What is final expense insurance and who needs it?

Final expense insurance—also called burial insurance or funeral insurance—is a type of whole life policy designed to cover end-of-life costs. Death benefits typically range from $5,000 to $50,000, targeting costs like funeral services, cremation or burial, casket or urn, cemetery fees, outstanding medical bills, and small debts.

Because the coverage amounts are modest, carriers can offer simplified or guaranteed issue underwriting. Simplified issue requires answers to a few health questions; guaranteed issue accepts all applicants in the eligible age range (usually 50–85) with no health questions at all—though guaranteed issue policies carry a graded benefit period of two to three years.

Final expense insurance is most commonly purchased by seniors who want to spare their families from financial burden at death, or by individuals with health conditions that make traditional coverage difficult to obtain. Premiums are fixed for life and the policy cannot lapse as long as you pay them.

Agents in our network representing A-rated (A.M. Best) final expense carriers can compare options and find premiums that fit a fixed retirement budget.