Final ExpenseProtect Your Family With Final Expense Insurance
Final Expense Life Insurance
Need life insurance coverage to pay for funeral expenses? Final expense insurance might be what you’re looking for.
Getting an honest and local agent with Nebraska values will save you time and money. Don’t fret over having enough coverage or paying too much in monthly premiums. We streamline your insurance portfolio to give you back your time and take away your stress.
What is final expense insurance?
Final expense life insurance is a type of permanent life insurance where the death benefit is used to cover medical costs and other end-of-life expenses, most often funeral costs including services like burial or cremation, items like caskets and urns, and more.
Permanent life insurance does not expire and remains in force for as long as the premiums are paid. If you purchase final expense insurance, as long as you continue to pay the premiums, the policy will be in effect until you die and your beneficiaries will receive the death benefit.
Unlike traditional life insurance policies, which require a medical exam to help set the cost of your policy, final expense policies like a burial insurance policy don’t require such in-depth research and applicants will often be insured after answering only a few questions.
If you’re looking for life insurance coverage that you can specifically use to cover the actual cost of your death and funeral arrangements, final expense insurance , which can also be referred to as burial insurance or funeral insurance, may be right for you.
What’s good about Final Expense Insurance?
What’s bad about Final Expense Insurance?
Final expense insurance is relatively affordable if you’re on a tight budget. It typically doesn’t provide as much coverage as other insurance (more on that later), but if you only need enough of a payout to cover burial costs, rather than a payout for long-term expenses, it could be enough for your needs.
Final expense insurance provides peace of mind in regards to funeral expenses being covered. With a traditional insurance policy, your dependents are using that death benefit for every expense: mortgage, college, everyday living, and so on, in addition to funeral costs. With final expense insurance, you and your beneficiaries know what the money is supposed to be used for, taking much of the stress out of planning your burial.
There’s little coverage for a higher cost. Compared to other types of policies, final expense insurance offers relatively low coverage – averaging $5,000 to $25,000 — for relatively high premiums.
That death benefit might cover all of your needs, but depending on your premiums, it may make sense to plan for a smaller death benefit or even forgo a policy and set aside savings instead. For reference, the average funeral cost is around $8,000; that’s just for the funeral, not including headstone, cemetery plot, end-of-life medical expenses, and anything else that might come up.
Types of Final Expense Insurance
Guaranteed Issue Life:
Guaranteed issue policies ask just a few knockout questions to make sure you don’t currently have a terminal illness but otherwise will cover high-risk individuals. Because of this, it’s more expensive than simplified whole life and offers lower maximum coverage amounts, typically at or below $25,000.
Simplified Issue Life:
Simplified issue life insurance is for people who may not qualify for fully underwritten life insurance policy, but are considered only moderate risk. You’ll have to answer a detailed medical questionnaire, but there’s no medical exam involved. This is your best bet for getting a life insurance policy affordably with coverage up to $50,000.
Get In Touch
Hi! I’m Christine Flaxbeard and I’ve dedicated my life to three things: Healthcare, Childcare and Helping out Fellow Nebraskans.
Christine Flaxbeard (402) 616-7172