Business Highlight

What is Final Expense Life Insurance?

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Final expense life insurance meets the final financial needs of you the policyholder and your beneficiaries. Like every other type of life insurance policy, it provides total peace of mind in case of an untimely accident that leads to death. Learn more about the basics of final expense coverage, who needs it, and how you benefit.

Why Do You Need This Coverage?

Final expense life insurance ensures that your family has no economic difficulties at the time of sudden or expected death. This policy covers the expenses of paying for a funeral, paying for a burial, paying funeral home costs, etc.

This type of coverage is not like other types of life insurance. It is not a permanent life insurance policy that you collect on for your entire life. It is also not a term life insurance policy that you buy if you die within a certain time period.

The Rules of a Final Expense Policy

There are fewer requirements needed to obtain final expense life insurance. The policyholder does not have to meet certain criteria, such as being in good health. The policy does not last for a specific term, so there is no risk to the insurance company. The policy is simply needed to collect enough money to help the person pay for a funeral and burial.

Some companies set maximum monetary limits that vary from $10,000 to $25,000 or higher. Policyholders who are 65 or older may receive maximum limits. Despite the restrictions, most people receive only the amounts that they need.

On the other hand, many companies have affordable monthly or annual premiums with some rates as low as $15 a month. The rates are low because the payments cover only the costs of a funeral and burial. Also, many premium rates never increase, and the amounts of death benefits never decrease.

Another benefit to policyholders is being able to borrow cash against the policy’s value. The policy is not taxable, which is a common benefit in Philadelphia life insurance. The receipt of benefits is guaranteed if the premiums are paid.

Final expense life insurance is needed for the final moments of life when money is not available for a funeral, burial, and other expenses. Cardwell Life Insurance provides final expense life insurance policies and similar types of coverage for people of all ages and with all types of incomes. Visit our website to learn more about our policies and rates.

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