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.
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.