Why You Need Final Expense life Insurance

Learn More
Spot On Coverage

Reasons you may need Final Expense Life Insurance:

Funeral
Burial
Medical Bills
Pay Off Debts

PEACE OF MIND:

Final Expense Life Insurance provides a simple and affordable way to cover end-of-life expenses, providing peace of mind and a financial legacy for your loved ones. 

FINANCIAL SECURITY FOR LOVED ONES: 

Final Expense Life Insurance provides a financial safety net for your loved ones, covering funeral and burial costs, cremation expenses, medical bills, and outstanding debts.

COVERING FUNERAL AND FINAL EXPENSES:

Funeral and burial costs can be substantial, and Final Expense Life insurance can help cover these expenses, so your family doesn’t have to worry about them during a difficult time.

Final Expense Life Insurance:

Final Expense Life Insurance:

Final expense life insurance provides a simple and affordable way to cover end-of-life expenses, providing peace of mind and a financial legacy for your loved ones. 

Here Are the Basics of a Final Expense Life Policy:

Permanent Coverage:

Like traditional whole life insurance, final expense policies provide permanent coverage that lasts a lifetime, if premiums are paid. This ensures that your beneficiaries receive a death benefit upon your passing, regardless of when it occurs.

Tax-Free Death Benefits:

Life insurance proceeds are typically paid out to beneficiaries’ income tax-free. This means that the money your beneficiaries receive from the life insurance policy is not subject to federal income tax. This can be a substantial benefit because it ensures that your loved ones receive the full amount of the death benefit without any deductions for taxes.

Tax-Deferred Cash Value:

With some Final Expense policies, your savings grow over time without being taxed.  This money can be used while you’re alive to help with expenses or add to your income.  

Fixed Premiums:

Final expense policies typically have fixed premiums that remain level throughout the life of the policy. Premiums are determined based on factors such as your age, gender, health status, and the coverage amount selected. Premiums can be paid monthly, quarterly, semi-annually, or annually, depending on your preference.

Cash Value Accumulation:

Final expense policies may accumulate cash value over time, although the cash value component is usually minimal compared to traditional whole life policies. You can access the cash value through policy loans or withdrawals during their lifetime, providing a source of funds for emergencies or other financial needs.

Coverage For End-of-Life Expenses:

The primary purpose of final expense life insurance is to cover end-of-life expenses, such as funeral and burial costs, cremation expenses, medical bills, and outstanding debts. The death benefit can help alleviate the financial burden on surviving family members and ensure that the insured’s final wishes are carried out without financial strain.

No Medical Exam Required:

Many final expense policies do not require a medical exam for approval, making them suitable if you have difficulty obtaining traditional life insurance due to health issues or age. Instead, you are typically asked a few health-related questions on the application.

Small Death Benefit:

Final expense life insurance typically offers a smaller death benefit compared to traditional whole life insurance policies. The death benefit ranges from a few thousand dollars to around $25,000, depending on the policy’s coverage amount and the insurer’s offerings. The average cost of a funeral in Michigan is between $7,000 – $10,000.

Simplified Underwriting:

Final expense policies often feature simplified underwriting processes that require minimal medical information and fewer health questions compared to traditional life insurance policies. This makes them more accessible if you have health issues or pre-existing conditions.

Guaranteed Issue Option:

Some final expense policies offer guaranteed issue options, which means you are guaranteed approval regardless of your health status, if you meet the age requirements specified by the insurer. Guaranteed issue policies typically have higher premiums and lower death benefits compared to policies with medical underwriting.

How Much Final Expense Life Insurance Do You Need?

Final Expenses:

When deciding how much Final Expense Life Insurance to purchase, it’s important to consider more than just funeral costs. Today, the average funeral and burial typically ranges from $7,000 to $10,000, while cremation services can still cost several thousand dollars. Beyond these expenses, many families also face unpaid medical bills or lingering personal debts that can add financial stress at an already difficult time. That’s why Final Expense Life Insurance is designed to provide up to $25,000 in coverage — enough to help cover a funeral, burial or cremation, and leave extra funds to settle outstanding expenses. Unlike traditional life insurance, this type of policy doesn’t require medical exams or underwriting, so you can qualify regardless of age or health. Choosing the right amount of coverage ensures your loved ones have the financial support they need when it matters most.

 Too Much or Too Little? Both are not good!

Your responsibility is to buy the right policy amount of Final Expense Life Insurance. Failing can jeopardize your family’s financial health.

Your family needs the right coverage amount to pay for your final expenses.

Likewise, there is such a thing as getting too much life insurance. If you’re paying for extra coverage that you don’t need, you’re not using that money efficiently. You’re missing potential earnings on investments, funding your retirement, and building savings. And by getting more coverage than you need, you might also be spending more than you can afford on premiums. If you can’t pay for your policy down the road, your policy will get canceled.

Potential Savings to Explore:

Insurance discounts can differ depending on the insurance provider you select.  It is important to note that not all carriers offer the same discounts.

Flexi-Bundle™ & Save:

Flexi-Bundle™ Discount:  Combine up to four insurance products and select from up to four insurance carriers.

Frequently Asked Questions

While you may have life insurance through your employer’s group plan, the coverage is usually based on your salary, which is often inadequate to meet your family’s long-term needs.  Additionally, employer-sponsored life insurance isn’tportable, meaning you lose your coverage if you retire or change jobs.Therefore, it’s crucial to select a policy that remains active regardless of your employment status.  Obtaining life insurance after retirement may be more challenging and expensive due to age.

Many of our carriers offer no-exam products, eliminating the need for a medical exam. However, if your medical history does require an exam, we’re here to answer any questions, and guide you through the process.

Yes! Many of our customers opt for multiple life insurance policies, often combining a large term policy with a smaller permanent policy. To fulfill various financial goals.

There are a few ways to save money when purchasing life insurance:

  • Purchase at a young age to lock in the lower rates, avoiding hefty premiums in the future. For example, at age 25, you might pay around $31 monthly, but at age 45, it could increase to $78 monthly. That’s an increase of 152% or 7.6% annually for every year you wait.   
  • Compare rates from multiple companies. We will handle this for you.
  • Don’t overbuy; purchasing life insurance should be a practical decision rather than an emotional decision.

The quickest and easiest way to get quotes and apply for life insurance is through Insurish!  We provide quotes from the top life insurance companies in the United States, saving you the hassle of researching multiple life insurance companies.

When you pass away, your beneficiaries need to file a death claim with the life insurance company, which requires submitting a certified copy of your death certificate. Your beneficiaries can choose how they want to receive the death benefit payout.

The two main options are:

  1. Lump-sum payments:  Your beneficiaries receive the full death benefit tax-free.
  2. Annuities:  The insurance policy payment is received in increments over an predetermined period.

The best type of life insurance policy depends on factors like affordability, health status, and expected lifespan.  Consider your long-term goals both during your lifetime and after you pass away.

  • Term Life Insurance policies pay out only if death occurs during the policy’s term, offering temporary coverage.
  • Whole Life Insurance policies provide permanent protection throughout your life.  They provide guaranteed premiums, cash values, and death benefits, allowing you to grow your money and earn dividends.

Consult with an Insurish agent to select the policy that aligns with your needs.

The short answer: Your life policy ideally be worth 10–12 times your annual income.   However, determining the exact amount requires collecting specific financial details.  An Insurish agent will work with you using our term life insurance calculator to estimate your needs accurately.  Consult with an Insurish agent to ensure you select the right policy amount, avoiding both over buying and underbuying.

We work with multiple top carriers, offering a variety of policies including Term, Whole, Universal and Final Expense life policies.

You can compare rates from numerous top carriers in less than two minutes.

Most of the time, our clients don’t need a medical exam.

Many life insurance companies require a medical exam to confirm health and lifestyle aspects, some of our carriers offer No-Exam Life policies, eliminating the need for a medical exam.

You have two payment options:

Option 1:  Click the Carrier tab, scroll to locate your carrier. Most carriers accept online payments via check, credit card, or ACH.  Click on your carrier’s name and proceed to make your payment.

Option 2:  Click the Customer Center tab. Scroll down to find the Input1 icon. Input1 offers digital payment options, including ApplePay and eWallet.  Click on the Input1 icon, log in, and make your payment. 

I Know What I Need

I am ready to proceed.

Get a Quote

I Need More Information

Click on the “Spot on Coverage” button to learn more.

Learn More

I Want to Start a Flexi-Bundle

Click on the “Flexi-Bundle” button and save.

Flexi-Bundle

Please Note:

At Insurish, we provide general information on insurance products to help you grasp their different aspects. It’s important to note that this information isn’t an insurance policy and doesn’t pertain to any specific carrier’s policy. It doesn’t alter any provisions, limitations, or exclusions expressly stated in an insurance policy. Descriptions of coverages, discounts, and features are concise. For a comprehensive understanding of specific policy details, we recommend reading the applicable policy and consulting an Insurish agent. Coverages and features vary by insurer and state and may not be available in all states. Coverage for accidents or losses depends on the terms and conditions of the actual insurance policy. References to premiums, losses, deductibles, and costs are illustrative and may not apply to your circumstances. Insurish is not liable for the content of third-party sites linked from this page.