Final Expense Insurance

What Is Final Expense Insurance?

Final expense insurance is a type of small whole life insurance policy generally designed to help cover end-of-life costs such as funeral services, burial or cremation expenses, and outstanding medical or household bills. Coverage amounts are typically smaller than traditional life insurance — often ranging from a few thousand dollars up to around $25,000 or more, depending on the carrier.

How It Works

• Premiums are typically designed to remain level for the life of the policy.
• Coverage is generally designed to last the insured's lifetime, subject to policy terms and continued premium payment.
• Some policies use simplified-issue underwriting (no medical exam, but health questions). Others use guaranteed-issue underwriting (no health questions, but typically with a graded death benefit during the first two or three years).

Who It May Be Designed For

Final expense policies are often considered by individuals between roughly ages 50 and 85 who want a smaller, predictable policy specifically to address final expenses. Eligibility, pricing, and benefits vary by carrier, state, age, and health.

Things to Compare

• Underwriting type (simplified vs. guaranteed issue)
• Whether the death benefit is level from day one or graded
• Carrier financial strength ratings
• Premium relative to face amount at your age and state
• Available riders, if any

Talk With a Licensed Advisor

A licensed advisor can review final expense options that may be available to you based on your state, age, and health. Contact us or call to learn more.