This is a defined policy used for a specific purpose. We all know we will someday die and there are and will be expenses involved. Everyone has heard the saying “Death and Taxes are a sure thing!”
These policies can be funded using WHOLE LIFE, TERM LIFE with Return of Premiums, or an ANNUITY.
Most of these type policies can be purchased or started for as little as $20 per month… even the annuity. Clients are offered Memorial Guides and Booklets to help in planning as well as a blank, simple Will and Last Testament form for their use. These policies can all be assigned to protect their value and use from liens in case a person has medical expenses, nursing home expenses that deplete their assests before they die. The importance of a FINAL EXPENSE policy is that it pays TAX FREE CASH so the funds can be used for any number of needs other than the funeral ; such as attorney fees, house cleaning, disposal of property and other costs of settling an estate.
As with any life insurance policy, the younger a person starts, the less the premiums will be. Most Whole life Final Expense policies can be purchased to age 85. Annuities to be used for FINAL EXPENSE can be purchased to age 100 depending on the amount of premium to be placed.