One policy each, not one for both
When couples ask about final expense coverage for both of them, the answer is usually two policies. Each spouse is insured under their own final expense policy, with its own face amount, premium and beneficiary. That way, when one spouse dies, the other's coverage keeps going as long as its premiums are paid.
It also means each policy can be sized to that person. One spouse may want burial and the other cremation. One may want more coverage to leave something extra. Separate policies let you make those choices one at a time.
Why your plans may not match
Each spouse answers their own health questions, and each set of answers is reviewed on its own. It is common for one spouse to qualify for a level benefit plan while the other is offered a graded plan, which pays a reduced or limited benefit if death from natural causes happens in the first two or three years. Premiums can differ too, based on each person's age, sex, tobacco use and health.
If one spouse cannot qualify for a plan with health questions, a guaranteed issue plan asks none, but it usually pays a limited benefit if death from natural causes happens in the first two years. Comparing several insurers can sometimes find a better fit for both of you.
Talk to a licensed agent: (949) 807-3995
Planning for the spouse who is left
The death of a spouse can bring the funeral bill and a drop in household income at the same time. Some couples choose amounts that cover the funeral plus a little extra, so the surviving spouse has room to adjust. For reference, the National Funeral Directors Association's 2023 General Price List Study put the national median cost of a funeral with viewing and burial at $8,300, before cemetery costs. A few simple steps keep things clear.
- Name each other as the first beneficiary
- Name a child or other relative as the backup
- Keep both sets of policy papers in the same place
- Write down each person's wishes for the service
Budgeting for two premiums
Two policies mean two premiums. Because final expense premiums are usually level, you can plan for both from the start. If the total is more than you want, one option is to lower the face amount on one or both policies rather than leave one spouse without coverage. Many couples find that two modest policies do more for them than one large one.
Applying together by phone
Both of you can be on the same call. The agent takes each spouse through the questions separately, including date of birth, tobacco use and health history, then compares plans from several insurers for each of you. You may end up with policies from the same insurer or from two different ones. You can apply by phone for both, and there is no obligation for either of you.
