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What is Final Expense Life Insurance?

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Final Expense is Whole Life Insurance.

Final Expense Whole life insurance is a permanent life insurance policy. It’s guaranteed to remain in force for the life of the insured as long as the premiums are paid. When you first apply for coverage, you are agreeing to a contract in which the insurance company promises to pay your beneficiary a certain amount of money – called a death benefit – when you pass. You’ll choose your coverage amount, and your premium will be calculated based on your age, gender, and health. As long as you pay your premiums, your whole life insurance policy will stay in effect and your premiums will remain the same regardless of health or age changes.

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Final expense insurance is a whole life policy that pays medical bills and funeral expenses when you die. It’s also known as burial or funeral insurance. It’s a popular choice among seniors.

 

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Most final expense plans have these features:
 

  • Whole life insurance – no expiration if premiums are paid

  • Cash value – insured may be able to take out a policy loan

  • Fixed premiums as long as they’re paid

  • Simplified issue – usually no medical exam (also called a life insurance exam) is required, just health questions on the application

  • Easy application process

  • Fast approvals – coverage can often be issued in days

  • Affordable rates

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