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Final Expense Insurance is an easy and affordable way to cover end of life costs for funerals, burials, and cremations. It offers insurance coverage with fixed premiums, no medical exams, and quick approval, giving families financial relief and peace of mind.
Final Expense Insurance is often called Burial Insurance, Funeral Insurance, Cremation Insurance, End of Life Insurance, and simply Life Insurance. They all mean the same thing, like "attorney" and "lawyer" mean the same thing.
In summary, Final Expense Insurance covers costs after a person's passing, easing the financial burden on loved ones and providing them with financial peace of mind.
Major Benefits:
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- No medical exams.
- Affordable premiums.
- Lifetime coverage with fixed rates.
- Guaranteed benefits for loved ones
- Provides financial peace of mind
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What is final expense insurance?
Final expense insurance goes by many names, much like the terms “lawyer” and “attorney” — different words that mean the same thing. Similarly, final expense insurance is also referred to as burial insurance, funeral insurance, end-of-life insurance, cremation insurance, or Senior life insurance. Despite the different terms, they all describe the same product.
These policies are a type of life insurance specifically designed to cover end-of-life expenses. They typically provide smaller coverage amounts compared to traditional life insurance, making them a more affordable option for individuals who want to ensure financial security for their families during difficult times.
The primary purpose of final expense insurance is to cover costs associated with funerals, burial, or cremation, which can be significant. Additionally, funds can be used for other end-of-life expenses like medical bills or outstanding debts.
This type of insurance is often easier to qualify for, as it usually doesn’t require a medical exam, making it accessible for seniors or individuals with health concerns. Premiums are generally fixed, and coverage lasts for the policyholder’s lifetime, as long as payments are made.
Final expense insurance provides peace of mind by ensuring loved ones won’t bear the financial burden of end-of-life costs, offering a simple and effective way to plan for the future.
How Does Final Expense Insurance Differ from Traditional Life Insurance?
Final expense insurance and traditional life insurance serve different purposes, catering to unique financial needs. Final expense insurance is specifically designed to cover end-of-life costs such as funerals, burials, and related expenses. In contrast, traditional life insurance often provides larger coverage amounts to address broader financial needs, such as replacing income, paying off mortgages, or funding long-term goals like education.
A key distinction is the coverage amount. Final expense insurance typically offers smaller policies, making premiums more affordable. It’s also easier to qualify for, often requiring no medical exam, which is especially beneficial for seniors or individuals with pre-existing health conditions.
Traditional life insurance, however, generally involves more stringent underwriting processes, including medical evaluations, and may offer term or permanent policy options. While it provides higher coverage, the complexity and cost can make it less accessible for some.
Final expense insurance is ideal for those seeking a straightforward solution to alleviate the financial burden of funeral costs for their loved ones, while traditional life insurance is better suited for comprehensive financial planning and long-term family support.
What expenses does final expense insurance cover?
Final expense insurance is designed to ease the financial burden on loved ones by covering various end-of-life costs. Its primary purpose is to pay for funeral and burial or cremation expenses, which can include services, caskets, urns, headstones, and cemetery plots. These costs can quickly add up, making final expense insurance a practical solution for many families.
In addition to funeral-related expenses, the policy can also be used for other outstanding costs associated with a person’s passing. These might include medical bills not covered by health insurance, hospice care, or other end-of-life medical expenses. It can also cover unpaid debts or legal fees related to estate settlement.
Final expense insurance provides families with financial relief during a difficult time, ensuring that loved ones can focus on grieving rather than worrying about costs. With its flexibility and ease of access, this insurance serves as a valuable financial planning tool for end-of-life preparations.
How much coverage do I need for final expenses?
Determining how much coverage you need for final expenses depends on your specific financial situation and end-of-life wishes. Start by estimating the cost of a funeral or cremation, which typically ranges from $7,000 to $10,000. This includes services, burial plots, caskets or urns, headstones, and other related expenses. Costs may vary based on location and personal preferences.
Next, consider additional end-of-life costs, such as unpaid medical bills, hospice care, or outstanding debts like credit card balances or personal loans. If you want to leave a financial cushion for loved ones, factor that into your coverage amount.
A final expense insurance policy offering coverage between $5,000 and $25,000 is usually sufficient for most individuals, depending on these factors. Consulting with an insurance professional can help you determine the right amount to ensure your family is financially secure.
By choosing the appropriate coverage, final expense insurance provides peace of mind, ensuring loved ones are not burdened with unexpected costs during a challenging time.
What are the typical costs of final expense insurance premiums?
The cost of final expense insurance premiums depends on several factors, including the coverage amount, the policyholder’s age, health, and gender. On average, premiums range from $30 to $70 per month for a policy with a $10,000 benefit. Younger and healthier individuals often qualify for lower rates, while older adults or those with pre-existing conditions may pay higher premiums.
Final expense insurance is designed to be affordable and accessible, making it a popular choice for seniors who may not qualify for traditional life insurance. Most policies offer fixed premiums, meaning the monthly cost won’t increase over time, providing predictability for those on a fixed income.
Because no medical exam is typically required, the underwriting process is simplified, which can slightly raise premiums compared to traditional policies. However, the peace of mind knowing funeral and end-of-life expenses are covered often outweighs the cost for many individuals.
To find the best value, it’s advisable to compare quotes from different providers and choose a policy that meets your budget and coverage needs.
Are there age restrictions for purchasing final expense insurance?
Yes, age restrictions for final expense insurance vary by provider. While you can buy life insurance at any age, Final Expense Insurance is mainly designed for those between 50 and 85. Check with the insurer for their specific age limits.
While final expense insurance is primarily designed for seniors, younger individuals can also benefit if they want to secure affordable premiums early. It’s worth noting that the cost of premiums typically increases with age, so purchasing a policy sooner can result in lower monthly payments.
For individuals near or above the maximum age limit, it’s essential to act quickly to secure coverage. Some insurers may have more flexible options for older applicants or those with health conditions, as medical exams are generally not required for these policies.
By understanding the age restrictions and acting within the eligible range, individuals can ensure financial security for their loved ones when end-of-life expenses arise.