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Overview of final expense insurance

Updated: Feb 20, 2023

Final expense insurance, also known as burial insurance or funeral insurance, is a type of life insurance policy that provides coverage for end-of-life expenses such as funeral costs, cremation expenses, and other related costs. It is designed to help families cover the funeral or cremation costs without paying out of pocket. The policyholder pays a set premium over some time, and, in the event of their death, the death benefit is paid to the beneficiaries to cover the final expenses.


Final expense insurance is often a good option for those who do not have enough savings or assets to cover the funeral cost and do not want to burden their loved ones with these expenses. It is also a good option for those with pre-existing medical conditions that may make it difficult to qualify for a traditional life insurance policy.


Final expense policies typically offer coverage ranging from $5,000 to $25,000, with premiums guaranteed to remain level for the policy's life. Some policies may also include a cash value component that can be used to help cover living expenses in the policyholder's later years.


Benefits of final expense insurance include:


Guaranteed coverage: Unlike other life insurance policies, final expense insurance usually ensures coverage, regardless of the policyholder's health or age.

Easy application process: The application process for final expense insurance is usually straightforward, and approval is often guaranteed.

Fixed premiums: The premium for a final expense insurance policy is usually set and does not increase over time, making it easier for policyholders to budget for the future.

Peace of mind: By having a final expense insurance policy in place, policyholders and their families can know that their end-of-life expenses are taken care of.


It is essential to shop around and compare different final expense insurance policies to find the one that best fits your needs and budget. It is also necessary to consider the coverage you need and the type of policy that best fits your situation.


Underwriting Considerations When underwriting a final expense policy, insurance companies will consider various factors, including the policyholder's age, health, and lifestyle. They will also consider the policyholder's financial situation and their ability to pay.


It is essential to shop around and compare different final expense insurance policies to find the one that best fits your needs and budget. It is also necessary to consider the coverage you need and the type of policy that best fits your situation.


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