Final expense coverage
Help your family with funeral and final costs.
A small whole life policy meant to help pay for a funeral, burial or cremation and other final bills, so your family is not left with the cost.
What is final expense coverage?
Final expense coverage is whole life insurance with a smaller benefit amount. It is designed to help with costs like the funeral home, a casket or cremation, a service, a headstone and medical bills that are left behind.
The benefit is paid to the person you choose, your beneficiary. They decide how to use the money.
How it usually works
- Permanent coverage. Whole life coverage is meant to last for your lifetime as long as premiums are paid.
- Premiums follow a set schedule. Many policies have a level premium. Check your own policy for its exact terms.
- Often no medical exam. Many plans ask a short set of health questions instead. Approval depends on your answers.
- Builds cash value. Whole life builds cash value over time.
Level day-one vs. guaranteed issue
Some policies pay the full benefit from the first day. Others, often called guaranteed issue, accept almost anyone but usually have a waiting period of two to three years before the full benefit is paid for natural death. Read the plain-English comparison.
Who looks at final expense coverage?
Seniors on a fixed income
Smaller benefit amounts can help keep the monthly premium within a budget.
Parents and grandparents
People who do not want their children to pay for their funeral.
Veterans and spouses
VA benefits help, but often do not cover funeral home costs. See what the VA pays.
Policy features, waiting periods, benefits and eligibility vary by insurance company, product and individual health history. Coverage is subject to underwriting approval.