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What is Final Expense?

final expense explained.

For the last 100+ years, the sale and purchase of final expense and how it pays out has remained the same. It is a massive market, generating revenues in 2019 of nearly $1 trillion.  With 10,000 Americans turning 65 each and every day, and only half of Americans presently covered by some form of coverage, there is a massive market that remains untapped.  LIH recently published data identifying a needs gap equal to 41 million consumers who say they need coverage but do not have it.  

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Americans Covered by Life Insurance
54%
Listed Burial/Funeral Expenses as Top Reason for Purchasing Life Coverage
84%
Stated They Preferred Buying Policy Online
29%

Known by many other names—burial insurance, pre-need insurance or funeral insurance—final expense insurance is a type of permanent life insurance that collects a regular premium in exchange for a fixed amount of coverage paid to a named beneficiary or beneficiaries at the time of your death.  The death benefit is guaranteed as long as premiums are paid as required. You can choose between monthly or annual premium payments. The cash value of the policy accumulates tax-deferred. Your beneficiary chooses whether or not to use the death benefit for burial expenses.

For over a century, final expense has remained the same, with policies written today very similar to those written in 1920. With the arrival of blockchain technology and cryptocurrency, we can finally make coverage better serve both the issuer and the insured at a reduced cost to both.  Technology is developed to make life easier.  Now it will make final expense easier as well.  

Final Expense Blockchained.

Blockchain will enable us to virtually eliminate underwriting costs and sales commissions, resulting in a 30% reduction in expenditures, part of which will be passed on to the consumer.  The blockchain is a decentralized ledger that stores data across thousands of computers worldwide. It is secure because to alter the data in one part of the blockchain would require modification of all the prior links. Additionally, every computer linked through the blockchain must verify and accept data. If, for example, the Department of Health was linked to the blockchain, whenever a death was reported it would update in the blockchain.  Rather than the family required to wait to receive the Death Certificate than send it to the their final expense carrier, the blockchain would verify and update and signal a disbursement to be made.

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Information.

With blockchain, information is verified and updated instantly, accessible via the internet. Morbidity & Mortality reports provide data for issuing policies, eliminating underwriting and commissions.

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Security.

Blockchain creates some of the strongest security for data and fraud prevention saving millions of dollars each year. With thousands of computers working together, hacking one would require hacking all.

Cryptocurrency exchange

Cryptocurrency.

With cryptocurrency, consumers will no longer suffer losses due to inflation but instead see their money appreciate each year. Once they have paid their premiums for a set period, the gains become entirely theirs.

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Clear Chain Life and Clear Chain Life Coin suggest you conduct your own due diligence and consult your financial advisor before making any investment decisions. Please see our full disclosure statement by clicking here. 

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