Final Expense Insurance

Still looking for a way to cover funeral costs if you passed on guaranteed issue life insurance? You’re in luck, because there’s a life insurance policy specifically for that purpose.

Final expense insurance is a unique type of policy. It covers the cost of anything associated with your death, whether it’s medical costs, a funeral, or cremation — whatever your literal final expenses are. It’s usually issued only to people of a certain age and the policy is valid only up to a certain age.

Like other permanent life insurance policies, there’s a cash value that can grow over time. Final expense insurance is a simplified issue policy in most cases, but if you don’t pass the health questionnaire you’ll be placed in a guaranteed issue policy instead.

Final expense insurance is usually attractive to older people who don’t have other life insurance coverage (maybe they outgrew their term life policy) and don’t have enough savings to pay for their own funeral, which can cost upwards of $8,000. Coverage is usually for small amounts, from $5,000 to $25,000, to cover those expenses. It’s good if you don’t have another way to pay for your funeral and don’t want to burden your family with the costs.

However, it has the same drawbacks as guaranteed issue life insurance: higher life insurance premiums for a relatively low coverage amount. If you or your family are able to pay for a funeral through other means, that’s your best bet.

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