Final Expense Life Insurance

Final Expense Life insurance helps take care of your final expenses (i.e. funeral, cremation, casket, cemetery etc.), as well as outstanding medical bills or debts. Any excess funds are paid to the policy’s beneficiary.

• Funds are paid first to the funeral home, excess funds go to your beneficiaries
• Funds cannot be attached by creditors such as nursing homes or lawyers
• Tax Free benefits upon death, unlike CD’s, annuities or money markets
• Death Benefits avoid probate costs and delays
• Assurance you will never need to have a welfare funeral

Why choose Final Expense Life Insurance rather than a pre-paid funeral through a funeral home?

• If the funeral home goes out of business you may not be able to get your money back. The funeral home could be sold or merged with another company you don’t want handling your final arrangements, and they may not offer a refund.
• What if you move, making your pre-paid funeral in a certain locality impractical?
• A Final Expense Life Insurance policy or Trust lets you choose who will handle your arrangements—whether it’s your personal representative, a relative, a friend, or a funeral home—anywhere, when the time comes.

Single Premium Life Insurance

Single Premium Life Insurance offers lifetime protection with just one payment made up-front to guarantee a payout to your beneficiaries. This large, up-front payment starts to build cash value right away, so you’ll earn more than those with policies paid in installments. Plus, under the Tax Reform Act of 1986, the premium grows tax-free.

Term Life Insurance

Term Life insurance is temporary insurance for people who want:

• To supplement Life Insurance from work
• A fixed benefit amount for a specific period of time
• Additional insurance protection during child-bearing years
• A death benefit protection with a Return of Premium Option
• To cover short-term debts and needs
• To provide long-term protection to help pay off a mortgage, or college education
• A policy that lasts for a specific period of time (i.e. 10, 15, 20 or 30 years)

Universal Life Insurance

Universal Life insurance is a flexible, permanent life insurance that lets you adjust both your premiums and benefits. It can grow in value beyond the guaranteed cash value. You can use these cash values for things like your children’s education, retirement income, or other expenses. Plus, universal life insurance is flexible enough to change with your needs over time.

Universal Life insurance protection offers the following advantages:

• Lower cost than Whole Life Insurance
• No-Lapse Protection
• A tax-advantaged savings element that provides a cash value with a guaranteed minimum interest rate
• Flexibility to adjust your premium payment and death benefit as your needs change
• Favorable loan features

Whole Life Insurance

Whole life insurance covers you for your entire life and includes a cash value component. As the policy stays in effect, it builds cash value. You can borrow against this cash value and use it for various expenses during your lifetime.

Whole Life insurance protection provides:

• Permanent insurance protection over an individual’s lifetime
• Helps protect your loved ones from financial hardship
• Cash value builds over time
• Affordable premiums fit your budget
• Tax-deferred cash value accumulation
• A level premium and coverage as long as you continue to pay
• Premiums don’t increase as you grow older

Funeral Expense Trust/ Irrevocable Burial Trust

A combination of life insurance and a funeral trust creates a secure plan to cover your final expenses. The life insurance policy, purchased to cover your funeral costs, is assigned to an Irrevocable Burial/Funeral Expense Trust.

This assignment offers three main advantages:
1). At the time of death, policy proceeds do not have to go through probate and are available immediately to pay your final expenses

2). The policy may not be considered an asset in determining Medicaid and SSI eligibility

3). Funds are protected from creditors

If your policy has built up cash value, you can withdraw money tax-free up to the amount you’ve paid in premiums. Anything beyond that may be taxed as income. Withdrawals come from your payments first, then from gains.

Costs vary based on age, health, and coverage amount, but the younger you are when you start, the lower your premiums will be. Permanent policies like Whole or Universal Life lock in your rate for life.

The cash value grows tax-deferred, meaning you don’t pay taxes on gains until you withdraw them. This lets your money grow faster over time.

The insurance company keeps the cash value (including dividends), and your beneficiary receives the full death benefit—tax-free.

A withdrawal takes money out permanently (tax-free up to your premium payments). A loan lets you borrow against the cash value and pay it back later, but unpaid loans reduce the death benefit.

The younger you are, the better—it’s more affordable. Final Expense Insurance is typically for older adults and helps cover funeral costs (averaging 7,000–12,000) without burdening family.

• Your beneficiary receives the death benefit. For Final Expense Insurance, funds usually go to the funeral home first, then remaining money goes to your loved ones—tax-free and without probate.