Final expense is a minor permanent life insurance policy that helps older adults cover funeral costs and other end-of-life expenses. Also sometimes called “funeral insurance” or “burial insurance,” final expense life insurance typically provides a guaranteed payout to help loved ones pay for a funeral service, doctor or hospital bills, burial or cremation, or other immediate expenses after death. Like various types of permanent insurance, final expense insurance will never expire as long as you keep up with your premiums. Since coverage amounts are lower than other types of life insurance, like term or permanent insurance, the premiums for a final expense policy tend to be affordable. Coverage amounts can sometimes range between a few thousand dollars and $35k. Final expense insurance is straightforward to qualify for, with no medical exam required. As long as you fall between the age limits of 50 to 85 years old, you can often get approved for a policy within days.
