Final Expense Life Insurance

Final Expense Life Insurance

Death Benefits, Coverage Amounts, and Risk Classes

The Level Benefit plan pays the full death benefit starting on day one.

The Modified Benefit plan pays a smaller amount during the first two years—105% of premiums in year one and 110% in year two. Beginning in year three, it pays the full death benefit. If death is accidental, the full benefit is paid right away for both plans.

Coverage amounts start at $2,500. The maximum you can get depends on your age and health class.

• Healthier applicants ages 50–75 can qualify for up to $35,000, and up to $25,000 if age 76 or older.

• Other health classes may qualify for lower maximums.

• Modified Benefit plans have smaller maximums, usually $20,000 for ages 50–75 and $15,000 for ages 76+.
  You can have more than one policy, as long as the total amount does not exceed the allowed maximum for your age and health class.

People are placed into different risk classes based on health and nicotine use. Level Benefit plans offer Preferred, Standard Non-Nicotine, and Standard Nicotine classes. Modified plans offer Non-Nicotine and Nicotine classes.

You can apply if you are 50 to 85 years old. Premiums stay the same and are paid until age 100. There is an annual policy fee of $48. The product is available in all states except New York.

Living Legacy – Final Expense is a whole life product designed for the senior market. It offers simplified issues with instant decision and provides two coverage tiers, allowing customers to qualify for either Level or Modified Benefit plans based on their health history.

Many of our final expense policies include Legacy Shield®, giving policyholders complimentary access to a suite of unique, easy-to-use online tools. These tools help policyholder build a lasting legacy—including a will or trust—and ensure their loved ones can quickly find everything they need when the time comes.

With Legacy Shield®, policyholders can:

• Safely store important documents, final wishes, family photos, and more

• Create essential estate-planning documents such as a will, power of attorney, and advance directive

• Consolidate all of their financial accounts into one convenient dashboard

• Establish a trust

• Leave their life insurance policy to that trust, providing structured and long-term financial protection for their family

Additional Benefits of Naming a Trust as the Life Insurance Beneficiary

When a person passes away, a trust paired with a life insurance policy can provide powerful advantages, including:

• Controlled distribution of funds: The trust can specify exactly how, when, and to whom the life insurance proceeds are given—helping protect beneficiaries who are young, disabled, or financially inexperienced.

• Avoiding probate: Trust-owned life insurance benefits are typically paid out quickly and privately, without going through the lengthy and costly probate process.

• Protection for minors: If children are beneficiaries, a trust ensures the funds are managed responsibly until they reach the age the client chooses—not the default age set by the state.

• Protection from creditors: In many cases, a properly structured trust can help shield life insurance proceeds from beneficiaries’ creditors, ensuring the money stays with the family.

• Planning for blended families: A trust can ensure that both a current spouse and children from previous relationships receive their intended share.

• Continuity and oversight: A trusted individual or professional trustee can manage the funds according to the client’s instructions, maintaining stability and honoring their wishes.