What is Final Expense Insurance?
Final expense life insurance is usually sold to mature adults, usually around 45 – 85. The insurance policy is taken out with the idea of paying for a funeral, burial or cremation, and other related costs.
Two of the Most Naïve and Aggravating Things Insurance Agents Hear
Many people don’t recognize the value of life insurance and health insurance until they actually use it and may even think they can work around high medical or funeral expenses.
Term Life Insurance vs. Whole Life Insurance
Term life insurance policies will often have terms of one year to 30 years. Typically, the monthly premium (monthly payment) stays the same throughout the term of the policy. Whole life insurance provides coverage your whole life and it includes something called “cash value”. Think of it like a mini savings account attached to the policy.
Life Insurance
Final Expense, whole life insurance plans are specifically designed to cover the costs of funeral services (burials or cremations), and ANY other expenses you may leave behind when you pass. It is insurance money, in the form of a check, that is sent to your loved ones (who are called the beneficiary) immediately upon your passing.