Final Expense Plans

The purpose of Final Expense is to cover funeral and burial expenses, and to provide additional cash for the beneficiary. It is designed for those wanting minimum coverage — typically less than fifty thousand dollars. Most policies are guaranteed or simplified issued and can be either term or whole life based. No medical exam is required. And little or no underwriting is performed. Of course, your premium will depend mostly on your age.

As with any form of life insurance, the benefits are received tax free and can be just enough to prepare for the expense of a funeral. This is sometimes purchased in addition to a previous policy one might have. Some companies even offer “Graded” benefits plans to people who might have recently treated for a medical issue and normally be turned down for coverage. As each year passes with the policy current and in force the benefit amount rises until it hits maximum payout. If one should pass prior to that the total benefit amount would be “graded” down to the percent stipulated.