Funeral or Memorial Costs
Beneficiaries may use policy proceeds toward funeral home, memorial service, burial or cremation expenses.
FINAL EXPENSE INSURANCE
Final Expense Insurance Help in Tulsa, Oklahoma
Final expense life insurance can help provide money to your beneficiaries for funeral, burial, cremation and other expenses after death. Great Nation Insurance helps Tulsa-area families compare the final expense policies and carriers we offer.
What Is Final Expense Insurance?
Final expense insurance—sometimes called burial or funeral insurance—is generally a smaller permanent life insurance policy. If the insured dies while an eligible policy is in force, the death benefit is paid to the named beneficiary according to the policy contract.
Although people often purchase this coverage with funeral and end-of-life costs in mind, the beneficiary generally receives the policy proceeds and can use them for the family's financial needs.
What Can the Death Benefit Help With?
Medical & Final Bills
Families may face outstanding medical bills or other expenses after a loved one's death.
Personal Debts
Policy proceeds can provide additional funds that beneficiaries may use for debts or other financial obligations.
Other Family Needs
The death benefit is paid to the beneficiary rather than directly restricted to funeral expenses, subject to the policy and applicable law.
Do Final Expense Policies Require a Medical Exam?
Many final expense products use simplified underwriting and may not require a traditional medical exam. Applicants may instead answer health questions and the insurer may use other underwriting information. Requirements differ by company and product.
Some guaranteed-issue policies may ask few or no health questions, but they can cost more for the amount of coverage and may include a graded or limited death benefit during an initial policy period for certain causes of death. It is important to understand those provisions before buying.
Final Expense vs. Term Life Insurance
Final Expense
Usually designed as smaller permanent coverage intended to remain in force as long as required premiums are paid and policy requirements are met. It is often considered when the primary goal is leaving funds for end-of-life and other final expenses.
Term Life
Provides coverage for a specified term and is often used when a larger death benefit is needed for temporary obligations such as income replacement, children or a mortgage.
Who Might Consider Final Expense Insurance?
Final expense insurance may be worth exploring for someone who wants a modest amount of permanent life insurance, does not need a large income-replacement policy, wants to leave money that can help family members with end-of-life costs, or may prefer simplified underwriting.
It is not automatically the best choice for everyone. Depending on your age, health and coverage needs, another type of life insurance may offer different benefits or pricing. Comparing options is important.
What Affects the Cost?
Premiums and eligibility can depend on age, sex where permitted, tobacco use, health history, coverage amount, underwriting type and the insurance company. Policies with less medical underwriting can have different pricing and benefit provisions than fully underwritten coverage.
Great Nation Insurance represents multiple life insurance carriers and can help compare the final expense options we offer based on your situation.
Common Final Expense Insurance Questions
Is final expense insurance the same as burial insurance?
The terms final expense, burial insurance and funeral insurance are often used for smaller permanent life insurance policies purchased primarily to help beneficiaries handle end-of-life expenses.
Does the beneficiary have to use the money for my funeral?
Generally, the life insurance death benefit is paid to the named beneficiary, who can use the proceeds for financial needs. Policy ownership, beneficiary arrangements and applicable law can affect individual situations.
Can I qualify if I have health problems?
Possibly. Some products use simplified underwriting, while others may offer guaranteed-issue coverage. Eligibility, pricing, waiting periods and benefit limitations vary by carrier.
Will my premium stay the same?
Many final expense policies are whole life policies with level premiums, but you should verify the guarantees and payment requirements in the specific policy before purchasing.
Can Great Nation Insurance compare multiple final expense companies?
Yes. We represent multiple life insurance carriers and can help compare the final expense policies we offer based on your needs and eligibility.
Request a Free Final Expense Insurance Quote
Tell us how to reach you and Great Nation Insurance can contact you to discuss the final expense insurance options we offer.
OR CALL (918) 895-2000
Life insurance availability, premiums, underwriting requirements, waiting periods, policy features and guarantees vary by insurance company and applicant. Policy guarantees are subject to the claims-paying ability of the issuing insurer. Review the policy contract and carrier materials for complete terms, exclusions and limitations.