Final Expense

Final expense insurance is a whole life policy that pays medical bills and funeral expenses when you die. It’s also known as burial or funeral insurance. It’s a popular choice among seniors. Most final expense plans have these features:

1. Whole life insurance – no expiration if premiums are paid.
2. Cash value – insured may be able to take out a policy loan.  
3. Fixed premiums as long as they’re paid.
4. Simplified issue – usually no medical exam (also called a life insurance exam) is required, just health questions on the application.
5. Easy application process.
6. Fast approvals – coverage can often be issued in days.
7. Affordable rates.

Policy loans and withdrawals reduce the policy’s cash value and death benefit and may result in a taxable event.  Surrender charges may reduce the policy's cash value in early years.