Final Expense Insurance: Typical Terms

The usual terms and conditions of a final expense insurance policy vary from instance to instance. The terms establish the limits of disbursement of your policy after you pass away. The precise terms will depend on the planned expenses and estimates you have for your current mortuary service. In other words, you will likely need to plan ahead and establish your funeral services before you purchase a final expense insurance policy.

If you are investigating final expense insurance, know that virtually every insurance provider will require that you be under the age of 85. This, along with various health factors, helps the insurance provider estimate risk and establish the term of your policy. This is so that you have enough time to pay into the policy to a level that allows it to pay out effectively. Be aware that certain lifestyle choices will affect your eligibility.

In some cases, you may be able to get the physical requirements for a burial insurance policy waived. In these cases, you must get the waiver in writing. Likewise, there may be instances where certain limitations are placed on death benefits; these change from insurer to insurer and must be obtained in writing to be honored.

If you are under the age of 85 and are in reasonably good health, you should have no trouble qualifying for final expense insurance independently or as part of general life insurance coverage. You will be able to work with your mortuary of choice in order to estimate the price of funeral services, burial and other expenses. A written copy of this estimate is the basis for your final expense insurance. Any guarantees on the part of the mortuary can be incorporated into the policy.