What is Final Expense Life Insurance?
Final Expense Life Insurance refers to a whole life insurance policy with a death benefit typically from $5,000 to $25,000. People invest in this type of policy in order to cover funeral and burial costs for themselves and/or family members.
Buying funeral insurance is an easy, straightforward process. You do not need to take a medical exam, although you will be required to answer a few health-related questions before buying your policy.
You can pay the premiums on your funeral insurance policy for a low monthly cost. The premium is usually a small number, around $5 to $15 per week; the death benefit is whatever that premium will buy given the insured’s current age.
You can buy a final expense life insurance policy to cover one person, or for you and your spouse. Final Expense Life insurance is available to buy from brokers and agents of insurance companies, like Compare National®, that are licensed to sell life insurance. At Compare National®, we can advise you on the best policies, talk you through the process, and get you insured quickly.
An alternative way to prepare for future funeral costs, is to “prepay” for your funeral arrangements. Under this program, you may select the funeral home, type of service, casket (or cremation), flowers, headstone, burial plot, the cost of digging and filling the grave, and other items, and lock in the prices for them by paying in advance. Rather than pay a small sum each week or month, prepaying for the whole funeral would require you to pay the full costs upfront. This is often not feasible for most Americans, which is why a Final Expense Life Insurance policy is often a viable alternative.