Report: What To Know About Final Expense Beneficiaries And Payout

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The main reason someone should buy final expense insurance is for the death benefit, which is meant to cover the policyholder’s end-of-life expenses after they’ve passed. Beneficiaries play an important role in final expense insurance since they’re the ones who receive the death benefit, or the payout, from the policy.

Three main types of final expense insurance beneficiaries exist:

primary
secondary (or “contingent”) and
tertiary

Primary beneficiaries are policyholders’ first choice for who they’d like to receive the
payout. Secondary beneficiaries are their second choice, and tertiary beneficiaries are their third choice.

Secondary beneficiaries only receive the payout if all primary beneficiaries have passed away, and tertiary beneficiaries only receive the payout if all primary and secondary beneficiaries have passed away.

When somebody buys a final expense policy, they must name at least one beneficiary, but you have the ability to name multiple beneficiaries. In fact, you (policyholder) can name multiple primary, secondary, and tertiary beneficiaries; however, they must specify (percentage-wise) how they’d like the payout to be divvied up among all the beneficiaries.

As you decides on who to be your beneficiaries, remember to only name people who you trust, since legally, final expense beneficiaries can often use the money for anything they wish.

You should review your beneficiaries and all applicable contact information every year or so, to ensure it’s up to date. If you would like to, you can change your beneficiaries on the policy at any time, usually by completing a form.

How fast do final expense insurance policies pay out?

It varies from carrier to carrier. Some insurers can pay out approved claims as fast as 24 hours after they’re submitted, while others can take slightly longer. Final expense policies are designed to offer a quick payout so that the immediate costs of a funeral can be covered by the insurance policy.

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