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What is Final Expense Life Insurance and Should You Buy It?


Final expense life insurance is a type of life insurance policy that is designed to cover the costs associated with end-of-life expenses, such as funeral and burial costs. These policies typically have smaller death benefits compared to other types of life insurance, and may also have lower premiums.


The policy holder can pay the premium over a period of time and can choose the death benefit amount. The death benefit is paid out to the beneficiaries of the policy holder after the holder's death. Many final expense policies are guaranteed issue, meaning that they do not require a medical exam and are available to individuals with pre-existing health conditions.

Final expense life insurance may be a good option for people who are looking for a way to provide for their end-of-life expenses and ease the financial burden on their loved ones. Some people who may benefit from a final expense policy include:

  • Seniors: As people get older, they may want to ensure that their funeral and burial costs are covered, so that their loved ones are not left with the financial burden.

  • Individuals with pre-existing health conditions: Some final expense policies are guaranteed issue, meaning that they do not require a medical exam and are available to individuals with pre-existing health conditions.

  • People who do not have sufficient savings: Some people may not have enough savings to cover their final expenses, and a final expense policy can provide them with a way to ensure that their loved ones are not left with the financial burden.

  • Individuals who want to leave a legacy: Some people may want to use a final expense policy as a way to leave a legacy for their loved ones or for a charitable cause.

It's important to consider one's personal financial situation and goals when determining whether a final expense policy is the best option for them. It's always advisable to speak with a financial advisor or insurance agent to determine what type of life insurance would be best for your specific needs and budget.

If you have any questions or to speak with one of our advisors, email us at info@strategiesforwealth.com or call us at (503) 217-4150.



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