The Best Time to Purchase Final Expense Insurance During Your Lifetime

Final expense insurance offers you a way to help your family members or loved ones pay for the final expenses in the event of your death. There are numerous benefits to having this type of insurance, and the time you decide to purchase determines whether you and your loved ones get the most out of it.

What is Final Expense?

Final expense insurance is a type of whole life insurance with a death benefit to help you pay for your final expenses. It’s often marketed as “funeral” or “burial” insurance and can be used to pay for medical bills, cremation, cemetery plots and headstones, and other similar costs. Beneficiaries of the death benefit are not limited to using it just for medical bills and funeral costs; they can use it for any purpose they choose.  

When you buy final expense insurance, you’re paying into an account that will eventually be used to pay out your beneficiaries once you pass away. The insurance premiums, like many others, are influenced by age, health, and sometimes gender.

Guaranteed Issue Final Expense Insurance 

This type of final expense policy is ideal for applicants with serious health issues. The application has few requirements and is accepted without medical underwriting or other additional requirements. They usually have a waiting period of two to three years before benefits are paid. 

Graded Benefit Final Expense Insurance  

A graded benefit final expense insurance policy is a type of life insurance that pays out in installments over a period of time. If your health conditions are only semi-serious, you may qualify for this insurance type instead of the guaranteed issue policy.

How is Final Expense Insurance Beneficial?

Final expense insurance is essential to preparing for the end of life. There are many benefits to having this kind of policy, including peace of mind.

  • It can help you and your family with the cost of final medical expenses and funeral arrangements which eases the financial burden of your death on your loved ones.
  • It is suitable for individuals who cannot afford other insurance policies due to age or health.
  • In times of need during your lifetime, you can borrow from the insurance or use it as collateral as it builds a cash value over time.
  • It is easy to apply for, and a medical exam is not required to qualify for coverage.
  • It has a low coverage amount, making it more affordable, and the premium amount stays the same.
  • Coverage is guaranteed as long as you make your payments.
  • The death benefit can be used for other purposes, such as mortgage or credit card payments.

When Should You Purchase Final Expense Insurance? 

Final expense insurance is favored among seniors due to the small death benefits, affordability, and guaranteed coverage in the event of death. Most insurance companies have a minimum age of 45 and a maximum of 85, at which you can apply for the insurance. Age plays a huge role in the size of the death benefit you can select. For individuals younger than 55, policies can go up to $50,000, but once you turn 76, they only go up to $25,000. To get the most out of your final expense insurance, purchasing it before age 55 would be ideal. Some insurance companies offer the same maximum death benefit regardless of age. 

Final expense insurance provides your family with financial support to cover the expenses that come with your death and grants cash value savings that you can access in your lifetime. To give yourself peace of mind that your family will be taken care of, purchase final expense insurance as soon as you are eligible to receive a larger death benefit when the time comes.


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