Final Expense Insurance is a type of permanent insurance to cover the cost of medical and other end-of-life expenses. Those end-of-life expenses are most often expenses such as funeral cost like burial or cremation, caskets or urns and things like head stones or burial plots.
With Final Expense Insurance the beneficiaries know what the money is supposed to go to.
There are two types of Final Expense Insurance
- Guaranteed issue life insurance
Guaranteed issue policies will ask a few questions to make sure you don’t currently have a terminal illness.
- Simplified issue life insurance
Simplified issue policies require a little bit more, like a detailed medical questionnaire but do not require a medical exam.
With Traditional Life Insurance a health exam is mandatory to take, but with Final Expense Insurance that is not necessary.
If you are on a tight budget Final Expense Insurance is relatively more affordable than Traditional Life Insurance.