Final expense life insurance coverage
Your beneficiaries can use that payout towards more than just funeral cost. Most people get final expense life insurance to cover many other costs. In addition to adding protection to cover terminal illness and take advance payment for treatment, final expense life insurance can cover the following:
Funeral and burial costs
Credit card debt
Other end-of-life expenses
Keep in mind
"Social Security only pays a lump final expenses sum of $255 for those who qualify." - Social Security Administration
Final expense life insurance can be used by the beneficiary designated as needed rather than being limited to specific funeral services and providers. Final expense life policies will have a lower face value than most traditional term or whole life policies as they are intended for a specific purpose of covering those final costs rather than providing comprehensive support for surviving family members. This type of policy generally doesn’t require a medical exam, but premiums will be higher the older you are, and some benefit payouts may be limited during the first few years of coverage for those with significant health issues. Reducing or skipping premium payments will impact the amount of interest paid and may impact how long the policy lasts. Accessing the cash value of a policy will reduce the available cash surrender value and the death benefit. Policy guarantees are based upon the claims-paying ability of the issuing life insurance company.
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