Final expense insurance
A smaller whole life policy that helps your family with funeral costs and final bills.
What it is
Final expense insurance is a smaller whole life insurance policy. It's meant to pay for a funeral, burial or cremation, and the bills people leave behind, like medical bills or a credit card. The money goes to the person you name, usually a spouse or grown child, and they can use it however they need.
How it usually works
- Smaller amounts. Policies are often in the range of a few thousand dollars up to around $25,000, sometimes more.
- Coverage for life. As whole life insurance, it doesn't run out after a set number of years as long as premiums are paid.
- Steady premiums. On many plans the monthly premium is set when you buy and doesn't go up as you age.
- Simpler applications. Many plans ask a short list of health questions instead of a medical exam.
- Waiting periods on some plans. Some policies, especially ones with no health questions, pay a limited benefit if death from illness happens in the first two years. Ask about this before you buy.
Who tends to look at it
People in their 50s, 60s, 70s and beyond who don't want their family to carry the cost of a funeral, and people whose other life insurance has ended.
Good questions to ask an agent
- Is the full benefit paid from day one, or is there a waiting period?
- Can my premium ever go up?
- Does the policy build any cash value?
- What happens if I miss a payment?
Want to talk it through? If you filled out one of our Facebook or Instagram forms, watch for our text and email, then reply YES. A licensed agent in your state will reach out. Prices and plans depend on your age, health answers, state and the insurance company.