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Policy Types

Considerations when shopping for final expense life insurance

As you reach senior status, you may find yourself in the market for final expense life insurance. Before you start shopping, be sure to consider a few questions regarding how much you may need and if will you qualify.
As you age, you may start to think about the costs associated with your final expenses. You may also start to worry about leaving this financial burden to your spouse and other loved ones. If you're a considering a type of final expense life insurance policy to cover these costs, start by asking yourself the following three questions that can help you find the right policy.

How much coverage do I need?

Funeral costs will vary based on many different factors that may include whether you opt for a burial or cremation, the type of casket or urn, the amount and type of flowers, etc. In addition, are you looking for a policy just to cover funeral and burial expenses, or would you want a bit more coverage in the event there may be outstanding medical bills? Once you know the type of funeral you would like to have and if you want to include extra for medical expenses, you'll have a better idea of how much coverage you'll need

Will I qualify for affordable coverage?

Every insurer is different so your best bet is to shop around to see if you qualify for coverage based on your age and any pre-existing health conditions. You can shop for final expense life insurance by way of an insurance agent, or directly from a reputable insurance company.

What types of policies do I have to choose from?

Life insurance comes in the form of different types of policies. If you're looking for final expense life insurance to cover your final expenses, you may want to consider:

  • A traditional life insurance policy
    If you are in good health and under a certain age, you may qualify for a traditional life insurance policy with affordable premiums. Depending on your age and the insurance company, that could be a small permanent* or term life insurance policy.
  • A simplified issue policy
    If you have medical conditions that could make it difficult for you to qualify for a traditional life insurance policy, or if you've been turned down for coverage in the past, this may be a good option. Unlike a traditional policy, a simplified issue policy allows you to apply for coverage and bypass the medical exam. Because of this, premiums can be pricey, but it can be an option if you have certain health conditions.
  • A guaranteed issue policy
    Just as the name implies, a guaranteed issue policy will provide at least some amount of coverage. In fact, the only requirement for a guaranteed issue life insurance policy is that you pay your premiums on time. However, because there are no qualifications, premiums tend to be substantially higher than what a qualified applicant would pay for the same amount of coverage under a life insurance policy that requires medical underwriting.

Getting life insurance as a senior to cover funeral expenses isn't as impossible as you might think. Even if you are in poor health, there can be options available to you.

Learn more about different types of life insurance coverage for seniors such as funeral, burial, and pre-need insurance



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All Learning Center articles are general summaries that can be used when considering your financial future at various life stages. The information presented is for educational purposes and is meant to supplement other information specific to your situation. It is not intended as investment advice and does not necessarily represent the opinion of Protective Life or its subsidiaries.

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