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What is Final Expense life insurance?

Final expense is a smaller permanent life insurance policy typically intended to help older adults cover funeral costs and other end-of-life expenses.


Also sometimes called “funeral insurance” or “burial insurance,” final expense life insurance typically provides a guaranteed payout to help loved ones pay for a funeral service, burial or cremation, doctor or hospital bills, or other immediate expenses after a death. Like other types of permanent insurance, final expense insurance will never expire as long as you keep up with your premiums.


Since coverage amounts are lower than other types of life insurance, like term or permanent insurance, the premiums for a final expense policy tend to be affordable. Coverage amounts can range from a few thousand dollars up to $35,000, in some cases.


Final expense insurance is easy to qualify for, with no medical exam required. As long as you fall between the age limits of 50 to 85 years old, you can often get approved for a policy within days.

This kind of insurance is typically a good option for people whose age or health makes it difficult to qualify for other types of plans. While it’s more expensive dollar for dollar than term life insurance, the lower coverage amounts help to make it affordable. Once you lock in a premium, it stays the same for the entire policy, which is helpful if you’re on a fixed budget. You also can’t have your coverage canceled because of health issues once you’re approved, giving you and your family peace of mind.

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