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Final Expense Life Insurance

Are you wondering if there’s a way to offer your loved ones your helping hand even after your departure? Certain persons think it’s impossible to leave their legacy behind or offer their family and friends an unforgettable memory.

Many others will settle for a will or simply dump a bunch of properties behind in death. However, there’s a way not only to plan a splendid funeral but also to help those you love after death.

With final expenses life insurance, you can now ensure that your plans after passing are achievable. What’s even more interesting is that you don’t have to spend as much as you would with regular life insurance. Also, you can choose from different types and easily purchase coverage from different companies.

What Is Final Expense Life Insurance?

Final expense life insurance is an example of a permanent life insurance policy that covers funeral costs. It is quite different from a standard life insurance policy.

If something were to happen to you, your loved ones might be unable to make ends meet. In the case of a standard permanent life insurance policy, the coverage will assist them with monetary benefits. On the contrary, final expenses life insurance doesn’t grant as many benefits as the standard coverage. Its policy is meant to cover the costs associated with your final arrangements.

A funeral can easily cost several thousand dollars, so preparation is key. If you don’t make arrangements for such things as a burial, your loved ones may have to pay out of pocket.

You can, therefore, call this type of insurance one that offers a smaller death benefit. It’s also referred to as ‘funeral insurance,’ ‘modified whole life insurance,’ or ‘burial insurance.’

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How Does Final Expenses Life Insurance Work?

Consider the following scenario: you’re retired, no longer eligible for group life insurance, and don’t have a personal policy. At this stage, you begin to worry that your family will be unable to make ends meet if you depart.  You probably don’t have enough at the present moment to sustain them even while you’re alive.

Hence, you initiate contact with a life insurance agent and begin the application process, which involves completing basic health questions. Sadly, your age and health make it so that the premiums for this policy are too high for you. You can’t afford it, despite the substantial death benefit.

However, you will be unable to find a policy with a low enough death benefit to afford the premiums. Now you may give up, assuming that life insurance is out of your price range.

You shouldn’t; final expenses life insurance is there for you. Many people choose to get life insurance to cover their last financial obligations. Insurance firms created these plans to take on the risk of more significant medical concerns.

Most seniors may get coverage irrespective of their health status because of this. If you continue paying your premiums, your last expense policy will remain in effect until the day you die.

Many people over 65 don’t get final expenses life insurance because they believe they won’t be eligible for their health. However, these plans do not require a medical exam, making them simpler to get than regular life insurance. There may be a waiting time on the insurance, but even if you have a major condition, you can still qualify for coverage.

Features of Final Expenses Life Insurance

From the above definition and explanation of this concept, you can come up with the features of funeral expense insurance. Most plans include the following:

  • Whole life insurance: Payment of premiums guarantees the policy will remain in effect indefinitely.
  • Cash value: The insured may be eligible for an insurance loan through his policy.
  • Fixed premiums: Premiums are guaranteed to remain constant so long as you pay them in full.
  • Simplified issue: Interested persons will simply answer a few health questions on the application rather than a full medical test. Hence, the application process is much easier
  • Swift underwriting decisions: In many cases, coverage can begin within a few days
  • Cheap prices: Typically, the death benefit from a funeral plan is much lower than the payout from a permanent life insurance policy. This results in a price reduction.
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Final Expenses Life Insurance vs. Standard Life Insurance

There are numerous similarities between life insurance and final expenses life insurance. You must pay regular premiums for both. Both will give a death benefit to your loved ones. Likewise, both can lessen the financial impact of your passing.

Despite this, there are still notable distinctions. Most of these differences revolve around the eligibility, the coverage provided, and what the money is to be used for. Insight into these variations can aid you in selecting the most appropriate coverage for your loved ones:


To a large extent, funeral expense insurance is open to any legal adult who meets the insurer’s minimum age restrictions. It’s common to be able to get coverage for yourself, your adult spouse, and your kids on a single policy.

On the other hand, life insurance eligibility often depends on certain characteristics. Such includes your age, medical history, smoking status, and other health-related difficulties. The availability of life insurance and the cost of premiums depend on these aspects of an individual’s health and lifestyle.

Coverage Depth

Consider that your family may use those final expenses life insurance proceedings to settle debts or make other posthumous payments. The policy’s primary purpose is to pay for the costs of the insured’s funeral.

Life insurance, on the contrary, is to help replace the income you would have provided your family up to retirement. Hence, the coverage amount is often much larger than that of burial insurance.

The Purpose of the Insurance Money

You may consider purchasing final expenses life insurance coverage if you want to make arrangements for your funeral. However, you should also consider if you’ll be responsible for anybody financially after your death. Final expenses life insurance is perfect if you have no dependents and no longer have an income source.

However, if you have dependents, you may want to consider purchasing a life insurance policy. Get life insurance when you have children, a spouse, or a disabled family member who depends on your income. Also, consider if you have a mortgage or other continuing expenses for which your family will be responsible after dying. If so, then life insurance may be a wise investment instead.

Final Expenses Life Insurance vs. Pre-need Insurance

When shopping for final expenses life insurance for yourself or a loved one, there are several options to choose from. Knowing the differences between pre-need and final expenses life insurance can help you choose the right one.

Pre-need Insurance

Preneed plans are often purchased at the funeral home to make your last preparations while still living. Standard funeral services, products (including caskets, urns, and flowers), and other burial or cremation-related fees are all settled here.

Upon your passing, the funeral home you pre-arranged with will receive the proceeds from your pre-need coverage. You can pay for pre-need coverage overtime rather than everything at once. Flexible payment plans are available and might span many years.

Final Expenses Life Insurance

You can also choose to obtain a final expenses life insurance plan from a financial institution for a set premium. However, unlike pre-need policies, the insurance recipient is not limited to a specific person. There is a wide range of possible payouts for your death, from $10,000 to $50,000. Unlike pre-need policies, the beneficiaries can use the benefit for anything, even outside funeral expenses or debt.

Final expenses life insurance plans are not tied to any funeral home, so they can provide additional options. The recipient is not required to explain their spending decisions to anybody or get permission before spending the money.

There are several advantages to purchasing final expenses life insurance at the time of need rather than in advance. You won’t have to worry about being locked into a single funeral home service that could go out of business. You may also look around until you locate the right funeral services and products for your needs and budget.

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Types of Final Expenses Life Insurance

Three different final expenses life insurance plans exist. Though their costs and qualifying restrictions differ, they can help you pay for your funeral.

Simplified Issue Life Insurance

If you are at a modest death risk and cannot receive standard life insurance, this insurance may be a solution. To establish eligibility, a medical examination is not required. You must nonetheless disclose certain personal health information.

Guaranteed Issue Life Insurance

Guaranteed issue life insurance is exactly what it sounds like: a policy where acceptance is assured. If you’re under a specific age, you’re guaranteed approval. You are not required to submit to a paramedical examination or provide any personal health information.

Those who have serious health problems should look into guaranteed issue life insurance. However, compared to simplified issue life insurance, the payout is often lesser even when the premiums are greater.

Graded Benefit Final Expenses Life Insurance

Graded benefit insurance is one with a partial waiting time and a graded benefit structure. If the insured dies during the first year of the policy, the beneficiary may get 30% – 40% of the benefit. Beneficiaries receiving death benefits within the second year may receive 70% to 80% of the death benefit. After the initial two years, the policy will pay the beneficiary the full death benefit.

You may receive a policy with a graded benefit structure if your health problems are not too severe. People with the following conditions, for example, can get this coverage:

  • Cancer patients who have gone into remission over the past 24 months
  • Those with congestive heart failure
  • Those who have received treatment for substance misuse during the past 24 months
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What Does Final Expenses Life Insurance Cover?

Final Expenses Life Insurance may cover the following:

  • Funeral Service: Pulling up a funeral service may be more expensive than you imagined it would be. Your family may be unable to set up a proper funeral service in your honour due to the high cost.
  • Burial: This includes the burial rites and other activities when you’re laid to rest. The cost of a burial plot plus a funeral service in Canada can easily exceed $10,000. Based on one’s beliefs and values, that figure might increase.
  • Cremation: This is a situation where the body is burned instead of being buried in a coffin. If you feel cremating will be better, it will also accrue additional costs for the process. Prices for cremation services may exceed $5000.
  • Urns: A cremation process will be followed by the need to get an urn. This is the vase where they store the ashes from cremation.
  • Headstones: To set up a proper headstone will cost more than you bargained for.
  • Caskets: Caskets are very expensive, and depending on the type, they could cost thousands of dollars. You can make plans for the type of casket and plan towards it.
  • Embalming: This covers the processes for dressing the body before the burial rites. All processes of handling the body in a mortuary cost several dollars.
  • Payment for Expert Advice: It’s necessary that your family get expert advice from a professional such as a grief counsellor. This will go a long in leading to your family’s speedy recovery from the loss.

Pros of Final Expenses Life Insurance

  • Candidates in bad health can still purchase a policy.
  • No medical test is required for admission though this depends on the type of insurance in question. Applicants may need to agree to a questionnaire, and the company will review their past drug use. In some cases, even a questionnaire is unnecessary.
  • Most plans have fixed rates that never go up (this is true for many types of life insurance).
  • The insurer will not reduce your death benefit unless you borrow against the cash value or request early death benefits.
  • Your chosen beneficiaries are free to use the death benefits proceeds as they wish (again, a standard feature of life insurance).
  • Your death benefit is still certain if you don’t have a term policy. However, you must keep up with your premium payments (a standard feature of any whole life insurance).
  • There is no tax on the death benefit (a standard feature of life insurance).
  • Some people don’t need or can’t afford a large death benefit. They settle with purchasing a policy with a death benefit of $50,000 or less.

Cons of Final Expenses Life Insurance

  • Unfortunately, some insurance companies’ marketing materials contain unclear or intentionally deceptive information (this occurs in other types of insurance).
  • In some cases, insurers’ promotional materials for these products include misleading or insufficient details (true for other types of insurance).
  • There is a risk of a financial loss if you live a long time and spend more on premiums. Your beneficiaries may get less than what it’s worth in death benefits since the death benefits are so low. You lose money when you pay your term insurance payments but don’t pass away during the policy’s coverage period.
  • The death benefit on certain plans is lost when the policyholder allows the coverage to lapse.
  • Some providers of last expense insurance prey on seniors’ concerns about placing an undue financial burden on their families. They do this by using high national median funeral prices in their advertising.
  • Some insurance companies unfairly direct customers without serious medical issues into more expensive and limited policies.  Unknown to the insured, they may be eligible for more generous plans.
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Do I Need Final Expenses Life Insurance?

You can’t give a generic response to this question. Your health and financial situation are two factors to consider when deciding if final expenses life insurance is necessary.

As unpleasant as it may be, preparing your funeral in advance is wise. Your loved ones will appreciate the preparation, and they won’t have to worry about the cost or burden of it. While purchasing a policy to cover funeral costs is one option, it is not the only one.

For those well off financially, it is possible to prepare for their funerals far in advance. Let your loved ones know your wishes for the money by conversing with them.

To protect your loved ones financially, even if you should die unexpectedly, you should consider purchasing life insurance. Even more, consider this coverage while you are young and healthy. Your loved ones may use some of the money towards the funeral costs.

Burial insurance could be a preferable option if money is scarce. The premiums for term life insurance are less expensive than those for permanent insurance since the benefits are lower.

Final expenses life insurance could be a better choice for the elderly and those who aren’t in good health. It may be more cost-effective than life insurance as you become older. It’s also possible that burial insurance is your only viable choice if you’re looking for protection against funeral expenses. It may also be your only option if you have a pre-existing medical condition.

How Much Final Expenses Life Insurance Do You Need?

The final price of a funeral can be affected by several factors, such as

  • Selecting whether you should use a coffin or urn
  • Deciding whether to bury the body or have them cremated
  • Deciding on a floral tribute
  • Choosing to hold a visitation
  • Wanting to have live streaming of the ceremony due to the pandemic

To receive a precise estimate, it’s best to start by laying out your ultimate requests.  You can better estimate your insurance needs once you have decided how you want to be remembered.

How Much Does Funeral Insurance Cost?

Costs associated with funeral protection policies vary widely. The price you pay for final expenses life insurance depends on several variables, some of which are:

  • Type of Insurance Plan
  • Duration of Coverage
  • Smoker’s Identity
  • Age
  • Medical Underwriting or Non-medical Underwriting

The table below gives the figures that show the cost of final expenses life insurance:

For Medical Underwriting

AgeSmoker MaleNon-Smoker MaleSmoker FemaleNon-smoker Female

For Non-Medical Underwriting

AgeSmoker MaleNon-Smoker MaleSmoker FemaleNon-smoker Female

How Do I Apply for Final Expenses Life Insurance?

You must submit an application to obtain life insurance coverage. The life insurance application might be as little as two pages or as many as ten, depending on the organization. There are hundreds of questions on the extensive application.

They include questions pertaining to the applicant’s physical characteristics, medical history, and lifestyle habits. These businesses often demand a full medical examination, including testing of bodily fluids. Most times, the applicant’s responses to health-related questionnaires, rather than medical exams, will be used to determine coverage.

You may get a free, no-obligation quotation when you apply for coverage over the phone or online. Your insurance quotation will come straight from the insurance company or its authorized agent.

The company can sell some policies over the phone, but generally, it’s best to meet with an agent in person.

What Are Some Questions in the Application?

The companies may ask several questions about your health during the past two years, like

  • Have you been diagnosed with HIV/AIDS through testing?
  • Do you now require the services of a nursing home, hospice, or hospital?
  • Have you ever had heart trouble, such as a heart attack or surgery?
  • What’s your heart condition like?
  • Do you suffer from cardiovascular diseases, such as stroke?
  • Can you confirm whether or not you have cancer?
  • Is there a history of substance abuse in your family?
  • Do you have dementia or Alzheimer’s disease?
  • Have you seen a doctor or taken medicine in the recent two years for any of the ailment types listed?

A positive response to any of these questions is not an automatic disqualification from coverage. Even if you’ve experienced health problems previously, you should be able to receive coverage with funeral insurance.

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Benefit Levels of Funeral Insurance

The median amount of a policy is between $10,000 and $20,000. However, the vast majority of policies have values of less than $50,000. The specific amount of the benefit you receive depends on your health and what you choose to insure.

Individuals with greater health risks may get modified plans, which typically have a waiting time of two to three years. In cases where the policyholder dies before the set period, the beneficiary will receive all premiums put into the insurance. They’ll also receive an additional percentage as compensation.

Some life insurance firms provide policies with terms of 10 or 20 years. They allow policyholders to pay off the premiums in installments during that time. The premiums on these policies are greater than those of other types of standard funeral expense insurance.

Who Are the Beneficiaries?

Primary, contingent, and tertiary beneficiaries are the three most common categories of life insurance recipients. A primary beneficiary gets the entire death benefits when the insured passes away. A contingent beneficiary is someone who would get the insurance payout if the primary beneficiary did not survive the insured. Tertiary beneficiaries are named only after the policyholder’s primary and contingent beneficiaries have perished.

You may name multiple primary and dependent beneficiaries to receive your death benefit. After the company issues your insurance, you should verify the facts and the percentages you designated for each party. Inform your beneficiaries of whatever percentages you’ve set up so there is no misunderstanding when the time comes.

Selecting an adult beneficiary is preferable since it streamlines the process of distributing the death benefit. Also, provide all necessary information of your beneficiaries from names to address, phone numbers, emails, etc.

Review your beneficiary information regularly to ensure accuracy. If your contact information changes, including your address or phone number, let your life insurance provider know.

Choosing a Final Expenses Life Insurance Company

No one company provides the finest burial insurance policies. It’s vital to acquire proposals from many insurance providers to locate the ones most positively evaluate your health. Those firms will likely provide you with the most excellent pricing. Trying to qualify for coverage that involves health questions is another approach to keep premiums down.

Even if you have a less-than-ideal answer to a health inquiry, it does not imply every firm will reject you. Some may provide quick coverage with increased premiums, graded benefit insurance, or a guaranteed issue policy.

Sometimes picking the least costly coverage for which you qualify makes the most sense. However, deal with a life insurance broker licensed to sell policies from many insurance providers instead of a captive agent. Your broker may be able to provide insight into which insurers are the most convenient to work with.

Certain insurance companies are more dedicated to their customers than others. Some people will need to select the least priced alternative even though the customer service might not be particularly excellent.

Final Expenses Life Insurance Providers

Many respectable insurers provide some kind of funeral or burial insurance as a separate product. It may also be an option within a life insurance policy. A site like PolicyAdvisor can help you get quotes from the best providers and compare them.

Try getting a life insurance quote from companies like:

  • Apollo: Apollo has several life insurance products available for customers. Their major advantage lies in their speed and interactions with patronizers.
  • Nowly: Nowly is a subsidiary of Canadian Insurer Teachers Life. This company has a central focus on Canadians, offering quality life insurance services.
  • Square One: In cooperation with Goose, Square One offers brilliant life insurance options. The company is also one of the most reliable options available.
  • PolicyMe: PolicyMe offers term life insurance alone. The interesting part is this is what makes their services very affordable for Canadians.
  • Bounce: If you’re someone who needs customized plans, Bounce can be your best shot. They offer life insurance services customized for the customers’ specific needs.

These companies are trusted, and their services are top-notch.

Ask for a quotation from a knowledgeable agent and get help deciding amongst these service providers.

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Tips on Making the Best of Your Final Expenses Life Insurance?

Give It a Close Thought

Covering your ultimate expenditures with final expenses life insurance coverage is a comforting thought. However, the sum insured must be sufficient to pay for your envisioned funeral.

It’s a good idea to begin by preplanning the funeral or memorial ceremony. The extent your insurance will eventually cover depends on how well you plan ahead of time. Making funeral arrangements ahead of time and getting last expenditure insurance guarantees that your loved ones can honour your wishes.

It ensures they give you a proper send-off, whether with a splendid funeral and burial or small memorial service. Although no one likes to dwell on the subject, it’s important to let those who matter know your ultimate intentions.

It will help you ensure that your final bill is as close to what you expected as feasible. Think about the primary things that might affect how much money you spend on your funeral and burial.

Be Truthful

When applying for funeral expense insurance, it is crucial that you respond truthfully to all questions. If you omit information or lie to obtain financial aid when your family really needs it, they may deny claims afterward.

Some people falsely assume that they can conceal any health issues from the insurer. However, when an insured dies within their policy’s contestability term, the company may request years’ worth of medical data. Inconsistencies between the applicant’s responses and the medical records will eventually cause claim denial.

Inspect Your Insurance Policies Frequently

The expense of a funeral is on the rise, and your health might deteriorate quickly as you age. Buying life insurance is not a one-and-done deal. Always make sure your loved ones receive protection by reviewing your policy.

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September 25, 2022
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FAQs about Final Expense Life Insurance

How old must one be at maximum to qualify for final expenses life insurance?

The typical cutoff age for obtaining health insurance is 85. You may be able to find funeral insurance if you're above 85, but it will cost you a pretty penny.

How fast do death benefits from funeral expense insurance policies arrive?

The life insurance provider can only provide the answer to this question. The insurance payout process can be lengthy, sometimes taking months. Other times, it takes twenty-four hours to pay out on claims that they have authorized.

After covering funeral expenses, what happens to any leftover money from an insurance policy?

The insured relatives won’t pay out of pocket for funeral expenses under final expenses life insurance. The insurer will give the entire death benefit to the named recipient. You may indicate to your primary beneficiary the percentage of the insurance payout you would like for your funeral expenses.

How do you purchase a funeral expense insurance policy for a child?

Every age follows a similar procedure. To apply for funeral expense insurance, you typically need to be at least 30 years old.

If I have life insurance, do I still need coverage for funeral costs?

If you already have or are planning to purchase life insurance, you simply may ensure that the payout is sufficient.

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