Note: Ethos does not offer final expense-specific life insurance, although our term life plans or whole life plans for seniors ages 66-85 can be used for these costs. This information is shared to help our customers make an informed decision about their life insurance needs.
Final expense insurance is designed to cover burial costs and expenses associated with your funeral. It’s also referred to as a burial insurance policy or funeral insurance. A final expense life insurance plan is a whole life policy, meaning that if you continue to pay the premiums, your policy will never expire.
Funeral insurance plans are generally affordable, and coverage is easy to get. Most policies provide a death benefit in the $5,000 to $20,000 range. Since the average cost of a funeral is between $7,000 and $10,000, the payout on funeral expense insurance is often sufficient to cover all of your burial costs.
Here are five reasons why a funeral insurance policy may make sense for you.
1. Coverage is easy to get.
Most burial life insurance plans offer guaranteed acceptance with no medical examination. When you apply for coverage, you may have to answer some questions about your health, but it’s unlikely that a life insurance examination will be required.
In most cases, you’ll be approved within a few minutes, and full coverage will begin immediately, even when buying burial insurance for seniors. Some policies do have a waiting period of up to two years before the total value of the death benefit will be paid.
If you pass away during this period, your beneficiaries will receive a refund of all premiums paid instead of the final expense policy’s face value. It’s essential to closely review your burial life insurance policy terms to understand how payouts occur.
