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Final Expense

Final Expense, also known as Burial Insurance, is usually a relatively small amount of life insurance, $25,000 or less, devoted to taking care of the final expenses after death.

Because the face amount is small, these policies can be purchased relatively inexpensively, even if the person is in their 50’s or 60’s. Some of the plans are virtually guarantee issue with only 5 qualifying questions.

Another form of Final Expense insurance are irrevocable Funeral Trusts. These are single premium policies, one time payment, that earn interest over the years. If the person has to go onto public assistance such as Medicaid, the irrevocable trust is not included in the spending down of assests to be eligible for Medicaid. The irrevocable trusts are separated from other life insurance assests because they can only paid to funeral home for final expenses.

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