For anyone looking to purchase a final expense life insurance plan, there are many questions about this policy people need answering before purchasing. These are the top questions and their corresponding answers.

What Is Final Expense Life Insurance?

This is whole life insurance that provides a death benefit. It's goal is to cover the expense of having a person's burial or other expenses incurred after that person has passed. It may also be referred to as burial insurance. The benefit is paid to beneficiaries without charging tax. The process to get the payout is fairly simple and quick as the money may be needed rapidly for the funeral.

What Final Expenses are Common?

There are several common expenses that should be considered when you purchase a final expense policy. These are the items that most people will have to pay when a loved one passes:

• Burial expense
• Medical bills
• Loss of income
• Unpaid bills or other debts
• Educational expenses

While each person's situation is going to be different, these are the general costs that are going to come up when a person dies.

How Much of Final Expense Coverage Will I Need?

In general, there is no one correct answer. However, the National funeral director's association estimates that the average funeral costs approximately $9,000. This is probably the least amount that a person would need to have covered. If you have additional coverage needs, start from that number and then add coverage from that level. Some experts recommend between $10,000-15,000 is a better number to have covered.

What Will the Final Expense Insurance Policy Cost?

There is also not one particular cost that a person is going to pay for their life insurance policy. There are many factors including age, their current health, and the insurance company you choose. However, a good way to determine your cost is by getting a quote. For example, a policy with $10,000 final expense will cost about $80/month.

When Should I Buy Final Expense Life Insurance?

It's better to get life insurance as early as possible. The costs will increase as you age. Some companies won't offer coverage to patients after a certain age so it's best to get coverage earlier in life when able.

Will My Premiums Change?

No, your premium costs are not going to vary. Premiums will always to stay at the same cost even as you age or if you experience any changes in your personal health. This is why many people appreciate the attractive features of life insurance. Whatever happens, you'll know that your premiums will be consistent for the remainder of your life.

How Long will the Final Expense Life Insurance Policy Last?

This policy is going to last until the insured person passes. The policy won't be cancelled and is also guaranteed to pay your beneficiaries a death benefit as long as you continue to pay your premiums. This is very easily understood type of life insurance and typically does what you expect from a basic policy. This makes it both easier to understand and navigate throughout your insurance term.