Frequently Asked Questions (FAQs) About Final Expense Insurance

Q: What is final expense insurance?

A: Final expense insurance, also known as burial insurance or funeral insurance, is guaranteed money available to your family to help pay for your funeral expenses. This money can be used to cover the cost of home services, preparation fees, burial or cremation, headstones, plots, flowers, wreaths and more.

Q: What’s the difference
between final expense
insurance and life
insurance?

A: Life insurance is a great way to provide for your family and loved ones following your passing. While beneficiaries can use life insurance to pay for your final expenses, life insurance is often used to replace future  income, cover children’s education expenses or pay off debt. Burial insurance is a type of life insurance but typically costs less and does not require a medical exam.

Q: How much does final
expense insurance cost?

A: Final Expense or burial insurance plans often start at less
than $5/week* and are more affordable than traditional life insurance. Your premium will depend on the amount of coverage you want as well as your health. And unlike some types of insurance, your premium never increases.

Q: Do I need to have a medical exam to buy final expense insurance?

A: You do not need a medical exam to purchase some types of final expense insurance. In fact, burial insurance is a smart choice for those with a pre-existing health condition or serious illness as it’s easier to qualify for than traditional life insurance.

In some cases, you may need to complete a health questionnaire, but this is to help you decide the amount and cost of your burial insurance.

Q: Do final expense insurance premiums change over the years?

A: No. Your insurance premium remains the same regardless of your age or changes in your health. Premiums are based on the coverage you choose.

Q: Who needs final expense insurance?

A: Anyone who wants to ease the financial burden for their loved ones in the event of a passing should consider final expense insurance. It’s the final gift that you can leave to the most important people in your life. Burial insurance is also a great choice for aging or ill individuals.

Q: How much final expense insurance do I need?

A: How much insurance you need depends on how much financial security you want to provide your family. The average funeral costs around $10,000, but can easily cost more. We can help you estimate the amount of coverage you need to ensure you don’t pass on final expenses to those you care about most.

Q: How do I buy final expense insurance?

A: The first step to buying final expense insurance is to get a free, unbiased quote. Answer a few short questions online to quickly find out how much burial insurance you may need and which burial insurance companies can offer you the best rates.

Q: Who is a beneficiary?

A: A beneficiary is the trusted individual or individuals who you choose to manage your final expense benefit after your death. Your beneficiary can be a family member, a friend or someone you depend on.

Q: Do my beneficiaries have to use my final expense insurance to pay for my funeral?

A: No. Your beneficiaries can use your coverage to ease the burden of bills as well as your final expenses. Be sure to talk with your beneficiaries about the intent of your burial insurance

Frequently Asked Questions (FAQs) About Final Expense Insurance

Q: What is final expense insurance?

A: Final expense insurance, also known as burial insurance or funeral insurance, is guaranteed money available to your family to help pay for your funeral expenses. This money can be used to cover the cost of home services, preparation fees, burial or cremation, headstones, plots, flowers, wreaths and more.

Q: What’s the difference between final expense insurance and life insurance?

A: Life insurance is a great way to provide for your family and loved ones following your passing. While beneficiaries can use life insurance to pay for your final expenses, life insurance is often used to replace future  income, cover children’s education expenses or pay off debt. Burial insurance is a type of life insurance but typically costs less and does not require a medical exam.

Q: How much does final expense insurance cost?

A: Final Expense or burial insurance plans often start at less than $5/week* and are more affordable than traditional life insurance. Your premium will depend on the amount of coverage you want as well as your health. And unlike some types of insurance, your premium never increases.

Q: Do I need to have a medical exam to buy final expense insurance?

A: You do not need a medical exam to purchase some types of final expense insurance. In fact, burial insurance is a smart choice for those with a pre-existing health condition or serious illness as it’s easier to qualify for than traditional life insurance.

In some cases, you may need to complete a health questionnaire, but this is to help you decide the amount and cost of your burial insurance.

Q: Do final expense insurance premiums change over the years?

A: No. Your insurance premium remains the same regardless of your age or changes in your health. Premiums are based on the coverage you choose.

Q: Who needs final expense insurance?

A: Anyone who wants to ease the financial burden for their loved ones in the event of a passing should consider final expense insurance. It’s the final gift that you can leave to the most important people in your life. Burial insurance is also a great choice for aging or ill individuals.

Q: How much final expense insurance do I need?

A: How much insurance you need depends on how much financial security you want to provide your family. The average funeral costs around $10,000, but can easily cost more. We can help you estimate the amount of coverage you need to ensure you don’t pass on final expenses to those you care about most.

Q: How do I buy final expense insurance?

A: The first step to buying final expense insurance is to get a free, unbiased quote. Answer a few short questions online to quickly find out how much burial insurance you may need and which burial insurance companies can offer you the best rates.

Q: Who is a beneficiary?

A: A beneficiary is the trusted individual or individuals who you choose to manage your final expense benefit after your death. Your beneficiary can be a family member, a friend or someone you depend on.

Q: Do my beneficiaries have to use my final expense insurance to pay for my funeral?

A: No. Your beneficiaries can use your coverage to ease the burden of bills as well as your final expenses. Be sure to talk with your beneficiaries about the intent of your burial insurance

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*$5/week example policy is for female age 45, $7k policy which is $240,96 annually or $21.45 for a monthly premium. This policy is a United of Omaha: living Promise WL and is a non-participating whole life insurance to age 100, policy form ICC12L080P, underwritten by Omaha Life Insurance Company, Omaha, NE 68175. The premium is guaranteed to age 100. Minimum issue amount is $2000, maximum issue amount is $40,000 for the level benefit policy and $20,000 for the graded benefit policy. Premiums include a $36 annual policy fee. For the graded benefit policy, if the insured dies due to natural causes in the first or second policy year, the death benefit will be 110% of the premiums paid. In the third policy year or later, the full death benefit will be paid for death due to all causes Forms and plan provisions may vary by state. Plan not available in all states. Suicide and other limits may apply. Rates effective as of 1/2020. SelectQuote Insurance Services, SelectQuote Insurance Agency. ©2020 SelectQuote Insurance Services. All rights reserved.