Final Expense Premiums

Will My Final Expense Premiums Ever Change?

Burial insurance, also known as final expense insurance, is one of the best ways to cover the costs that end-of-life can have.  While it’s not intended to provide substantial financial assistance for any surviving family members, the beneficiary will have the liberty to use the death benefit however they see fit.

Premium pricing

Premiums for final expense insurance are typically very affordable.  They’re paid monthly and most premiums will not increase in cost if they’re paid on time.  If payments are skipped, the premium may increase to make up for the lost months.  If you pay on time, this isn’t something you’ll need to worry about.


Because final expense premiums don’t change, this type of policy is extremely reliable.  There won’t be any surprises and it’ll be extremely clear what you’re getting.  Once you’ve picked the beneficiary for your policy, make sure that they’re aware of their responsibilities and the details of the policy.  

Picking a beneficiary

When picking a beneficiary, there are a few things you should keep in mind.  It should be someone that you deeply trust.  There should be open and honest communication between you, as you’ll need to share with them your vision for how the death benefit will be spent.  

It’s always best to pick an adult as beneficiary, even if you want the death benefit to go to a minor.  Insurance companies will not pay minors the death benefit, so instead, choose an adult that can then take care of the money and ensure the minor receives their portion.

Spending the death benefit

Final expense policies are intended for costs like those that come with funeral and burial.  Other things, such as credit card debt and medical expenses, are often paid for through the death benefit.  However, there are no stipulations about how the death benefit can be spent.  It is possible for the death benefit to be given to one individual, though final expense policies are not intended to be financially sustaining.

Death benefits for final expense policies are comparatively small.  They’re not as large as life insurance policies, as their goal is not to provide for remaining family or pay off any large debt that may remain.  If you think you may leave behind large bills, consider purchasing another insurance policy in addition to your final expense plan.

Choosing a final expense policy

Because many final expense policies are very similar, it’s important that you find an insurance provider you trust.  They can help answer your questions and walk you through the research process.  Being aware of all your options is one of the most important steps in selecting the right insurance policy.

If you’re confused by final expense policies, we understand.  It can be difficult to make end-of-life choices and thinking about the possibilities can be painful.  We understand how hard it is, so we only hire compassionate, understanding insurance agents at Senior Life Services.  Give us a call today and make an appointment to speak with a trained member of our team.


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