WHAT IS A FINAL EXPENSE INSURANCE?

Final expense insurance, also known as burial insurance or funeral insurance, is a type of whole life insurance designed to cover the costs associated with a person’s end-of-life expenses. This typically includes funeral services, burial or cremation, and other related costs such as medical bills or debts left behind.

Final expense policies generally offer a smaller death benefit compared to traditional life insurance, ranging from a few thousand to around $30,000. The premiums are usually fixed, and the coverage lasts for the insured’s lifetime as long as premiums are paid. It is often marketed to seniors and those who may not have other life insurance policies in place, providing peace of mind that their loved ones won’t be burdened with these costs.