense insurance, also known as a variation of traditional life insurance, is meant to cover the bills that your loved ones will confront after you pass away, including funeral expenses and medical bills.

Final expense insurance is a form of whole life insurance sold in small quantities, typically between $5,000 to $25,000.

Fixed Premiums 100%
Permanent Policy 100%
Cash Value 100%

How Does It Actually Work?

Final Expense insurance guarantees payment of a death benefit to beneficiaries in order to assist in covering the costs of funeral and any left over medical expenses. Many times, family members pay out of pocket when a loved one passes and if that family member is your beneficiary, they  will receive the funding back for the costs of the funeral expenses.

Many people tend to believe that Final Expense insurance is sold by funeral homes. That is incorrect. Funeral homes sell pre-need funeral services in which only funeral expenses are covered by the policy. So in that scenario, only the funeral home benefits.

A true final expense policy pays the benefits to named beneficiaries on the policy, again, to help cover funeral costs and any left over debt. It is unfortunate that medical bills are the #1 left over debt when a loved one passes on; debt that can possibly be transferred to an estate depending on where you live.

Funeral expenses have increased over the years so it is wise for you or a loved one who has an interest in preparation do a financial review of how much coverage will be needed when the time comes.

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Frequently Asked Questions

About Final Expense Insurance

How do I know how much coverage my family needs?

Upon our initial discovery process, we will do a thorough look at your overall financial profile to determine the coverage needed. Obviously, it is up to the insured how much they feel they can afford.

How long does Final Expense Insurance last

Final Expense insurance is considered a permanent policy, and unlike Term Insurance, Final Expense lasts up to age 100 or 121, depending on the carrier as each carrier utilizes different types of policies.

Is there a medical exam required for Final Expense insurance?

Not all cases require a medical exam or blood work. It really depends on the amount of coverage being requested and the risk the carrier is about to take. There are some carriers with no medical policies.

What happens when my policy expires?

Final Expense insurance is a permanent policy and doesn't expire. The only way a policy will expire is the insured stops payments. That said, a policy remains in force for 30 days after a missed payment.

Is there any cash value with Final Expense?

Final expense insurance does allow for a cash value to build because it's a form of a whole life insurance policy. However, the savings must accrue, and there are some things to keep in mind when you want to borrow against the cash value.

Can I increase my coverage if neede?

Unfortunately, once a policy is in force, we cannot increase or decrease the face value. If you need more, a secondary policy will be needed.The second policy will be rated at age attained.