LIFE INSURANCE
Final Expense Insurance
Final expense insurance generally refers to smaller permanent life insurance policies intended to help beneficiaries handle funeral costs and other end-of-life expenses.
How Final Expense Coverage Works
Final expense policies are commonly whole life policies with smaller death benefits and simplified underwriting. Product design, health questions, waiting periods and benefit structures vary by insurer.
What to Consider Before You Choose
- Compare the total premium cost with the death benefit being purchased.
- Ask whether the policy has an immediate full death benefit or a graded benefit period.
- Review health questions and underwriting rather than assuming every policy is guaranteed issue.
- Consider whether an existing life policy or other assets already cover the need.
Who Often Considers Final Expense
Final expense coverage can fit someone who wants a smaller permanent death benefit specifically earmarked to help family with final expenses.