Note: Surevix does not offer final expense-specific life insurance, but our term life and whole life policies for seniors ages 66-85 can be used to help cover end-of-life costs. We provide this information to assist our customers in making informed decisions about their life insurance needs.
Funerals, burials, and cremations can be costly. In 2021, the median cost of a funeral with a burial was $7,848, while the median price for a funeral with cremation was approximately $6,971. While many people rely on personal savings to cover these expenses, others choose to purchase life insurance to help their loved ones with the financial burden of their final wishes.
Though Surevix doesn’t offer insurance specifically for final expenses, our term and whole life policies serve as a great alternative to provide funds for memorial services. Our whole life policies offer guaranteed approval, making them an excellent choice for seniors who want to plan for their burial or cremation costs.
Funerals, burials, and cremations can be costly. In 2021, the median cost of a funeral with a burial was $7,848, while the median price for a funeral with cremation was approximately $6,971. While many people rely on personal savings to cover these expenses, others choose to purchase life insurance to help their loved ones with the financial burden of their final wishes.
Though Surevix doesn’t offer insurance specifically for final expenses, our term and whole life policies serve as a great alternative to provide funds for memorial services. Our whole life policies offer guaranteed approval, making them an excellent choice for seniors who want to plan for their burial or cremation costs.
How does Surevix work?
Discover how simple the application process is and how to choose the right policy for your family’s needs.
What is final expense insurance?
Final expense insurance is a form of permanent life insurance designed to cover end-of-life expenses, such as funeral costs, cremation services, medical bills, and outstanding debts like a mortgage.
While it’s mainly used for end-of-life expenses, the payout can be used for anything, and it’s tax-free. You can even name a funeral home as the beneficiary to receive the payment directly.
A key benefit of final expense insurance is that it guarantees coverage without requiring a medical exam, only a few health questions. Unlike term or whole life insurance, everyone who applies for final expense insurance is approved.
Additionally, these policies accumulate cash value, which you can borrow against, similar to a personal loan. If not repaid, the amount will be deducted from your death benefit.
Final expense insurance is particularly helpful for seniors or those with health conditions who may struggle to qualify for other types of life insurance. However, the coverage is generally lower than that of other life insurance policies.
While it’s mainly used for end-of-life expenses, the payout can be used for anything, and it’s tax-free. You can even name a funeral home as the beneficiary to receive the payment directly.
A key benefit of final expense insurance is that it guarantees coverage without requiring a medical exam, only a few health questions. Unlike term or whole life insurance, everyone who applies for final expense insurance is approved.
Additionally, these policies accumulate cash value, which you can borrow against, similar to a personal loan. If not repaid, the amount will be deducted from your death benefit.
Final expense insurance is particularly helpful for seniors or those with health conditions who may struggle to qualify for other types of life insurance. However, the coverage is generally lower than that of other life insurance policies.
How much is final expense life insurance?
The cost of final expense life insurance varies based on several factors. While a medical exam is not required, your answers to a health questionnaire help determine your coverage and premium. Key factors influencing the cost include:
- Location
- Age
- Gender
- General health
- Tobacco use
- Credit history
Who needs final expense insurance?
Final expense insurance is ideal for seniors who may not qualify for traditional life insurance due to age or health conditions. It’s also a good choice for those with pre-existing health issues or a family medical history that makes them ineligible for standard policies.
Additionally, it’s beneficial for individuals who want to cover their own funeral expenses. Since burial and cremation costs can be high, final expense insurance ensures that loved ones won’t need to use their savings for these arrangements.
However, it’s not the best option for everyone. Younger, healthier individuals may qualify for a term life insurance policy, which offers more coverage at a lower premium.
Additionally, it’s beneficial for individuals who want to cover their own funeral expenses. Since burial and cremation costs can be high, final expense insurance ensures that loved ones won’t need to use their savings for these arrangements.
However, it’s not the best option for everyone. Younger, healthier individuals may qualify for a term life insurance policy, which offers more coverage at a lower premium.
How to get whole life insurance from Surevix
Getting whole life insurance with Surevix is simple and fast. Coverage is available for seniors aged 66-85, and there’s no medical exam required. To start, provide basic information about yourself and your health. You’ll then see an estimated rate and the coverage amount you qualify for, which ranges from $1,000 to $30,000.
You can purchase a policy online, and coverage starts immediately after your first premium payment. Your rate remains fixed, and you’re covered for life as long as premiums are paid. While Surevix doesn’t offer insurance specifically for final expenses, our policies can be used for any purpose your beneficiary chooses.
If you have questions or need assistance, feel free to contact our agents at (415) 322-2037 or email [email protected].
You can purchase a policy online, and coverage starts immediately after your first premium payment. Your rate remains fixed, and you’re covered for life as long as premiums are paid. While Surevix doesn’t offer insurance specifically for final expenses, our policies can be used for any purpose your beneficiary chooses.
If you have questions or need assistance, feel free to contact our agents at (415) 322-2037 or email [email protected].
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Understanding Whole Life Insurance
Whole life insurance is a type of permanent life insurance, meaning it provides lifelong coverage. No matter how old you are when you pass away, your beneficiaries will receive a death benefit, as long as you continue to pay the premiums.
Life Insurance In Your 50s (And Up)
This article explores why individuals aged 50 and older might or might not need life insurance and examines the options available if you’re considering purchasing it for the first time.
Is Final Expense Insurance Right For You?
Final expense insurance is a way to cover medical costs and other expenses at the end of life.