Final expense insurance is a small whole life policy meant to cover funeral and end-of-life costs, so your family is not left with the bill during a hard time.
What it can cover
Beneficiaries can use the money however they need, including:
- Funeral, burial, or cremation costs.
- Medical bills left behind.
- Small debts and final household bills.
How much coverage
Policies typically range from about $5,000 to $25,000. Many people choose an amount based on the type of service they want and any bills they expect to leave.
Simpler to qualify
Most applications ask health questions instead of requiring a medical exam. Some policies for people with serious health conditions have a waiting period before the full benefit is paid.
Premiums stay level
As whole life coverage, premiums generally stay the same and coverage does not expire as long as premiums are paid.
The bottom line
Final expense coverage is a modest, simple way to spare loved ones from unexpected costs.
Learn about final expenseThis article is for educational purposes only and is not tax, legal, or investment advice. Insurance and annuity products are not deposits, not FDIC insured, and not guaranteed by any bank. Guarantees are backed solely by the financial strength and claims-paying ability of the issuing insurer. Product features vary by insurer and state.
