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Final Expense

Final Expense life insurance is designed to cover an individual’s last expenses

These expenses could be noted as funeral costs, credit card debt, medical bills etc. The face amounts of these policies are commonly $10,000 to $25,000. These plan designs are Whole Life policies that never terminate as long as you pay your premiums. We only use the most trusted and competitive A+ rated life insurance  companies. You also have the option to purchase permanent life insurance such as Universal Life. Just because you are a senior citizen, you don’t have to purchase Final Expense life insurance.

Conventional life insurance such as term insurance may also be another option to consider. If you are looking for the lowest Final Expense life insurance rates, feel free to use our quote engine below. If you would like to compare Term and Universal life, you can use our instant life insurance quotes quoting system also. 


The Four Main Types of Final Expense Life Insurance:


Level Benefit Final Expense Life Insurance:

These are policies for applicants in good health. Level benefit means once the policy has been issued, the insured’s beneficiaries are eligible for the full face value immediately after death of the insured occurs.

Graded Final Expense Life Insurance:

The insured usually has a two year waiting period before the entire face amount can be paid to their beneficiary. If non-accidental death occurs before two years, the policy will only pay a percentage of the face amount. Example: If non-accidental death happens in year one the policy will pay 10% of the death benefit. If non-accidental death occurs in year two, 20% of the face amount will be paid. Death in year three or later will trigger the policy to pay the full face value of the policy.

Modified Final Expense Life Insurance:

Benefits paid to the beneficiary usually have a two year waiting period before the entire death benefit can be paid. If non-accidental death occurs before two years, the policy will only pay a return of premiums plus a percentage. For example, if non-accidental death happens in year one the premiums will be returned plus 10% will be paid. If non-accidental death occurs in year two, premiums paid are returned plus 20%. Death in year three or later will pay the face amount of the policy.

Guaranteed Issue Final Expense Life Insurance:

Policy benefits are very similar to a modified policy, but more expensive due to fact there is no health underwriting whatsoever. These policies are way to go for people with very serious health problems such as Cancer or a major heart disease etc. Guaranteed issue policies normally have a two year waiting period before the entire face amount of the policy will be paid to the beneficiary. If non-accidental death occurs before two years, the policy will only pay a return of premiums plus a percentage.

Example: If a non-accidental death occurs in year one, all of the premiums paid will be returned plus 20%. If non-accidental death occurs in year two, all premiums paid are returned plus 20%. Death in year three or later will result in the policy paying out the full face value.

Keep in mind, you always have other options for life insurance than just Final Expense life insurance. The Final Expense plans are expensive and they have very low face amounts. Purchasing Term Life or Universal Life Insurance may be a better option for you.