Affordable burial and final expense coverage for seniors, no medical exam on most plans, in all 27 states I am licensed in. Find your state below.
Final expense insurance is a small whole life policy built for one job: covering the cost of your funeral, burial or cremation, and the small bills that come at the end. The coverage is permanent, so it never expires as long as you pay it. The premium is locked in for life. And the money goes to your family, not to a funeral home, so they can use it for the service and anything else that comes up. Most people carry somewhere between ten and twenty thousand dollars of it.
Read the complete final expense and burial insurance guide →
The honest reason is simple. A funeral now runs roughly eight to twelve thousand dollars once you add the service, the casket or cremation, the plot, and the rest. When there is no plan, that bill lands on the kids during the worst week of their lives, and a lot of families end up putting a parent to rest on a credit card or a fundraiser. Final expense exists so that never happens. It is not a wealth transfer tool. It is a way to make sure your goodbye is already paid for.
Simplified issue. You answer a short set of health questions, there is no medical exam, and most people qualify. This is the better value when your health allows it because the full benefit is available right away.
Guaranteed issue. No health questions at all, so nobody is turned down. In exchange, it uses a graded benefit for the first two years, meaning if you pass away from natural causes in that window the policy returns your premiums plus interest rather than the full amount. After two years the full benefit is in force. It exists for people with serious health conditions who would otherwise be declined.
Final expense fits seniors, usually somewhere from age fifty to eighty five, who want to cover their own send off and not leave that burden to their children. It is especially valuable if health issues have made other coverage hard to get.
It is usually the wrong tool if you are young and healthy and need a large amount of coverage, because term life gives you far more benefit per dollar. It is also not the move if your goal is leaving a big inheritance. I will point you to the right product either way.
A few things to keep you from overpaying. If you are healthy enough to answer the questions, do not let anyone put you in a guaranteed issue policy with a two year wait, you can do better. Watch out for prepaid funeral plans that lock the money with one funeral home, a policy paid to your family gives them more flexibility. And compare carriers, because for the exact same coverage the price can swing a lot depending on which company views your health most kindly.
I am independent, so I shop your age and health across more than 20 A rated carriers and bring you the one that prices you best. Most of my clients get covered with no exam and a rate that never changes. If a simple term policy would serve you better, I will tell you that too.
Final expense insurance is a small whole life policy built to cover the cost of a funeral, burial or cremation, and any small bills left behind. The coverage is permanent, the premium is fixed for life, and the face amount is usually between five thousand and thirty thousand dollars. It is designed to be easy to qualify for, so seniors and people with health issues can still get covered.
It depends on your age, health, the coverage amount, and whether you smoke. As a rough guide, many people pay somewhere between thirty and one hundred dollars a month, and the premium never goes up once the policy is in place. A licensed agent can compare carriers on your exact age and health so you are not overpaying for the same coverage.
Usually no. Most final expense policies are simplified issue, which means you answer a short set of health questions and there is no paramedical exam. If your health is more complicated, a guaranteed issue policy asks no health questions at all, though it uses a two year graded period before the full benefit is paid.
They are the same thing. Final expense, burial insurance, and funeral insurance are all names for a small whole life policy meant to cover end of life costs. The money is paid to your beneficiary, not to a funeral home, so your family can use it for the funeral and anything else that comes up.
You can be declined for a simplified issue policy if you answer yes to certain serious health questions, but that is not the end of the road. A guaranteed issue policy accepts you regardless of health, with no questions, using a graded benefit for the first two years. Between the two, almost everyone can get some form of coverage.
Start with the cost of the send off you want. The average funeral runs roughly eight to twelve thousand dollars once you add the service, burial or cremation, and related costs. Then add any small debts you do not want your family to inherit. Many people land between ten and twenty thousand dollars of coverage.
For educational purposes only. Not financial or tax advice. Consult a licensed professional.