Final Expense Whole Life Insurance
Final Expense, offered by GPM Health and Life, is a whole life insurance policy designed for seniors ages 50 through 85. It is quickly issued in small amounts, at a reasonable price, and with no medical exam. Final expense coverage can be used for more than just funeral costs, including paying debts or leaving a legacy to loved ones or a charitable organization.
Final Expense Life Insurance can be used for gifts or paying debts, not just final expense costs
No medical exam required
Many people think their existing benefits will cover final expenses. But Social Security pays only $255* to qualified beneficiaries. The average cost of a funeral is over $8,000.** One purpose for Final Expense whole life insurance is to help fill the gap for final expenses. It can also be used for many other reasons such as paying off debts, leaving a gift to a loved one or supporting a church or a charitable cause.
- Minor and older health issues may be accepted
- Designed for applicant ages 50 through 85
- Issued in coverage amounts from $3,000 to $35,000
- Quick issue of policies
- No blood testing or urinalysis required
- Your premiums are guaranteed to be level and can not increase
Your policy will not lapse or terminate as long as premiums are paid, there are no policy loans or withdrawals, and other policy provisions are met.
Get your free Memorial Planning Guide
By taking the time now to make the decisions and plan for final expenses, you are helping to relieve financial and emotional burdens your loved ones will face. Our free planning guide has tips and a helpful organizer.
Understanding Final Expense
Fits these needs:
Final expense coverage may be right for you if you want to help your loved ones manage your funeral costs and avoid being burdened with outstanding debts. The policy may also be used to provide a gift to a loved one or for charitable giving.
What to consider:
Final Expense whole life insurance can be used to help fill the final expense gap. While Social Security pays only $255* to qualified beneficiaries, the average cost of a funeral can be over $8,000.**
Individuals 50 to 85 years old have coverage options which vary depending on your age and medical history. Coverage amounts can range from $3,000 up to $35,000.
Coverage options for your age and medical history
We can issue most coverage within days and have options that vary based on your age and medical history. We do not require a medical exam or blood tests, just a short application and brief medical history interview.
If you are age 50 to 85 and in average health
Simplified Issue Whole Life (SIWL) offers:
- 100% Death Benefit beginning on the first day of the policy
- Optional Accidental Death benefit up to age 70, available for issue between age 50-60
- Optional Child Insurance coverage of $5,000 per child
- Payment options for Lifetime, or 10 years. A 20 year payment option is available to people ages 50 through 70.
If you are age 50 to 85 and have less than average health
Graded Death Benefit Whole Life (GDB) offers:
- Death Benefit of 30% of the ultimate face amount the first year, 70% for the second year, and 100% beginning the third year and after
- Accidental Death Benefit equal to the full amount of coverage is included during the first two years, subject to policy exclusions
If you are age 50 to 85 and have more health issues, you may still qualify
Modified Benefit Whole Life (MBWL) offers:
- A Death Benefit of all premium paid plus 10% interest during the first two years, then 100% of the ultimate amount thereafter
- Accidental Death Benefit equal to the amount of coverage is included during the first two years, subject to policy exclusions
*Social Security Handbook SSA Publication No. 05-10084
**The median cost of a funeral is $8,438 according to a 2014 survey by National Funeral Directors Association at NFDA.org.
Our insurance professionals can help you determine the right product and coverage amount for your situation.