Final expense insurance is a type of permanent life insurance designed to help older people pay for funerals and other end-of-life expenses. Final expense life insurance, sometimes known as “funeral insurance” or “burial insurance,” is designed to help loved ones pay for a funeral ceremony, burial or cremation, doctor or hospital bills, or other immediate expenses after a death. Final expense insurance, like other types of permanent insurance, will never expire as long as you pay your payments on time.
The premiums for a final expense policy are often lower than those for other types of life insurance, such as term or permanent insurance, because the coverage amounts are lower. In other circumstances, coverage levels can range from a few thousand dollars to $35,000. Final expense insurance is simple to obtain and does not require a medical checkup. If you’re between the ages of 50 and 85, you may usually get approved for a policy in a matter of days.