Most insurance companies target senior prospective clients with the Final Expense & Burial Insurance whole life policy.

These policies are also no-exam products and the underwriting guidelines are very liberal and, in most cases, easy for seniors to qualify for.

These are whole life policies designed to be used to cover final expenses such as funeral and burial expenses and not have these costs left to grieving family members to pay out-of-pocket.

For seniors who cannot medically qualify for coverage, several carriers offer guaranteed issue policies where virtually any living person can purchase life insurance. Yes, guaranteed issue policies are more expensive because the insurance companies are agreeing to accept an unknown medical risk.

Just like traditional whole life insurance policies, Final Expense policies offer the same guarantees and benefits:

• Guaranteed death benefit for the life of the policy
• The policy cannot be canceled by the company for any reason other than non-payment
• Once issued, monthly premiums cannot be increased for any reason
• The policy builds cash value over time that earns tax-deferred interest
• Cash account can be accessed by the policy owner via policy loans, withdrawals, or surrender for cash