Senior Life Plans and Final Expense/Burial Insurance

Senior Life Plan is a whole life policy, generally purchased by seniors to be used for final expenses (burial insurance) and is often called final expense insurance . This type of policy can be purchased for any amount of death benefit, but generally is for around $10,000. When your die, your beneficiary would receive the death benefit from the insurance company for the final expenses and your savings account does not have to be tapped. In other words, the money from the insurance company can be used for the final expenses and the savings account does not have be touched.

Another way to look at this is if you are not insured, then part of your savings is dedicated to final expense. So as the say, that money is in jail. You cannot use it because it is there for one purpose only, burial expenses. So, why not pay the insurance company a little money every month. Then when the money is needed for final expenses, the insurance  company can take care of the burial expenses and you have preserved the savings account for your spouse.