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The following article was published in our article directory on August 6, 2013.
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Understanding Final Expense

Article Category: Advice

Author Name: Jim Lee

A final expense insurance policy is used to shoulder various funeral services and the burial itself whenever a named insured dies. This policy is designed to assist the immediate family in the financial burden should a loved one die.

Note that even if the policy is termed as "final expense insurance," it is still similar to traditional life insurance policies, though there is some monetary value tagged to it. With this policy, the named insured feels safe and fully prepared knowing that all funeral expenses are already covered despite the instances at the time of his/her death.

Upon purchasing the policy, you also designate a beneficiary who will function to provide your insurance company with a proof of your death. Your beneficiary could presumably be the executor of your estates designated in your will, a spouse or another direct family member. Even if you purchase the policy with the intent of covering future funeral costs, your beneficiary can do anything he/she wants with the money aside from paying for your funeral costs. Furthermore, if your purchased policy happens to be more than what is needed to compensate for your funeral, your beneficiary is expected to get everything after all the burial costs have been paid.

This particular policy also differs from the pre-need insurance concept. Instead of insurance companies, funeral directors (also considered license agents) sell these pre-need policies that cover various costs in their respective funeral homes, with the funeral homes themselves listed as the beneficiaries.

There are generally two insurance types: term life insurance and whole life insurance. The term life insurance policy grants the insured with specific time or "set age" coverage, after which the coverage officially expires. The whole life insurance policy on the other hand covers the named insured throughout his/her lifetime.

To purchase a policy, you can either work directly with life insurance companies or contact an agent. Such policies are mostly guaranteed or simplified issues. Guaranteed issue policies are available to anyone despite their health conditions and medical histories. The insured need not be subjected to any health inquiry, or even take a physical exam. Such policy is notably more expensive than its simplified issue policy counterpart, which requires recipients to account for some health-related issues before the policy is issued to them.

Applications for simplified issue policies are denied upfront under health problem circumstances, or when purchasing policies with graded benefits. Opting for a graded benefit means the whole amount rewarded to beneficiaries increases each year the policy is in effect. If an insured dies a few years after holding a policy, a certain time period defined by the insurance company stops beneficiaries from collecting anything.

Final expense insurance policies are identified by determining the terms where proceeds must be used for purposes of compensating the final funeral and burial expenses. And since it is more of a traditional life insurance coverage type, named beneficiaries could opt to utilize the proceeds for other purposes aside from the funeral of the insured name. This should tell you to make sure your beneficiaries will use your policy to cover the expenses of your future funeral, and not on anything else.

Keywords: final expense, burial expense, what is final expense, burial insurance, what is burial expense

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