Life & Final Expense Insurance
Protect Your Legacy with a Final Expense Plan No medical exams, no wait period. Compare Final Expense plans from the top carriers nationwide.
Help protect your loved ones — now and in the future
Final expense insurance, also referred to as burial insurance, covers end-of-life expenses including funeral arrangements and any remaining medical or legal expenses that will need to be settled by your beneficiary. This coverage can ensure that your loved ones aren't left with a financial burden, as the average funeral can cost $10,000 or more.
Why Buy Final Expense Insurance?
Final expense insurance is one of the most affordable types of life insurance — a RAPIDecision® Final Expense policy through eFinancial starts at just $63 per month for coverage ranging from $5,000 to $40,000. Plus, the approval process is quick and easy. You may even start your coverage on the same day you apply.
What are the benefits of final expense insurance?
Final expense insurance is an affordable way to ease your family's financial burden once you pass away, providing funds for your funeral, medical bills, and more. Here are some of the advantages:
No medical exam
Certain types of life insurance require a medical exam, but not a burial insurance policy. Unless you have a serious pre-existing medical condition, you’ll likely be able to get coverage.
Lower premiums
Final expense life insurance rates start at just $63 per month for policies with coverage amounts ranging from $5,000 to $40,000.
Payment flexibility
You get to choose if you want to pay your premium monthly or annually.
Quick approvals
The application process is quick and easy, and coverage can be issued in days, sometimes even on the day you apply. Once you’ve been approved, your coverage starts immediately.
Lifetime coverage
Your policy never expires so long as your premiums are paid.
Builds cash value
Final expense policies can build cash value over time. Once the cash value of your policy is high enough, you can withdraw cash from it, use it to borrow money, or even pay your premiums.
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What does a final expense policy cover?
You can typically buy life insurance for parents when you have "insurable interest." That's when you're the one who will be responsible for the financial consequences of your parent's death. Eligible financial responsibilities might include but aren't limited to:
Funeral arrangements, including embalming, casket, flowers, and services
Burial costs, including cremation, burial plot, headstone, and interment
Outstanding medical, legal, or credit card bills
What does a burial insurance policy cover?
Burial insurance is designed to cover the costs your loved ones will face in the event of your death, but there are no restrictions on how the payout can be used. Your beneficiaries might choose to use your burial insurance payout for:
- Funeral arrangements, including viewing and service
- Burial costs, including interment
- Cremation costs
- Medical bills
- Outstanding debt
- Legal costs
Given the lower coverage amount, there may not be much, or any, of your death benefit left after your beneficiaries have used it to pay your end-of-life expenses. If you wish to leave behind a more substantial sum, consider a policy that can hold more significant value, like a traditional whole life insurance policy
How do I know if my beneficiary will use the payout for my funeral?
Once the funds have been paid out to your beneficiary, they can use the money any way they want. If there are funds remaining after paying for all funeral-related matters, the beneficiary may use the balance to pay outstanding medical, legal, or credit card bills in your name. Just be sure you choose someone you can trust to allocate the funds properly.
When am I allowed to buy life insurance for my parents?
You can typically buy life insurance for parents when you have "insurable interest." That's when you're the one who will be responsible for the financial consequences of your parent's death. Eligible financial responsibilities might include but aren't limited to:
End-of-life
medical expenses
Expenses related
to caring for a surviving parent
Funeral services
and burial/cremation costs
Will you be responsible
for the financial consequences of their death?
Debts you co-signed
on with your parents
Financial obligations
for which you'd become responsible, such as inheriting your parents' house and thus their mortgage
Get a Policy
Your life insurance company can help you determine exactly what qualifies you to take out a policy on your parent(s) and how you should provide proof. However, it would likely be easier for your parents to take out a life insurance policy themselves and name you as the life insurance beneficiary, if they're able. They'll need to go through a similar application without the added qualification of proving your insurable interest in them.
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