Pay for Final Expense with a Debit or Credit Card

Call now or fill out the form to get the best and pay for Final Expense with a debit or credit card

A large number of people looking for final expense burial insurance don’t have checking or savings accounts. Nearly all life insurance companies encourage policy holders to pay the premiums by EFT (electronic funds transfer) or more commonly know as a bank draft from their checking or savings account.  If the person does not have a bank account, then they end up either paying more to get a monthly bill, or they have to pay quarterly, semi annually or yearly.  The company saves money but the consumer gets shafted.

In today’s world  almost everyone has some type of money card whether it’s a credit or debit card.  The US government is actually on the ball when it comes to paying out Social Security benefits, more so than most insurance companies are about paying premiums.  If you are collecting Social Security you’re either getting the funds put directly into your savings or checking account OR it’s loading a “Direct Express” card.

direct-express-card The  Direct Express® card is a prepaid debit card payment option for federal benefit recipients who don’t have a bank or credit union account. The card is available to people who receive Federal benefits including Social Security, Supplemental Security Income and the VA.   Cardholders can pay bills, purchase money orders from the U.S. Post Office and get cash from an ATM.

social security card The automatic deduction is coordinated with the timing of your Social Security payment.  Some Social Security recipients get there money deposited on the first of every month or the third of the month, while others get theirs on the 2nd, 3rd or 4th Wednesday of each month.  The payment is taken out the day the money comes.  This usually prevents people from spending the money on other things before their life insurance is paid, thus keeping the policy in force.

Almost all health insurance companies accept credit and debit cards as acceptable payment, but only a limited number companies will take them for life insurance.   There are now a few final expense companies have finally caught on and accept the Direct Express cards as a valid form of payment which also happen to be some of the best final expense burial plans.  These companies include Assurity Life, Prosperity Life and Transamerica  for simplified issue whole life.  If you need to go with a Guaranteed Issue plan, Gerber Life and AIG are the companies to use.

Which companies will let you pay for Final Expense with a debit or credit card?


Assuity Life’s LifeScape plan is a final expense policy available for people from six months old through age 80.  There are three levels of benefits:

  • Level, that pays 100% of the death benefit from day one.
  • Graded that pays 40% in year one, 75% in year two and 100 after.
  • Modified which pays 110% of premiums paid in the first year, 120% if death occurs in the second and 100% beginning year three.

It’s not widely publicized, and it’s not an option on the paper application, but if your working with one of our independent agents, you can use a debit or credit card if you have an email and sign electronically.


Prosperity Life is an A- rated company with A.M. Best that offers final expense life insurance with 3 levels of coverage. The first is a “Level” benefit with 100% immediate death benefit. The second is their graded policy that pays 30% in year, 70% in year 2 and 100% in the following years. If you don’t qualify for one of the first 2 levels, you may easily qualify for their modified policy which returns 110% of premiums in the first year, 231% of premiums paid and then 100% of the death benefit after.


Transamerica’s Final Expense burial insurance is a Whole Life policy that has 2 levels of coverage, immediate called Immediate Solution and the graded policy called Easy Solution.  Immediate solution offers the product at preferred and standard rates.  The immediate solution policy includes the accelerated death benefit and in some state the nursing home benefit at no additional cost.

There is no weight chart on either level of coverage and they even offer a 10 Pay policy on the Immediate Solution. The 10 pay option is great for people that want to minimize expenses later in life, and are willing to pay extra now. After ten years of premium payments, the policy will be “paid up”.  This is one more way to help plan for retirement.

Immediate Solution – Ages 0-85 Amounts $1,000 – $50,000 (maximum benefit varies with age) Immediate level death benefit.   Accidental Death is available for ages 18-70 for an additional premium and is equal to the death benefit.

Easy Solution – Ages 18 – 80 Amounts up to $25,000 Death benefit pays 30% if death occurs in the first year of the policy, 70% in the second year and 100% upon the 3rd year and after.



Guaranteed Acceptance life insurance companies that let you use a card and don’t charge extra to do it. They are very close in cost but have a few minor differences.  Call (614) 402-5160 if you would like to get covered and complete the entire process over the phone and an electronic signature on your computer, pad or smart phone.

Why companies want you to pay by some type of automatic payment to buy Final Expense with a Debit or Credit Card

There are several reasons that companies don’t want to send you a monthly bill that you in turn send in a check or money order.  The first reason is that it cost’s companies more to generate the bill twelve times a year and then pay the postage on top of it.  Then if the premiums are not received in time, they have to regenerate a bill with a notice and pay the postage again.  When a policy holder pays by automatic bank draft, they don’t get monthly notices so no postage is paid, and the the money is scheduled with the bank to come out on a certain date month after month.

The other reason is something called retention.  Policies that are set up by an automatic draft usually have a much lower lapse rate, so the policies are paid on time, and the client can’t forget to pay the bill therefore keeping them from getting cancelled for non-payment.  There are only a handful of companies that will accept monthly payments by mailing in a check or money order.  The companies really push for some type of automatic deduction.

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