Life insurance can offer more than just the traditional death benefit. You do not have to die before you can access the benefits. You can access a policy’s cash value or have an accelerated (before death) payout.

Many retirees still have financial obligations, such as a mortgage or dependent children or parents.

If your spouse outlives you, your death could reduce their Social Security benefits, on top of the added medical and funeral expenses.

There is often little to no underwriting (qualifying by answering health questions) for Final Expense Insurance. These plans range from a few thousand dollars up to $75,000. The cost is much less than life insurance for long-range expenses, such as retirement funding.

There are two types of Final Expense coverage. An immediate full-face value policy for those with no health issues or a graded policy, which will have a limited benefit for the first few years; however, they are available for those that have serious existing health issues. There is also an Accelerated Benefit that offers cash benefits before death. This type of policy will accelerate all or part of your benefits if you are diagnosed with a terminal or critical illness.