Final Expense Resource

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Representing the Best Companies Offering Final Expense Life Insurance for Seniors

Our Specialty Is Final Expense Life Insurance for Seniors

There are so many different types of insurance products on the market these days. In addition, there are an infinite number of ways plans can be used for a number of different life challenges. What we do at Final Expense Resource is simple – we only deal with Final Expense Life Insurance for Seniors. This gives us a unique edge over the rest of the marketplace. We only talk to people interested in this type of policy that covers expenses for end-of-life issues. Rest assured we can hep you navigate through the noise to find what’s best for you.

What Is Final Expense Life Insurance?

Final Expense life insurance is a whole life insurance policy that is designated to cover someone’s final expenses upon passing. This type of policy is typically for men or women ages 50-85 who are looking to cover anticipated final expenses. This can include outstanding debt, final health care expenses, funeral expenses and maybe a legacy gift. You can also get what is called a burial policy or even a cremation policy. Whatever you want to call your coverage – final expense, burial policy or cremation policy – all coverage options are whole life insurance plans for seniors differing only by face amount.

Who Needs A Final Expense Life Insurance Policy?

An excellent question! Since you’re reading here, you probably need coverage or you’re looking into purchasing a policy for someone else. In a perfect world, we’d all be debt free and maybe pay in advance for our funeral costs. Maybe we’d have plenty of money set aside to cover the costs associated with a funeral. Wouldn’t it be nice to be able to leave a hefty amount of money as a legacy gift for your family or favorite charity? Since that’s not always the case, most of us need to purchase a policy that will take care of our final expenses and not leave our family with a financial burden.

Where Can I Get A Final Expense Policy?

The only way you can get a final expense policy is to go through a licensed insurance agent like someone who works with Final Expense Resource. But therein lies an important difference you need to be aware of. There are two types of agents in the marketplace – captive and independent. We’re all State licensed and keep up our continuing education requirements but the big difference is product selection.

  • Independent Agent – Working with an independent agent is where you have real options. As your independent agent, we look over the entire market for you and give you the best companies that fit your unique situation. We’ve done this so many times we’ve got it down to a science. The same companies that come up again and again we add to our representation. What you end up with is a cost-effective policy that fits exactly what you need.
  • Captive Agent – This is the type of agent you’ll find working for State Farm, Progressive, Geico, Farmers, etc. They are State licensed like we are BUT can only offer you policies from their company portfolio. While the policies they offer might be pretty good, are they the best fit for you? Are they offering the best cost? Are there better options? There probably are so that’s why everyone should check out what’s available from an Independent Agent.

When Does My Final Expense Policy Go Into Effect?

Another excellent question! There are a few different ways to answer this question so depending on what your needs are let’s make sure to get the right policy for you. If you need immediate coverage we’ll need to get you into a Level Benefit Plan. That’s the best, most cost-effective way to go. But, that’s not always an option given underlying health conditions. So in those cases we’ll need to look at a graded benefit plan or a modified benefit plan. Then there’s the easiest option of all: Guaranteed Acceptance.

The 4 Types of Final Expense Plans

Immediate Death Benefit Payout Plans

  • Level Benefit Plan – If you’re able to say “no” to all the health questions on the application, this is the best option for you. Level benefit plans payout 100% death benefit on day one of your policy. Since you were able to give an outstanding health questionnaire, this option offers the cheapest premium prices.
  • Graded Benefit Plan – This plan level is still pretty good and prices are still reasonable. This plan level will be offered if you had to say “yes” to certain health questions. A 100% death benefit isn’t available on day one. However, conditions of this level will allow for between 75% – 80% death benefit payout depending on the insurance company.

Return Of Premium or 100% Death Benefit Payout Plans

  • Modified Benefit Plan – This plan level is offered when you’ve had to say “yes” to a number of health questions. At this point we need to compare what the prices are in a Guaranteed Acceptance policy. However, this level is usually less expensive than Guaranteed. If you pass away in the first 2 years after the policy goes in effect, your beneficiaries will get back only the premiums you paid in. If passing is after the 2 year waiting period then 100% payout of the death benefit is guaranteed.
  • Guaranteed Acceptance – These are so easy! If you’ve had recent health issues this is the way to go. There are no health questions and no physical exam. If passing is within the first 2 years of the policy effective date then your beneficiary gets back only the premiums you paid in. After 2 years your beneficiary will get 100% death benefit payout guaranteed.

At Final Expense Resource we’ve been through this a number of times. We’ll be able to let you know which level you’ll most likely qualify for before the health questions are finished. We can also tell you the cost associated with each level so you can be best informed to make the best decision for you.

How Much Does A Final Expense Policy Cost?

The answer to this question will depend on a number of factors. There are, however, 6 basic factors in every situation that are the major components that will dictate cost. We’ll list them here and talk about each one individually.

6 Basic Factors That Determine Premium Cost

  • Your Home State – Not all insurance companies offer policies in every State. There are also certain risks associated with living in one State vs another. Population, crime rate, weather, pollution etc are all factors unique to each State.
  • Coverage Amount Requested – Policies are offered with coverage amounts anywhere from $1,000 to $50,000. Higher death benefits cost higher monthly premiums.
  • Overall Health – The healthier you are the more cost-effective your coverage will be. Also, you can qualify for higher policy amounts if you want to.
  • Your Age – The younger you are, the cheaper monthly premiums will be.
  • Gender – Rates are lower for women than men because women tend to live longer and have less risk of dying while coverage is in place.
  • Tobacco Use – You can still qualify for a policy as a smoker. You’ll see better rates if you’re a non-smoker.

Sample Policy Rates for a 50-year Old

GenderCoverage AmountPolicy LevelTobacco UseMonthly Premium

Sample Policy Rates for a 60-year Old

GenderCoverage AmountPolicy LevelTobacco UseMonthly Premium

Sample Policy Rates for a 70-year Old

GenderCoverage AmountPolicy LevelTobacco UseMonthly Premium

Sample Policy Rates for an 80-year Old

GenderCoverage AmountPolicy LevelTobacco UseMonthly Premium

5 Guarantees of a Final Expense Life Insurance Policy

No matter what type of whole life policy you get to cover your burial, funeral, or cremations costs, there are 5 basic guarantees in each policy.

  • Your policy cannot be canceled by the insurer. Some insurance coverage (home, renters, car, health) can be canceled at the carrier’s discretion. Final expense life policies are always there guaranteed.
  • Your policy does not expire – Certain types of insurance here again (term life) expires at a future date. Our plans are good for your whole life.
  • No medical exam – With our final expense life insurance policies for seniors, no medical exam is required. Ever.
  • Policy benefits never decrease – Once you lock in a face amount along with the premium, it never changes. Guaranteed.
  • Premiums never increase – With our whole life final expense insurance plans, premiums never increase once the policy is in force.

What’s The Difference Between A Final Expense Policy, Burial Insurance and Cremation Insurance?

In a word, nothing. Over the years the terms have come to mean different things but the policies that are used for each category are the same. A final expense policy might be large enough to cover all your final expenses including medical and burial. Burial insurance may only be large enough to cover the costs associated with that. A cremation insurance policy covers just that – cremation. But the type if insurance that is used in each case is the same – whole life insurance. You can use term life insurance in the same situations but in doing so you risk the policy not being in effect when you need it.

I Have Health Issues; Can I Get A Policy?

Yes! You absolutely can. The list below is a short list of health conditions we are confronted with most often. None are really a disqualification. There’s almost always an insurance company out there that will cover you if you’re willing to pay.

List of Health Concerns Covered for Final Expense Insurance

  • AIDS/HIV Heart disease
  • Alzheimer’s Hemophilia
  • Anxiety Hepatitis C
  • Bypass surgery High blood pressure
  • Cancer High cholesterol
  • Cerebral palsy Lupus
  • Coronary Artery Obesity
  • Dementia Obesity
  • Depression Paralysis
  • Diabetes Paraplegia
  • Epilepsy Sleep apnea
  • Stroke

Applying for Final Expense Coverage

There are 3 main ways to complete an application. This is where you need to speak directly to an agent

Our advice is to go with an independent agency like we are because we can shop the market on yoru behalf and talk you through the pros and cons that apply to different policies and different situations. You can go with a captive agent at the Big-Name Insurance Agency but they’re bound to their own product line. Compared to them, we don’t have a limit yet we choose to limit ourselves to only the best.

Voice authorization

What you need to know…

Voice Authorization

This is our favorite way to get a policy in place. After we help you decide on the policy amount, risks, and company we’ll conference in the carrier for a 15-20 minute conversation. Once you give your voice authorization and submit payment the actual policy is sent to you through the mail.

Online registration for final expense insurance policy

What you need to know…

Online Application

Our second-best favored option is completing an application via email. With this option we ask the carrier-specific health questions. Once the payment information is submitted the applicaiton goes for approval. This process takes slightly longer but still a preferred method.

paper application for final expense life insurance for seniors

What you need to know…

Paper Application

Yes, paper applications are here and will probably never go away! Although the insurance market is making more and more options available to get transactions completed. There’s a lot of waiting with this option. If time is critical we’ll avoid this.

How Can I Save Money On My Final Expense Life Insurance Policy?

This is what is so good about working with an independent agent. Not only can we represent an unlimited number of insurance companies; we can help you choose the best policy from within multiple companies. With a Big-Name Insurance Company you’re stuck with their product line. While Insurance company actuarial tables may be very close regarding life insurance, overhead expenses are not equal at all. More competition is better so the more companies we can shop for you the better it is for you.

How Is Final Expense Resource Different?

Final expense life insurance for seniors is all we do. When you come across another agency that offers all kinds of life insurance, that may be good for some customers but not all. Final expense shoppers need a specialist like us. Since this is all we do, our only focus is on this market and what we can do to be the best for our customers. We represent the best insurance carriers with the best products and prices. That makes it easy for you to get what you need and gain peace of mind quicker. Contact us today and we’ll help you figure out exactly what you need.