What is Final Expense Insurance?

When you need income replacement, life insurance is a great option. But, if you are older, retired, and do not have as many dependants, you may not need the benefits of traditional life insurance. However, there is one large expense you might still need to account for: your funeral. At TopLine Life Insurance, we offer a variety of insurance packages, but one of our most popular forms of life insurance — especially among seniors — is Final Expense Insurance.

Final Expense Defined

Final Expense Insurance, frequently referred to as funeral or burial insurance, is a type of whole life insurance usually used to cover the various expenses at the end of the policyholder’s life, including medical bills, funeral costs (cremation or burial; casket or urn), and other expenses.

Whereas traditional life insurance policies usually require a deep investigation into your age and health to determine your application’s status and your monthly premiums, burial insurance does not require much of an investigation, and you can get insured after answering a few questions.

Final Expense does not expire and remains active for as long as the premium payments are made. When you die, the beneficiaries you named will receive the full payout of the policy.

Two Types of Final Expense Insurance

There are two types of Final Expense Insurance available: Guaranteed Issue and Simplified Issue. Read the infographic below for a full comparison between them:

Final Expense Insurance is a perfect option for people living on a fixed budget. Policies can be issued for as little as $2000 of coverage up to $35,000 of coverage.

Simplified issue policies are approved over the phone in minutes, after a few medical questions have been answered. The majority of these policies are issued WITH IMMEDIATE DAY ONE COVERAGE. In addition premiums are locked in for life, with no rate increases in the future.

Regardless of the risks and less favorable costs and coverage, Final Expense Insurance is an excellent way to plan for your end-of-life expenses. Typically, a funeral alone will cost over $8,000, excluding cemetery plots, medical bills, headstones, and anything else that may crop up, so it is best to be prepared!

For more information on Final Expense Life Insurance or any of our top insurance plans, feel free to give us a call to discuss your options today!

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What is the best kind of life insurance?

There are many life insurance policies from which to choose, and the best one for you might not be the best for someone else. If you need lower premiums, a term life insurance policy might be a good option. If you are looking for insurance that provides investment opportunities and does not expire until you pass away, a universal plan is an excellent choice. Speak to a TopLine Life Insurance broker to discuss your options.

What is a life insurance premium?

A life insurance premium is a regular payment you must make to your insurance company to pay for your life insurance policy. Continuous payments will keep your plan active, while missing payments could cause it to lapse. Different policies have different requirements for premium payments, so research possible policies and contact us at TopLine to find the right plan for you.

How much life insurance do I need?

This answer differs from person to person and is mostly dependant upon your finances. Typically, your minimum amount should be enough to cover your mortgage, loans, credit cards, and any other outstanding payments and debts.

Other considerations include:

  • College tuition assistance for your children or grandchildren
  • Income replacement for your spouse
  • Estate planning

Speak with a TopLine life insurance broker to avoid over or under-insuring yourself.

Should I buy life insurance before I turn 40?

Generally speaking, buying a life insurance policy when you are younger and healthier gives you a better chance of locking in a favorable policy premium. By purchasing a plan now, you can guarantee your “insurability” for the future. You won’t have to stress about higher premiums when you get older and possibly experience health issues. Talk to one of our brokers about the best available policies for you.

What is a beneficiary? Who can be one?

A beneficiary is a person listed on your life insurance policy which is the full or partial recipient of the death benefit provided by the policy. Anyone can be a beneficiary, and there can be multiple beneficiaries on the same plan. Note: No one is automatically listed as a beneficiary, including your spouse and children, so be sure to indicate your beneficiary choice(s) at the time of your policy purchase.

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We are a fully transparent agency, there are no secrets or surprises. We allow consumers to see the companies we represent and allow them to quote prices before they contact us. We want them to know which company offers the lowest prices as opposed to us telling them. Once a program is selected by the consumer or suggested by TopLine, our clients are amazed at the speed in which they are approved for coverage. We have a family mentality that is productive and fun. Our office has almost no turnover, which means you get to know us very well. We are an insurance family, and we treat our clients as an extension of our family, without them, there is no TopLine Insurance.

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They said the application process would be fast. I was thinking I would be approved in a few weeks but somehow, they made sure we got approved the same day. Tracy made the approval process simple and walked me through everything.

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