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Despite Medicare or private insurance coverage, elderly households may still face considerable financial risk from out-of-pocket health care expenses at the end of life.
The legal proceedings referred to as probate, and related accounting fees, can be a shock to family and loved ones. Probate costs vary by state while the probate process can take months, or years.
A funeral can be one of your family’s largest expenses. The average cost of a funeral is $7,848.1 While many believe that cremation is a far less expensive option, data shows that the cost is only 15% less than the traditional funeral.3
Final expense insurance offers competitive, fixed premiums that do not change over time.
The cash benefit from final expense insurance helps cover funeral and burial costs, medical needs or anything else that will help loved ones.
Simply answer a series of questions about your health we'll advise which plans you qualify for.
Your final expense insurance coverage remains in place as long as your premiums are paid up.
Our final expense insurance plans build cash value – a sum of money that can be used to borrow against or use it as a non-forfeiture benefit.
We offer flexible payment options or you can align your payment with your Social Security deposit.
(available for Level Plan only)
This rider pays up to 50% of the death benefit (less policy loan) if a physician provides written certification that the insured meets the definition for a qualifying event, which is a medical condition that results in a terminal illness with a life expectancy of less than 12 months. The minimum benefit is $1,000, and the maximum benefit is $15,000. An administrative fee not to exceed $200 will be taken from the benefit amount.
* The Accelerated Death Benefits Rider is not available in the state of California.
This rider pays 100% of the base policy’s face amount for accidental death for issue ages from 45 through 70.
This rider provides coverage for a child, stepchild, legally adopted child, grandchild, legally adopted grandchild, or great grandchild. This benefit is available from $2,500 up to a maximum of $10,000 per child, in $2,500 increments. Coverage amount selected will be the same for all covered children and may not exceed the face amount of the base policy. Issue ages begin at 30 days through less than 18 years old. Policy becomes convertible to a whole life policy between the ages of 22 to 25.
A handful of factors influence how much final expense life insurance you truly need. We recommend looking at your monthly expenses to help determine how much money you’d like to guarantee your beneficiaries. Here are a few different bills to factor in:
The cost of a funeral, burial, cremation or other ceremony
Utility bills like electricity, water and garbage
Food, including groceries and dining out
Medical expenses
Luckily there are just a few simple steps involved to get a final expenses life insurance plan.
Request a quote or give us a call so we can walk you through all of your life insurance options.
While some insurance plans require a formal medical exam, final expense insurance usually only requires a brief health questionnaire.
This can be calculated by looking at your monthly household expenses, immediate needs and potential funeral expenses.
Then, when the time comes, your beneficiary can access the death benefit for final expenses.
If you find yourself in a situation where you want to provide better financial support for your loved ones, but the cost of a traditional whole life insurance policy is a little too high, final expense insurance may be the right choice for you. Experience the relief that comes with knowing your family can be cared for with Aflac’s Final Expense Whole Life Insurance and celebrate every moment left together.
Get a Quote1 Forbes Advisor - How Much Does A Funeral Cost. Updated Jan 19, 2022. Accessed Apr 7, 2022. https://www.forbes.com/advisor/life-insurance/how-much-does-a-funeral-cost.
2 Final Expense Whole Life Insurance – Series: ICC21-AFLLBL21 – Level Benefit Plan & ICC21-AFLRBL - Modified Benefit Plan.
In AZ, DE, ID, OK, OR, PA, TX, and VA, Policies ICC21-AFLLBL21 and ICC21-AFLRPL21; and Riders ICC21-AFLABR22, ICC21-AFLADB22, and ICC21-AFLCDR22. This is a brief product overview only. Coverage may not be available in all states, including but not limited to New York. Benefits/premium rates may vary based on coverage selected. Optional riders are available at an additional cost. The policy has limitations and exclusions that may affect benefits payable. Refer to the policy for complete details, definitions, limitations and exclusions.
Limitations and Exclusions for the residents of Arizona, Idaho, New Jersey and Virginia:
Level and Modified Whole Life Plans Limitations
If the insured, while sane or insane, dies by suicide within two years after the policy effective date shown in the Policy Schedule, the death proceeds under the policy will be an amount equal to: the premiums paid; less the loan balance as of the date of death.
Modified Whole Life Plan Accidental Death Exclusions
We will not pay benefits for any accidental death caused by or contributed by, in whole or in part, any of the following:
Accidental Death Benefit Rider Limitations and Exclusions
We will not pay benefits for any accidental death caused by or contributed by, in whole or in part, from the exclusions outlined above under the Modified whole life accidental death exclusions. The rider does not cover death resulting directly or indirectly, in whole or in part, from:
Accelerated Death Benefits Rider Limitations
Death proceeds and cash surrender values will be reduced upon payment of an Accelerated Benefit. Accelerated death benefits may be taxable by your state. The owner should seek additional information from his or her personal tax advisor about the tax status of the Pre-Payment Amount.
Children’s Term Insurance Rider Limitations
If an insured child, while sane or insane, dies by suicide within two years after the date the insured child’s coverage became effective under the rider, the death proceeds under the rider will be limited to an amount equal to the premiums paid for the insured child’s coverage.
Accelerated Death Benefit
Please note that receipt of the accelerated death benefits may affect eligibility for public assistance programs. Benefits may also be taxable, and are not expected to receive the same favorable tax treatment as other types of accelerated death benefits that may be available.
3 National Funeral Directors Association 2020. Updated: April 15, 2022. Accessed: April 25, 2022. https://nfda.org/news/statistics.
4 Annual administrative fee $48.
5 See Limitations & Exclusions for further details.
6 Age as of last birthday.
7 Maximum benefit amount varies according to the age of the applicant at the time of policy issue.
The life insurance policy described herein contains an optional Accelerated Death Benefits Rider that is intended for favorable tax treatment under Section 101(g) of the Internal Revenue Code. Aflac does not give legal or tax advice. Please consult with a qualified legal, tax, and accounting advisor before engaging in any transaction.
Aflac's family of insurers include Aflac, Aflac New York, and Tier One Insurance Company.
Coverage is underwritten by Tier One Insurance Coverage.
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