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Final Expense Life Insurance vs. Preneed/Prepaid Insurance

4/15/2021

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Final expense insurance, also known as burial insurance, is meant to cover the cost of funeral and burial services, such as a prepaid plan or preened plan. However, unlike preneed or prepaid funeral packages, final expense insurance can also help cover a wide variety of debts, fees and remaining expenses. Another perk with this type of life insurance is that it allows you to choose your beneficiary, whereas the prepaid and preneed plans do not. A preneed plan is usually payable to the funeral home. However, a final expense benefit goes straight to the beneficiary of your choosing. Final Expense Insurance coverage depends on your individual needs. It can last for the duration of a term (aka Term Policy), or it can be purchased as a Whole Life Policy and last your remaining lifetime, with the policy ending at age 100.

Below is a clear comparison between Burial/Preneed/Prepaid Insurance & Final Expense Life Insurance.
For further questions, call our office at 954-908-3473.
COMPARISON
Burial/Preneed/Prepaid Insurance
Final Expense Insurance
Expenses Covered:
Burial/Funeral Cost ONLY
A variety of Final Expenses
Beneficiary:
Funeral Home
Your choice
Specific Arrangements:
Locked in at the time you choose
Remain flexible, although you give instructions
Cost
Varies by provider and selection—solely covers funeral costs
Starting as low as $0.05 per day
Benefit Amount:
Once the plan is paid for, the benefit amount remains the same.
Tax-free savings are built up over time, up to $30,000.
Balance May Be Borrowed Against:
No
Yes
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    This blog is updated randomly by Doug Blake and some of The Blake Group Members and Staff to provide insight on what we do and why we do it. This is a very rewarding career field and we'd like to start sharing it with you through our own lens and expertise as we move forward.

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Cooper City, FL 33328

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