Final Expenses - Covered

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While many insurance policies, whether Term Life or Whole Life, will supply survivors with sufficient funds to cover a lost loved one's debts and expenses, you can purchase additional insurance specifically designed to cover "Final Expenses."

Sometimes referred to as Burial or Funeral Insurance, Final Expense Coverage is low to moderate value insurance designed to aid survivors with "final expenses" associated with a funeral, burial, etc. Individual policies may or may not require they be used only for such purposes. The insured names a beneficiary who will be responsible for carrying out the insured's wishes.

Final Expense Insurance arose in recent years as a niche product to address needs of an aging population. Many companies offer policies tailored to the needs of senior applicants, allowing a senior citizen purchasing insurance at an older issue age an opportunity to buy affordable insurance.

It's important to distinguish Final Expense Insurance from Preneed - or prepaid - insurance policies (whole life policies that, although available at any age, are usually offered to older applicants). This type of insurance is designed specifically to cover funeral expenses when the insured person dies. In many cases, the applicant signs a prefunded funeral arrangement with a funeral home. The proceeds are guaranteed to be directed first to the funeral services provider for payment of services. Most contracts dictate that any excess proceeds will go either to the insured's estate or a designated beneficiary.

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