final expense policies may come with added features like income riders

Do Final Expense Policies Come With Added Features?

Final expense policies can be obtained through a life insurance company or independent agency (like us) in your area. It actually goes by different names, including funeral or burial insurance. Keep reading to learn more about final expense policies and what they offer. 

The Purpose

The purpose of final expense is to ensure that your loved ones have adequate funds to cover the cost of your final expenses, most notably your funeral. These days, the costs of even a basic funeral are close to $10,000, or more. However, your beneficiary can use the death benefit to take care of any medical bills, credit card debt, and so on.

Before deciding that a final expense policy is appropriate for you, it’s important to understand the basic features, potential for additional features, and if so — what they are.

What’s Included in Final Expense Policies?

Final expense policies generally have terms that last for the policyholder’s life to help cover the expenses that may remain after they pass. Normally, the policies provide a smaller benefit amount than other life insurance, and usually range from $1,000 to $50,000 — depending on the policy. 

With these specific policies, there’s usually a simple application and review process, and the price generally depends on how risky it is to insure you. You may find this option to be suitable for you if you don’t have a substantial nest egg or the financial ability to save or prepay the costs that remain after your death.  

With that being said, this type of insurance can help lessen the final burden for your loved ones that must deal with the cost of your final arrangements, including the casket, funeral service, and more.

Do They Come With Added Features?

Depending on the insurer, final expense policies may have the option to have additional features, like income riders. Income riders come in many different forms, and allow policyholders to pay for additional features that serve various purposes. Types of income riders include:

  • Guaranteed insurability
  • Accidental death
  • Waiver of premium
  • Family income
  • Accelerated death
  • Child term
  • Long-term care 
  • And more. 

Some carriers offer unique policies with living benefits while others only offer benefits to the loved ones after the policyholder dies.

To Summarize

Let’s summarize what we’ve talked about. Final expense insurance can go by a variety of names, like burial or funeral insurance. It’s a small life insurance policy that will last as long as the policyholder does. There are basic benefits involved in final expense policies, which are the basic death benefits that beneficiaries would receive. Final expense policies generally range from $1,000 to $50,000, and can typically be used for any type of expense the beneficiaries choose.  

Want to Know More? Give Us A Call

Due to the simple application and review process for final expense insurance, most people should be able to obtain this type of policy — assuming they’re able to make the payments on time. If you have any questions about final expense insurance or the additional features that can be added, we can help. Call Senior Life Services at 800-548-3249.


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