What final expense insurance is
Final expense (sometimes called burial or funeral insurance) is a form of permanent whole life coverage with a smaller face amount than traditional life insurance. Premiums are level for life, the policy does not expire as long as premiums are paid, and the benefit is paid to your named beneficiary, who can use it however it is needed. Coverage amounts are typically sized to cover a funeral and related expenses rather than to replace income.
Simplified issue
Simplified-issue policies ask a short set of health questions and usually do not require a medical exam. Approval is often faster than fully underwritten coverage, sometimes within days. Because the carrier is taking on more uncertainty, the cost per dollar of coverage is higher than a fully underwritten policy, but for many people the convenience and accessibility are worth it.
Guaranteed issue
Guaranteed-issue policies have no health questions and cannot be declined for health reasons within the eligible age range. In exchange, they generally cost more and include a graded benefit period, commonly the first two to three years, during which the full death benefit is not paid for non-accidental death. Instead, the carrier typically returns premiums paid plus interest. After the graded period, the full benefit applies. We will always explain whether a policy has a graded period before you apply.
Who it is for
- People in their 50s through 80s who want a specific, affordable benefit for final costs
- Anyone who has been declined for traditional coverage due to health history
- Families who want to avoid passing funeral expenses to children or a surviving spouse
- People with existing coverage who want a small permanent policy that will not expire
What to consider
The right amount depends on the costs you want covered, your budget, and whether you already have savings or other coverage set aside. If you are healthy, a simplified-issue policy usually offers more value than guaranteed issue. We will compare both across the carriers we work with and tell you plainly which fits. Coverage is subject to each carrier's eligibility requirements and availability in your state.