What is Final Expense Insurance?
Final expense insurance, also called “funeral insurance” “burial insurance” “simplified issue whole life insurance” or “modified whole life insurance”, is a whole life insurance policy that has a small death benefit and is easier to get approved for.
Final expense insurance has a death benefit designed to cover expenses such as a funeral or memorial service, embalming and a casket or cremation. However, the beneficiaries can also use the death benefit for any purpose from paying property taxes to taking a vacation.
The Pros of Preplanning
- Policies are available to applicants with poor health.
- The application process doesn’t include a medical exam
- On many policies premiums never increase (this is true for many types of life insurance).
- The insurer cannot decrease your policy’s death benefit unless you borrow against the policy’s cash value or request accelerated death benefits (also true for other types of life insurance).
- Your heirs can use the death benefit for any purpose (again, a standard feature of life insurance).
- The death benefit is guaranteed as long as premiums are paid and you don’t have a term policy (also a standard feature of any whole life insurance).
- The death benefit is not taxable (also a standard feature of life insurance).
- You can buy a policy with a death benefit of $50,000 or less, and that’s all some people need or can afford.
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