Final Expense Life Insurance

Also known as Whole Life Insurance

Final Expense Life insurance is sometimes also referred to as Whole Life, Guaranteed Issue, Graded Life. Whole life is different from Term Life insurance which expires at the end of the “Term,” usually 10, 20 or 30 years. Whole Life is guaranteed renewable for the rest of your life.

There are two primary reasons to consider a Whole Life Insurance Policy:

  1. To cover the costs of a funeral and any outstanding expenses such as loans and debts
  2. To protect your estate.

A Whole Life/Final Expense Life Insurance policy accomplishes these two goals.

Types of Whole Life Insurance

There are two basic types of Whole Life Insurance:

  1. Standard
  2. Guaranteed Issue or Graded.

If you are in good health, you will likely qualify for Standard. If you have had any health issues over the last 5-10 years you may have to get a “Graded” Whole Life policy. The primary differences between the two are the cost, and when the benefit goes into effect. A Graded Policy will generally have a 2-3 year graded benefit period. The policy will not be fully in force until the end of the graded period.

How much does Whole Life Insurance Cost?

The cost of a Whole Life Insurance Policy depends on three things:

  1. The Policy Benefit amount
  2. Your current age
  3. Your health.

Southern Senior Care can develop a Free Rate Quote for you within a few hours. Simply call us or fill out our rate Quote Form and we’ll get back with you usually the same business day. We use only A rated companies or better. Ratings are provided by several companies including A.M. BestMoodys and Standard and Poors.