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Final expense insurance, so your family isn't left with the bill
Final expense insurance is a small whole life policy meant to pay for a funeral, burial or cremation, and final bills. Most plans ask a few health questions instead of requiring a medical exam, and the premium stays the same for life.
Who it’s for
- People in their 50s through 80s
- Anyone who doesn't want their kids paying for the funeral
- People on a fixed income
- People with health conditions that rule out a larger policy
What I check before I recommend it
- Immediate or graded benefit. Some low-priced policies only refund your premiums if you die in the first two or three years. I'll tell you which kind you're getting.
- A premium that's locked for life.
- How quickly the claim pays, so the funeral home isn't left waiting.
- Several carriers' health questions, because one company may say yes where another says no.
In plain English
How final expense works
Final expense coverage is usually between a few thousand and a few tens of thousands of dollars. That's enough to cover a funeral and leave a little for final medical bills or debts, without a premium that strains a retirement budget.
The biggest mistake I see is a graded policy bought when the person could have qualified for full coverage from day one. Shopping several carriers is how you avoid that.
Questions
Final expense questions people ask me
How much final expense insurance do I need?
Enough to cover the funeral or cremation you want, plus any final bills you don't want to leave behind. I'll help you pick an amount that covers it without straining your budget.
Do I need a medical exam for final expense insurance?
Usually not. Most final expense plans ask a few health questions on the application. Guaranteed-issue plans ask none, but they cost more and usually have a waiting period.
What is a graded or waiting-period policy?
With a graded policy, if you die of natural causes in the first two or three years, the plan pays back your premiums, sometimes with interest, instead of the full benefit. Accidental deaths are usually covered right away. If your health qualifies you for an immediate-benefit plan, that's almost always the better buy.
Can my final expense premium go up?
Not on the plans I recommend. Final expense is usually whole life insurance, so the premium is set for life.
I'm in my 70s or 80s. Can I still get coverage?
Often, yes. Many carriers write final expense coverage well into your 80s. Call me and we'll see what's available for your age and health.
Other coverage I help with
States where I’m licensed
Let’s figure out what your family needs.
Call me or send a quick note. You’ll hear back from me, not a call center.