Final Expense Insurance Policies
A final expense policy is a form of whole life insurance policy that offers a rather small death benefit but has the added benefit of being much easier to get approved for. The reason final expense policies offer a smaller death benefit than traditional life insurance policies is because they are primarily intended to provide family members with the funds necessary to bury the deceased. Although, the beneficiaries can use final expense benefits for any purpose they choose.
Who Needs Final Expense Insurance
Final expense policies are ideal for retirees who no longer have employer-based life insurance or another form of life coverage. This is because people in this position often have adequate savings and assets as well as fewer dependents and financial obligations. Because they have less financial responsibilities, the premium price of term or whole life insurance may not be worth paying.