Final Expense
Final Expense (FE) in terms of life insurance typically refers to the costs associated with end-of-life arrangements such as funeral and burial expenses. Depending upon the policy you choose, it may also cover medical bills and outstanding debts left behind by the person who passed away.
Let the specialists at Benchmark help you find a plan that meets your needs. Even if you’ve been turned down before, talk to us about the other options we offer. Final Expense typically has 3 categories: Level, Graded, and Guaranteed Issue.
Level Benefit Life Insurance ensures that the death benefit remains unchanged throughout the policy term or the insured’s lifetime. Upon the policyholder’s passing, the beneficiary receives the full coverage amount.
- Immediate coverage with no waiting period
- Premiums remain constant for life
- Full payout guaranteed with no reductions over time
Graded Benefit Life Insurance is for individuals who may not qualify for traditional life insurance. This coverage usually comes with an extended waiting period. If the insured passes away during this time, the beneficiary receives a reduced payout or a refund of the premiums paid, often with added interest.
- Easier approval with fewer health questions than level coverage
- Cash value growth
Guaranteed Issue Life Insurance, as the name implies, is for people who may be denied traditional life insurance coverage. Approval is guaranteed as long as the applicant meets the age requirements. This is an option for individuals who are otherwise uninsurable.
- No medical exam or health questions
- Builds cash value
- Payout to cover final expenses
