Funeral Preplanning & Final Expense Insurance
Planning for funeral expenses can ease the financial and emotional burdens families face while grieving. CubixInfotech offers reliable funeral insurance solutions to help make final arrangements simple and stress-free.
Funeral Preplanning Insurance allows individuals to select funeral products and services in advance, ensuring their wishes are honored. Final Expense Insurance provides direct funds to beneficiaries to cover funeral and other related expenses.
What is final expense life insurance?
Final expense is a smaller permanent life insurance policy typically intended to help older adults cover funeral costs and other end-of-life expenses.
Also sometimes called “funeral insurance” or “burial insurance,” final expense life insurance typically provides a guaranteed payout to help loved ones pay for a funeral service, burial or cremation, doctor or hospital bills, or other immediate expenses after a death. Like other types of permanent insurance, final expense insurance will never expire as long as you keep up with your premiums.
Since coverage amounts are lower than other types of life insurance, like term or permanent insurance, the premiums for a final expense policy tend to be affordable. Coverage amounts can range from a few thousand dollars up to $40,000, in some cases.
Final expense insurance is easy to qualify for, with no medical exam required. As long as you fall between the age limits of 50 to 85 years old, you can often get approved for a policy within days.
How does final expense life insurance work?
Final expense life insurance is different from most kinds of life insurance, which people usually buy to replace their income and cover their family’s long-term financial needs in case they die.
Apply
Start by thinking about your funeral plans and any other bills you might incur, like medical bills or leftover debt, and add them up. This will help you figure out your ideal coverage amount. Before you commit, explore the variety of final expense plans available.
Fidelity Life can help you compare plans and find the best fit, or help you start your application online or over the phone for one of our two final expense options.
Final expense applications are a quick and easy process. There’s no medical exam required, and in some cases, you may not even have to answer health questions. This helps cut down on approval times, so you can get covered right away.
Buy
Once you’re approved for final expense life insurance, you’ll make regular premium payments on your policy. Fidelity Life’s final expense plans will last the rest of your life, as long as your payments are up to date, which will aid in building cash value for your payout. We also offer guaranteed final expense level premiums so payments don’t go up over time, which can help with budgeting if you’re on a fixed income.
Make sure to give spouse or other family details on the policy and insurance company, so they can access it when the time comes.
Protect
After your death, your family will receive a lump sum cash payout equal to the coverage amount you applied for. They can use this money for whatever they need: to pay funeral costs, cover bills and leftover debts, or save. Having a final expense plan in place can provide a financial safety net for your loved ones during a difficult time.
Some people assign a funeral home as the beneficiary of their policy, so the payout goes directly to the business to cover those costs. If you prefer this option, check to make sure your chosen funeral home will allow you to set this up.
Ready to get started?
What can a final expense life insurance policy cover?
Curious about the purpose of final expense life insurance? The definition of final expense includes any policy meant to help ease the financial burdens of your final send-off.
As an older adult, many of life’s biggest expenses are behind you, like paying off a mortgage or saving for a child’s college tuition. But there’s still one big expense to plan for: your funeral. The average funeral costs more than $9,000 today, burdening loved ones financially while they’re already grieving.
Final expense insurance can help. The payout comes with no strings attached, so your family can use it to pay for:
- A funeral service
- Burial or cremation
- A post-funeral gathering
- Flowers, music, obituary, or other funeral arrangements
- Medical Bills
- Nursing home or other residential care
- A nest egg for a child or grandchild’s future
- A special trip
- A donation to a charity that’s meaningful to you or the deceased
This kind of insurance is typically a good option for people whose age or health makes it difficult to qualify for other types of plans. While it’s more expensive dollar for dollar than term life insurance, the lower coverage amounts help to make it affordable. Once you lock in a premium, it stays the same for the entire policy, which is helpful if you’re on a fixed budget. You also can’t have your coverage canceled because of health issues once you’re approved, giving you and your family peace of mind.
Benefits of final expense insurance
There are several benefits of final expense life insurance, including:
- Ability to build cash value: Like other kinds of permanent insurance, final expense insurance builds cash value over time. You can borrow from that cash value during your lifetime or use it as collateral for a loan, giving you another way to pay for expenses as needed.
- Level premiums and guaranteed coverage: Final expense insurance offers guaranteed protection and level premiums, backed by Fidelity Life’s track record of financial strength.
- Flexible use of death benefit: Your family has the flexibility to use the death benefit to pay for burial or funeral costs, medical bills, credit card debt, or anything they choose.
- Fast coverage: Our fast, hassle-free purchase experience may allow coverage starting right away thanks to our RAPIDecision® products.
FAQs about final expense life insurance
General Question
Final expense insurance is also called “burial insurance” or “funeral insurance.” These terms are often used interchangeably to describe a type of permanent life insurance intended to pay for funeral arrangements.
The best age to buy final expense insurance is when you’re planning for end-of-life, which happens for many people around age 50 or older. Navigating end-of-life planning can be stressful, but the result is peace of mind that loved ones won’t be left with the financial burden of your sendoff.
Depending on the policy and insurer, there may be a waiting period for final expense insurance. With Fidelity Life’s RAPIDecision® Final Expense policy, there’s no waiting period. Your coverage will be effective immediately once you’re approved.
The maximum amount of final expense life insurance you can get with Fidelity Life is $40,000. Policies with other insurers may vary in the amount of coverage you can get.
Still need help?
Get your life insurance quote online or call one of our agents at. +17867393307