Final Expense life insurance is a simple, reliable way to set aside funds to cover the costs of dying. Policies are available up to age 85, no matter your health, and can fit your budget.
What Is Final Expense Life Insurance?
Final Expense Life Insurance — often referred to as Burial Insurance or Funeral Insurance — is a type of permanent life insurance specifically designed to help seniors manage the costs associated with end-of-life expenses. This policy is intended to relieve loved ones from the financial burden of paying for a funeral, cremation, medical bills, unpaid debts, and other final costs during a difficult time. Coverage amounts typically range from $2,000 to $40,000, making it an affordable and focused solution for covering essential expenses without over-insuring.
One of the key benefits of Final Expense Life Insurance is its simplicity: most policies require no medical exam, and the application process is quick and straightforward. This makes it accessible even for individuals with health issues. Plans are generally available to those between the ages of 50 and 80, and in some cases, up to age 85. With guaranteed coverage options and level premiums that won’t increase over time, Final Expense Insurance offers peace of mind and financial protection when it matters most.
Final Expense FAQs
Do I Need Final Expense Insurance?
Funerals can cost around $10,000 today, plus there may be other bills and debts left behind. Final Expense insurance helps ease this financial strain for your family.
Guaranteed Issue vs. Simplified Issue — Which is Better?
- Guaranteed Issue: No health questions or exam, guaranteed acceptance. If you die of natural causes in the first two years, beneficiaries get your premiums back plus 10%. Full benefit pays immediately if death is accidental.
- Simplified Issue: Lower cost, no waiting period for full coverage, but requires a few health questions. No medical exam needed, and you can qualify even with some medical conditions.
If you don’t qualify for Simplified Issue, Guaranteed Issue is always an option.
Am I Too Old to Qualify?
You can get Final Expense coverage up to age 85.
How Much Does It Cost?
Costs depend on coverage amount. Simplified Issue plans are cheaper than Guaranteed Issue for the same amount. Rates never increase once your policy is issued. Availability and rates vary by state.
How Can I Be Sure the Money Will Be There?
Policies are backed by trusted, financially strong insurers like Mutual of Omaha and AIG, with decades of paying claims promptly.
How Fast Can I Get Covered?
Many companies approve and issue policies within minutes — over the phone or in person. You could be covered before your call ends.
What Payment Methods Are Accepted?
Most companies accept monthly bank debits (ACH). Some also take credit cards, debit cards, or Social Security debit cards. We’ll help you navigate your options.
Are Life Insurance Death Benefits Taxed?
Generally, no. Beneficiaries receive the death benefit 100% income tax-free.
What Can the Death Benefit Be Used For?
Anything your beneficiaries choose — funeral costs, debts, or just as a financial gift to loved ones.
What Does “Whole Life” Mean?
Final Expense policies are usually Whole Life — premiums stay the same, coverage lasts for life, and the policy builds cash value you can borrow against if needed.
Will Social Security Help Pay Final Expenses?
The Social Security lump-sum death benefit is only $255 — far less than funeral costs.
Will Owning a Whole Life Policy Affect Medicaid Eligibility?
Cash values in these policies are usually too small to affect Medicaid eligibility. If concerned, a workaround is to have a child own the policy instead.
Are All Policies the Same?
No. Some companies only offer Guaranteed Issue plans. We help you find the best option for your health — often Simplified Issue plans offer better coverage and rates.
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