Affordable Life Insurance for Seniors Living on a Budget
Final expense insurance, or burial insurance, is typically a form of whole life insurance having face values of $10,000-$40,000. This is the type of life insurance most folks over 60 purchase due to its affordability.
Ultimately, most seniors get this coverage to pay for the cost of funeral and burial services. However, unlike preneed or prepaid funeral packages, final expense insurance can also help cover outstanding debts, other remaining expenses, and anything left over can go to a beneficiary to assist them through a tough time.
This type of life insurance also allows you to choose your beneficiary, unlike prepaid funeral packages.
While a prepaid burial plan usually is payable to the funeral home, a final expense payout goes straight to the beneficiary you choose. Depending on your coverage needs, it can last for the duration of a specified term or until the whole life policy ends at age 100.