Final expense and burial insurance for seniors
Final expense insurance, also called burial insurance, is a small whole life policy that pays for funeral costs, medical bills and other end-of-life expenses so your family isn’t left with the bill.
How final expense insurance works
It is whole life insurance with a smaller coverage amount, typically a few thousand dollars up to about $50,000 depending on the carrier. Premiums stay level, coverage lasts for life while you pay, and your beneficiary can spend the money on anything. Many policies are available without a medical exam.
Who it is for
Final expense coverage is popular with seniors in their 50s through 80s who want to cover funeral, burial or cremation costs without burdening family. Adult children are welcome to join the conversation, though the person being insured must complete the application.
Still working and supporting a family? Compare term life too.
Pros, trade-offs and pricing
Pros
- Small, affordable coverage amounts
- Level premiums that do not rise with age
- Often no medical exam
Trade-offs
- Lower coverage than larger policies
- Graded benefits on some policies in the early years
- Costs more per dollar than term
What affects your price
- Age at application
- Health answers
- Tobacco use
- Coverage amount
Frequently asked questions
What is the difference between burial insurance and final expense insurance?
They are the same thing. Both names describe small whole life policies used to pay funeral and other final costs.
Can seniors with health problems get burial insurance?
Often yes. Level benefit plans ask health questions, and guaranteed issue plans ask none but pay a limited benefit at first.
How much final expense coverage do I need?
Start with the cost of a funeral or cremation in your area, then add medical bills, debts and a cushion. We will help you size it.
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