Learn How Final Expense Insurance Compares To Term Life Insurance
What is Final Expense Insurance?
Final expense insurance is a type of permanent life insurance policy that provides lifetime protection.
People choose to buy final expense plans so they can leave their loved ones with the funds needed to pay for their final expenses; such as, the cost of their funeral, burial and other end of life expenses like hospital bills.
A survey conducted on behalf of the National Funeral Directors Association indicates that the average cost of a funeral and related expenses is around $8,750.
There are final expense policies that offer from $3,000 up to $25,000 of life insurance with guaranteed acceptance for people ages 45 to 85 years old.
Guaranteed acceptance means you cannot be turned down for approval to get insured, even if you have health issues or have been denied coverage through other insurers – If you meet the age requirement for approval, and you live in a state where the insurance company is licensed to do business and offers the plan.
Final expense life insurance policies help give you peace of mind knowing your loved ones with not suffer any financial hardship upon your passing, trying to find the money to pay for your final expenses, including your funeral and burial costs.
Final Expense Insurance Quotes
Top Pick – Mutual of Omaha
Mutual of Omaha offers guaranteed acceptance whole life insurance for people age 45 to 85. Choose $2,000 up to $25,000 of coverage. Rates start as low as $8.84 per month. There’s no medical exam and no health questions. You cannot be turned down. You can get a quote and apply online now. START HERE to get a FREE Quote.
What is Term Life Insurance?
Term life insurance is a type of life insurance policy that provides you with temporary coverage, usually lasting for a period from ten to thirty years.
The Policy Term is the period of time you have life insurance coverage through a term life policy.
Depending on your age and health, you may be able to choose a Policy Term with a duration of 10, 15, 20, 25, 30, 35 or 40 years.
Term insurance is "Pure Protection", it is not an investment, it only provides a Death Benefit. This type of policy does not build any cash value.
With term life, if the insured dies during the policy term, while the life insurance coverage is In Force, the insurance company pays out a death benefit to the beneficiary of the policy.
You select a beneficiary when you apply for your coverage. Usually, the death benefits are paid out free from any federal income tax.
If the insured person outlives the duration of the policy term, the life insurance coverage ends, and there is no payout of any benefits.
Many people purchase term life insurance policies to provide them with the protection their family needs for a period of 40 years or less, at the most affordable price.
You may be able to purchase up to $2,000,000 or more of term life coverage, depending on your health, age and budget.
Term life insurance helps you provide for the financial security of your family’s future, at an affordable price that fits your budget.
Term Life Insurance Quotes
Top Pick – JRC Insurance Group
JRC Insurance Group helps you shop, compare and save on life insurance. Regardless of your age or health background, we'll shop our 40+ insurance companies and find you affordable life insurance you need to protect your family and fit your budget. Compare the best life insurance rates for savings up to 73%. Get Your FREE Quote.
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Disclosure: Compensated Affiliate