Get Final expense life insurance for seniors

Final Expense Life Insurance

Final expense life insurance helps ease the financial burden placed on a family when a loved one dies.

Find out if this coverage is right for you by calling us today at (800) 698-7033. 


Final Expense Life Insurance - Easy for Seniors to Purchase


When it comes to searching for affordable final expense life insurance for seniors the most important consideration is to use an independent agent with many companies available to them. These policies do not require any medical exam, just answers to a number of medical questions. You can have a policy approved the same day you apply, or at worst within a few days. 


The average funeral cost in America is about $7,000. Life insurance products for seniors and the elderly include burial insurance or final expense insurance (they are the same) which protect you and your family from worrying about the end of life costs such as funerals, outstanding bills, medical bills, and more.


Final expense life insurance includes several different types of policies:

  • Preferred final expense coverage 
  • Standard final expense coverage
  • Graded or Modified final expense coverage
  • Guaranteed issue final expense coverage

Click on the links to learn the details of each type of policy.

Take care of your family with affordable final expense life insurance for seniors with LifeNet’s trusted carriers. We represent many final expense carriers and we are always adding more. This gives you a wide range of companies to choose from. We can help you select the best company based on your health history and your needs.


Free eBook Final Expense Life Insurance Handbook


How Does Final Expense Life Insurance Work?

  • Talk with an independent agent to find out which type of final expense coverage you can obtain (based on your health history).
  • Apply for final expense life insurance and name a beneficiary who will take care of your final needs and expenses.
  • After approval, review your policy. Give the important policy information to your beneficiary.
  • For funeral expenses, the beneficiary of your final expense life insurance policy will work directly with the funeral home to cover the cost of the funeral.
  • After completion, the funeral home is paid and your beneficiary receives the outstanding funds left over from your final expense life insurance policy to settle any other outstanding debts.



Why Use an Independent Life Insurance Agent to Purchase Final Expense

1. Applying for final expense life insurance requires answers to a number of medical questions.

2. Every insurance carrier asks slightly different questions. You can be approved by one carrier and offered graded or modified coverage or declined by another. 

3. Your agent will be able to help you choose the right company based on your health history.

4. Agents can also speak with underwriters at the company to ask about any qualifying questions.

5. Agents will find you the right coverage at the best price.

Types of Final Expense Insurance

There are several types of coverage that fall into this category.

  • Senior Universal life insurance is a permanent policy that starts at $25,000 , $50,000 or $100,000 (set by the state you reside in). It requires a medical exam and complete underwriting including doctor records. This insurance will take several weeks to place in force, but it will be the least expensive coverage for final expenses. To learn more about this type of coverage click on the link.
  • Simplified issue whole life insurance is a permanent policy that starts at face amounts as low as $2,000 and goes up to $25,000 to $50,000 depending on the insurer. These are the policies that can be approved in a day. They require answers to questions only, no medical exam or doctor records. There are preferred benefit, standard benefit and graded benefit policies.
  • Guaranteed issue life insurance has no medical questions and all applicants are accepted. The face amounts generally range from $2,000 up to $25,000. 

Final Expense Life Insurance
Preferred or Level Benefit

This is the ideal type of final expense coverage. This is the least expensive of the final expense policies. There is no waiting period - the policy starts on day one. The premium and face amount of the policy never change.

There are no exams required, just answering some medical questions. The insurer will check some data bases to confirm your answers. Often policies are approved within a day or two and can be placed in force right then.

Many carriers offer this coverage. We find you the lowest cost policy with a strong carrier that you can qualify with as prices for the same insurance vary widely. 

Final Expense Life Insurance 
Standard Benefit

If you cannot qualify for a preferred benefit final expense life insurance, some carriers offer a standard benefit policy.

Coverage for these policies still starts on day one. The premium and the face amount of the policy never change.

The difference is that you are a slightly higher medical risk, and the price is a little more than the preferred benefit. This is a better price than a graded benefit policy. The insurer will check the same databases as for preferred benefit.

Not all carriers have this option, instead they go from preferred to graded benefit.


Final Expense Life Insurance
Graded or Modified Benefit

When you can't qualify for coverage from day one, graded or modified benefit policies are an option. These policies have a waiting period, usually two  to three years.  During the waiting period the company will pay the full face amount for accidental death. They will pay for death from any medical reason by either:

  • Returning premiums paid plus interest to your beneficiary or
  • Paying a higher percentage of the face amount each year until you reach 100%. 
  • Once the graded period is over, the full face amount is always paid.

The premium  never changes. After the graded period the face amount  never changes. 

The insurance carrier will check the same databases as the prior two types of final expense coverage.

This coverage is more expensive than the level policies and may be less expensive than a guaranteed issue policies.

Guaranteed Issue
Final Expense Life Insurance

If you cannot qualify for any other type of life insurance coverage, you can purchase a guaranteed issue policy.

There are no medical questions to answer and all applications are approved. 

You can have coverage in place in a day. 

There is a two or three year waiting period. If the insured passed from illness during this time the company usually pays your beneficiary all premiums paid plus interest. Once the waiting period is over, the full face amount is paid.

If the insured dies from an accident, the full face amount is paid.

This is the most expensive type of final expense coverage as the insurance company has no medical information about you, however, if you are unable to purchase any other insurance, this is a great option.


What Can I Use Final Expense Life Insurance For?

Your beneficiary can use this coverage as they see fit. They can use the payout to cover:

     1. Burial/Funeral costs
     2. Doctor/Medical bills
     3. Credit card bills
     4. Any outstanding debts
     5. Helping your family

The beauty of final expense insurance is that the money comes to your beneficiary for them to use in any way that it is needed. It gives you and your family peace of mind.


Get a Free Final Expense Quote

It's easy to get a free quote on the internet, or even on our site (see below). The problem is that you have no way to compare the different companies other than price. 

Contact LifeNet today to get a free quote and speak with our professional life insurance agents! Or call us now at (800) 698-7033.


Free Final Expense Quote

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