Final expense insurance is whole life sized for funeral and burial costs - typically $5,000 to $25,000. Underwriting is simplified (no medical exam in most cases), making it accessible to older applicants and those with health conditions.
Typical cost
$40-$120 / month depending on age, health, and face amount.
Best for
- Adults 50+ wanting to cover funeral costs
- Applicants who have been declined for traditional life insurance
- Anyone who doesn't want to leave end-of-life costs to family
How it works
- 01
You choose a face amount, usually $5K-$25K.
- 02
Simplified underwriting - health questions only, no exam in most cases.
- 03
Premiums stay level for life.
- 04
Beneficiary receives the death benefit tax-exempt.
Pros
- • Easy to qualify - most applicants approved
- • No medical exam in most cases
- • Lifetime coverage with level premiums
Cons
- • Higher cost per dollar of coverage than traditional whole life
- • Some policies have graded death benefit for the first 2-3 years (full benefit only after that)