Final Expense Insurance
life insuranceA type of whole life insurance with lower face amounts (typically $5,000-$50,000) designed to cover funeral costs, burial expenses, and end-of-life medical bills. Also called burial insurance, it is easier to qualify for than traditional life insurance.
Example
A 72-year-old purchases a $15,000 final expense policy with guaranteed acceptance. Monthly premium is $75. When they pass away, their family uses the $15,000 to pay for funeral and burial costs.
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