Peace of Mind: Knowing you Picked the Right Plan

Life insurance and final expense insurance are similar in one major way; they can both be divided into two types. These types are whole life and term. Term insurance lasts for a set number of years. If you were to purchase a 15-year term final expense policy at the age of 80, and you live to the age of 96, those 15 years will be up and the policy will expire with no payout. On the other hand, if you purchase a while life policy, you will be guaranteed a payout no matter how long you life This becomes a valid concern when you realize you likely cannot purchase such insurance if you are older than a certain threshold, generally between 75 and 85. If you are healthy, there is a very real possibility that your term insurance will not pay out.

Thankfully, obtaining final expense insurance is easy. All you need is some basic medical information and paperwork. In virtually all cases, you are able to obtain at least a basic plan. If you have medical problems, it's possible that your plan selection will be limited to certain high-premium policies, or other plants that require a certain number of years of payments before they take effect.

Life insurance is a valid option for some, but for many, a final expense insurance plan is a better choice. Life insurance policies are more expensive and often deny people due to preexisting medical conditions. Life insurance pays out more, but the excess is of no benefit to some families.

In general, you will want to follow the same basic process as you would when shopping for any kind of insurance. Use our tools to obtain as many quotes from as many agencies as possible. Analyze those quotes for their terms and conditions that may restrict their payouts or your eligibility. Make sure to talk to a mortician and gain an accurate estimate of your funeral costs. Only then will you be able to decide which term and which plan fits your situation the best.