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Final expense insurance in North Carolina
Final expense insurance, also called burial insurance, is a smaller whole life policy that pays for a funeral and other last bills so your family does not have to.
What final expense insurance is
It is whole life insurance with a modest coverage amount, typically somewhere from a few thousand dollars up to around $50,000 depending on the carrier. It lasts for life, the premium does not go up, and the benefit does not go down.
The money is paid to your beneficiary, who can use it for anything: the funeral home, a headstone, medical bills, a credit card balance, or travel for family.
Who it is for
Most carriers offer final expense policies to people roughly 50 to 85 years old. It is designed for people on a fixed income who want a small, permanent policy and a simple application.
No medical exam
Final expense policies are usually approved from health questions and a prescription history check. There is typically no exam, no blood work and no long wait.
The two main kinds
Simplified issue
You answer health questions. If approved, coverage is usually in force for the full amount from the first day. This is the lower-cost option when you can qualify for it.
Guaranteed issue
There are no health questions and you cannot be turned down within the eligible ages. In exchange, these policies have a waiting period, commonly two years. If you die of illness during that time, the carrier typically returns the premiums paid plus interest instead of the full benefit. Accidental death is usually covered in full from the start.
Many people with health conditions assume they can only get guaranteed issue. Often that is not true. Carriers differ a lot on conditions like diabetes, COPD or a past heart attack, and comparing them is where an independent agent helps most.
What affects the price
Your age, sex, tobacco use, health answers and the coverage amount. Once issued, the premium is locked in.
This page is general information. What you can get, and what it costs, depends on the carrier and on underwriting. Call 704-495-2552 for options based on your situation.
Questions about final expense insurance
Can I get final expense insurance with health problems?
Often, yes. Each carrier has its own health questions, and one may approve a condition that another declines. If you cannot qualify for simplified issue, guaranteed issue policies are available within certain ages.
Does the premium ever increase?
No. With a whole life final expense policy the premium is fixed for life and the coverage does not decrease.
How fast does a final expense policy pay?
Carriers pay after they receive a claim form and a death certificate. Timing varies by carrier.
Other kinds of coverage
Not sure this is the right fit? Most people compare two or three options before deciding.
Ready to see your options?
One call covers every carrier we work with. It takes about fifteen minutes.