However, final expense coverage is not the best product for everyone. Burial and cremation services can be costly, so final expense insurance provides peace of mind knowing that your loved ones won’t have to use their savings to pay for your end-of-life arrangements. In addition, final expense insurance is beneficial for people who want to pay for their own funeral. It’s also a good option for people who have pre-existing health conditions or a family medical history that disqualifies them from a standard life insurance policy. Namely, everyone who applies can get approved, which is not the case with other types of life insurance.įinal expense insurance is often recommended for seniors who may not qualify for traditional life insurance due to their age. Who needs final expense insurance?įinal expense life insurance has a number of benefits. The more coverage you get, the higher your premium will be. This is because everyone gets approved, including people who are older and have pre-existing health conditions. Some of the factors that impact your rate include:Ĭompared to term life insurance, the cost of final expense insurance is more expensive. How much is final expense life insurance?įinal expense life insurance premiums are personalized for each individual and your final expense life insurance cost is based on a few different criteria.Īlthough final expense insurance does not require a medical exam, your health questionnaire answers will be used to determine the amount of coverage you can get, and your premium. However, final expense insurance provides a limited amount of coverage compared to other types of life insurance. If you don’t repay the money, it will be taken out of your death benefit.įinal expense insurance can be a good option for seniors or people whose health makes it difficult to get approved for term life insurance. Once your cash value reaches a certain amount, you have the option to borrow a portion of the money, similar to a personal loan. Unlike term life or whole life insurance, everyone who applies for final expense insurance gets approved.Īnother advantage is that final expense policies build cash value. One of the biggest benefits of final expense life insurance is that coverage is guaranteed and there is no medical exam required (just a few basic health questions). You also have the option to designate a funeral home as your beneficiary, so they receive the payment directly. When you pass away, your beneficiary receives a death benefit to pay for a funeral, cremation services, final medical bills, and unpaid debts, like a mortgage.Īlthough final expense life insurance is generally meant to cover end-of-life costs, the money can be used for any purpose, and it’s tax-free. Our whole life policies offer guaranteed approval, making them a great option for people ages 66-85 who want to have a burial plan in place.įinal expense insurance is a type of permanent life insurance. Taking out an insurance policy can be a good option if you want to help your loved ones pay for your final wishes.Īlthough Ethos doesn't sell insurance specifically for final expenses, our term and whole life purposes are an excellent alternative to leave funds available for a memorial service. ![]() While many people rely on personal savings to cover end-of-life expenses, others choose to purchase final expense insurance. The median price for a funeral with cremation was only slightly less, costing roughly $6,971. In 2021, the median cost of a funeral with a burial was $7,848. This information is shared to help our customers make an informed decision about their life insurance needs.įunerals, burials, and cremations can be expensive. ![]() Note: Ethos does not offer final expense-specific life insurance, although our term life plans or whole life plans for seniors ages 66-85 can be used for these costs.
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