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What is Final Expense Insurance?

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Purchasing the right life insurance coverage is an essential decision for any adult, but for a senior, it can become even more difficult. Due to age and various health conditions, many senior citizens get turned down for traditional life insurance policies or they find that the premiums are higher than what they can afford.

If you are a senior citizen or an adult child shopping for your elderly parents, you should know that you do have options when it comes to senior life insurance plans. One excellent option, for example, is final expense insurance. To find the best final expense insurance, however, you might want to learn a little more about it. Luckily, this simple guide will give you a bit more insight about these popular and reliable coverage options.


Also known as burial insurance, final expense insurance is designed to cover funeral expenses and other final expenses after one’s death. It has a few key differences from term life or whole life insurance, such as:

Just as with other senior life insurance policies, final expense insurance payouts are paid directly to the beneficiary in a lump sum. This means that you don’t have to worry about whether or not final expenses will be taken care of. The beneficiary can choose what needs to be paid and can take care of it with the insurance proceeds.

With this type of final expense insurance, you don’t have to worry about being covered; your coverage will take effect right away, and the full face value will be paid when you pass away, regardless of how soon it might occur after coverage has been purchased. This type of final expense insurance is generally reserved for those who are in good health.

Graded policies are an option for those who aren’t in the best of health but who want as much coverage as possible. With graded coverage, there is a 24-month waiting period before the full death benefit will be paid, but the beneficiary will be paid a percentage of the benefit. For example, some policies involve a 25-percent payout during the first year and a 75-percent payout during the second year. Once the two-year waiting period has ended, however, the full death benefit will be paid upon the insured’s death.

With a modified policy, you are subject to a waiting period that generally lasts for two years. If something happens during this time period, the beneficiary will be repaid the amount of the premiums paid along with a small percentage. For example, some companies offer the full amount of premiums paid plus 10 percent in the first year or 20 percent during the second year. With these policies, the full death benefit is paid after the two-year period has passed.

There are lots of different final expense insurance providers for you to look into, but these are some of the most top-rated. Since they offer senior life insurance plans between the ages of 50 and 85, they could be a great choice for you or your parents. All three of these companies provide top plans, have affordable rates and come highly recommended, but seeking quotes from each will help you find the one that is right for you.

Buying senior life insurance is easier than you probably think, but you shouldn’t make a rushed decision. By taking your time and carefully shopping for the right coverage, you can help ensure that you are covered when you need it the most and that you don’t have to spend too much on your final expense insurance. Here are a few things to keep in mind when shopping for senior life insurance coverage for yourself or your parents:

Fortunately, we at United Life Group make it easy for you to take this crucial step.

By simply entering your state into the form at the top of the page, you can begin receiving rates and coverage options right away. This will help you make the right decision without having to leave the comfort of your home.