Final Expense

A type of Whole "Permanent" Life policy specifically designed to cover end-of-life costs, such as funeral expenses, burial or cremation, medical bills and other debts you may leave behind that will need to be taken care of by those you leave behind. It offers smaller coverage amounts, typically between $2,500 and $50,000, and is known for its accessibility — requiring no medical exam — just answer a few basic medical questions. Coverage provided is Guaranteed Acceptance for most people aged 50-85. In addition to providing financial relief for loved ones, the policy also builds cash value over time, which can be borrowed against if needed during the policyholder’s lifetime​ 

Final Expense insurance is typically purchased between the ages of 50 and 85. It’s ideal to purchase it earlier, as premiums are lower when you’re younger. 

The cost depends on your age, health, and the coverage amount, but premiums can start as low as a $1 to $2 per day for smaller policies, making it an affordable option for most seniors.​  

As long as you continue to pay the monthly premium each month, the premium will not ever increase. The premium you start with will be the premium you keep for as long as you live. In addition, the Death Benefit will never decrease. 

Some policies are a "Graded" Benefit with a two (2) year waiting period, during which the Full Death Benefit is not payable unless the death is accidental. This happens when you're not healthy and have serious medical conditions. After the two (2) waiting period, the policy will pay  out the Full Death Benefit to your beneficiary.   

As a Whole "Permanent" Life policy, Final Expense insurance accumulates a Cash Value over time. A portion of your premiums are set aside, which can be borrowed against if needed during your lifetime.