How does short-term life insurance work?

Short-term life insurance coverage works just like a standard term policy, except that it's only in effect for one year rather than 10 or more years. If you pass away during the year of coverage, your beneficiaries can file a claim for your policy's death benefit , and they may use the payout dollars however they wish — to help pay off debt, cover end-of-life expenses, or pay for everyday costs. You can even name a charity as one of your beneficiaries.

Final Expense Insurance

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What is final expense life insurance?

Final expense insurance, also referred to as burial insurance, covers end-of-life expenses including funeral arrangements and any remaining medical or legal expenses that will need to be settled by your beneficiary. This coverage can ensure that your loved ones aren't left with a financial burden, as the average funeral can cost $10,000 or more.

Why Buy Final Expense Insurance?

Final expense insurance is one of the most affordable types of life insurance — a RAPIDecision^® Final Expense policy through eFinancial starts at just $58 per month. Plus, the approval process is quick and easy. You may even start your coverage on the same day you apply.

What are the benefits of final expense insurance?

Burial insurance is an affordable way to give your family financial protection. Here are some of the advantages:

No medical exam

Certain types of life insurance require a medical exam, but not a burial insurance policy. Unless you have a serious pre-existing medical condition, you'll likely be able to get coverage.

Lower premiums

Final expense life insurance rates start at just $58 per month for policies with coverage amounts ranging from $5,000 to $35,000.

Payment flexibility

You get to choose if you want to pay your premium monthly or annually.

Quick approvals

The application process is quick and easy, and coverage can be issued in days, sometimes even on the day you apply. Once you've been approved, your coverage starts immediately.

What does a burial insurance policy cover?

Burial insurance policies cover the costs incurred by the death of a loved one. There are a number of costs associated with a death, so having final expense coverage is important. Some of the essentials covered include:

Funeral arrangements, including embalming, casket, flowers, and services
Burial costs, including cremation, burial plot, headstone, and interment
Outstanding medical, legal, or credit card bills

Learn more about how burial insurance works.

How do I know if my beneficiary will use the payout for my funeral?

Once the funds have been paid out to your beneficiary, they can use the money any way they want. If there are funds remaining after paying for all funeral-related matters, the beneficiary may use the balance to pay outstanding medical, legal, or credit card bills in your name. Just be sure you choose someone you can trust to allocate the funds properly.