Final expense insurance, burial insurance, guaranteed whole life insurance—they all refer to the same type of permanent life insurance. You can buy final expense life insurance to ensure your loved ones have the necessary funds to pay for your funeral, burial, and any other expenses you may leave behind when you die.
How Final Expense Life Insurance Works and Its Features
Final expense insurance is typically for individuals ages 50 to 80. No matter your health, you will be approved for this type of life insurance. Coverage can begin as early as the next business day after applying.
No Medical Exam Required
To be approved for most types of life insurance, you need to have a medical exam. This exam helps the life insurance underwriters determine your mortality risk. The higher the risk to insure you, the higher your premiums will be.
However, with final expense life insurance, there is no medical exam required and your medical records are not even taken into consideration. You pay based on your age and coverage amount. Don’t smoke? You pay less.
Once your policy is approved, your insurance premiums will never increase. The table below gives an example of premium costs of a final expense insurance policy.
Final Expense Life Insurance Monthly Premiums — MaleAge$10,000 — Non-smoker$10,000 — Smoker$12,000 — Non-smoker$12,000 — Smoker$15,000 — Non-smoker$15,000 — Smoker50$51.98$92.76$72.19$129.14$89.98$161.1755$60.98$108.96$80.19$143.54$99.98$179.1760$65.98$117.96$87.39$156.50$108.98$195.3765$80.97$144.95$108.99$195.37$135.98$243.9770$98.97$177.35$136.18$244.33$169.98$305.1675$129.97$233.15$185.78$333.60$231.98$416.7680$185.97$333.94$260.18$467.52$324.97$584.14
Let’s say you’re a 70-year-old father and grandfather and you were just diagnosed with congestive heart failure. If you aren’t a smoker, you can purchase a $15,000 final expense policy for just under $170 per month—no matter what your medical records say.
Fifty percent of