The Ultimate Guide to Final Expense Life Insurance

What Is Final Expense Insurance?

Final expense insurance — sometimes called burial insurance or funeral insurance — is a type of whole life insurance policy designed to cover the costs associated with end-of-life expenses. Unlike large life insurance policies, final expense plans offer smaller coverage amounts ($5,000–$40,000) specifically intended to pay for funerals, medical bills, and other debts left behind.

These policies are designed specifically for seniors ages 50–85 and are known for their simplified application process. No medical exam is typically required, and many applicants receive a decision relatively quickly — though timelines may vary.

How Much Does Final Expense Coverage Cost?

Final expense insurance premiums vary based on your age, gender, health, and the coverage amount you choose. However, many seniors can find coverage starting from as little as $1 per day.

• Age 50–60: $15–$40/month for $10,000 in coverage
• Age 61–70: $25–$65/month for $10,000 in coverage
• Age 71–80: $50–$120/month for $10,000 in coverage
• Age 81–85: $80–$160/month for $10,000 in coverage

The best way to get your exact rate is to speak with one of our advisors who can compare multiple carriers on your behalf.

Who Qualifies for Final Expense Insurance?

Final expense insurance is designed to be accessible. Most carriers accept applicants who:

• Are between 50 and 85 years of age
• Are U.S. citizens or permanent residents
• Can answer a brief health questionnaire (no medical exam)

Even seniors with pre-existing health conditions like diabetes or heart disease may qualify for coverage, though rates may be higher.

What Does Final Expense Insurance Cover?

While the death benefit can be used for any purpose, it is commonly used to cover:

• Funeral and burial costs ($8,000–$15,000 on average)
• Cremation costs ($2,000–$5,000 on average)
• Outstanding medical bills
• Credit card debt or personal loans
• Mortgage or rent payments

How to Choose the Right Plan

With many carriers offering final expense coverage, it pays to compare. Here's what to look for:

• Premium stability: Look for whole life policies with locked-in premiums that never increase
• Coverage amount: Calculate your family's anticipated end-of-life costs to determine how much you need
• Carrier rating: Choose carriers with strong financial ratings (A or better) to ensure claims are paid
• Waiting period: Some policies have a 2-year waiting period before full benefits are paid — look for immediate benefit plans where possible