Posted in Life Insurance last updated on March 18, 2025Life Insurance
The Complete Guide to Final Expense Insurance
The Affordable, No-Hassle Way to Protect Your Loved Ones from the Financial Burden of funeral costs
Introduction: The Cost of Dying & Why You Need a Plan
Most people don’t like to think about what happens after they pass away—but the truth is, death comes with serious financial consequences for loved ones left behind.
- The average funeral costs $7,000 – $12,000—and that doesn’t include medical bills, debts, or other expenses.
- Many families don’t have enough savings to cover these unexpected costs.
- Without a plan, loved ones may struggle financially, adding stress to an already difficult time.
This is why Final Expense Insurance (also known as Burial Insurance) exists—it ensures that when you pass away, your family won’t be burdened with funeral costs and debts.
What is Final Expense Insurance?
Final Expense Insurance is a small whole life insurance policy designed to cover end-of-life costs such as funerals, burial expenses, and outstanding medical bills.
Unlike traditional life insurance, final expense insurance:
- Doesn’t require a medical exam (most policies have guaranteed acceptance).
- Has lower coverage amounts ($5,000 - $50,000) to match funeral and final expense costs.
- Never expires as long as premiums are paid.
- Pays out quickly to your beneficiaries to handle expenses immediately.
💡 Key Takeaway: If you don’t want your family to struggle with funeral costs, final expense insurance is one of the easiest ways to ensure they are financially protected.
How Much Does a Funeral Cost? (Breakdown of Expenses)
The cost of a funeral depends on several factors, including location, burial vs. cremation, and funeral services. Here’s a breakdown of average funeral expenses in the U.S.:
| Expense | Average Cost |
|---|---|
| Funeral Home Services | $2,500 – $4,000 |
| Casket | $2,000 – $5,000 |
| Burial Plot & Grave Marker | $1,500 – $4,000 |
| Cremation Costs | $1,500 – $3,000 |
| Flowers, Transportation, Misc. | $1,000+ |
| Total Estimated Cost | $7,000 - $12,000 |
💡 Key Takeaway: Many families do not have savings set aside for funeral expenses, making final expense insurance a critical financial tool.
Final Expense Insurance vs. Other Life Insurance Options
How does Final Expense Insurance compare to term life and whole life insurance?
| Feature | Final Expense Insurance | Term Life Insurance | Whole Life Insurance |
|---|---|---|---|
| Medical Exam Required? | No | Sometimes | Sometimes |
| Guaranteed Acceptance? | Yes | No | No |
| Covers Funeral Costs? | Yes | No (unless payout is large) | Yes |
| Payout Amount | $5,000 – $50,000 | $50,000 – $500,000+ | $100,000+ |
| Best For | Seniors & those with health issues | Younger, healthy individuals | Estate planning |
💡 Key Takeaway: Final expense insurance is ideal for seniors or those with health conditions who want guaranteed coverage for funeral costs.
Burial Insurance for Seniors Over 50, 60, 70, 80, and 85
Burial Insurance for Seniors Over 50
- Best time to buy because premiums are low and health is still stable.
- More policy options available, including simplified issue policies with no exam.
- Lower monthly rates compared to buying later in life.
Burial Insurance for Seniors Over 60
- Health concerns may start appearing, but guaranteed issue policies are still affordable.
- Many people start thinking about funeral planning in their 60s.
- Coverage can be locked in for life at a lower rate than waiting until 70 or 80.
Burial Insurance for Seniors Over 70
- More expensive than policies bought at 50 or 60, but still manageable.
- Limited policy options—but no-exam, guaranteed approval policies exist.
- Some insurers cap coverage at $25,000 – $50,000 at this age.
Burial Insurance for Seniors Over 80
- Guaranteed issue policies are the best option.
- Higher premiums, but better than leaving family with funeral debt.
- 2-year waiting period applies (most policies require you to live at least 2 years before full benefits pay out).
Burial Insurance for Seniors Over 85
- Very limited options.
- Smaller policy sizes ($5,000 – $25,000) but still enough to cover funeral costs.
- Guaranteed issue is the only real choice.
💡 Key Takeaway: Buying earlier means lower rates and more options—waiting costs you more in the long run.
Final Expense Insurance for Special Situations
Final Expense Insurance for Parents
- Many people buy final expense policies for their parents to ensure their funeral costs are covered.
- Ownership options: You can be the policyholder and pay for the policy on behalf of your parents.
Final Expense Insurance for Cancer Patients
Can you get final expense insurance if you have cancer?
- Yes, but guaranteed issue is the best option.
- 2-year waiting period applies if you are still in treatment.
Final Expense Insurance for Veterans
Does the VA cover funeral costs?
- The VA only covers basic burial allowances ($300 – $2,000)—not the full funeral cost.
- Many veterans still need final expense insurance to cover the difference.
Final Expense Insurance for Cremation
- Cremation is cheaper than burial, but still costs between $1,500 – $3,000.
- Final expense policies can be customized for cremation costs.
Best Final Expense Insurance Companies
| Company | AM Best Rating | Policy Features | Medical Exam Required? |
|---|---|---|---|
| Mutual of Omaha | A+ | Guaranteed issue & level benefit options | No |
| AIG | A | Guaranteed issue, no health questions | No |
| Gerber Life | A | High approval rate for seniors | No |
| Colonial Penn | B+ | No medical exam, 2-year waiting period | No |
| Foresters Financial | A | Competitive pricing & cash value growth | No |
💡 Key Takeaway: Look for strong financial ratings and no-exam policies when choosing a provider.
Final Thoughts: Why You Need Final Expense Insurance Now
- Covers funeral, burial, and final expenses so your family isn’t burdened.
- Guaranteed approval—no medical exam required.
- Affordable premiums, especially when purchased early.
- Lock in your rate now before prices increase with age.
Don’t leave your family unprepared—get a free quote today. Secure your final expense policy now and gain peace of mind.
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Comparing Final Expense Insurance to Other Policies
Some people assume their regular life insurance policy will cover final expenses—but that’s not always the case.
| Feature | Final Expense Insurance | Term Life Insurance | Whole Life Insurance |
|---|---|---|---|
| Coverage Amount | $2,000 - $50,000 | $100,000 + | $50,000 + |
| Policy Duration | Lifetime | 10-40 Years | Lifetime |
| Requires Medical Exam? | No | Sometimes | Sometimes |
| Builds Cash Value? | Yes | No | Yes |
| Payout Speed | Fast (within days in most cases) | Slower (weeks/months) | Moderate |
Unlike term life insurance, Final Expense Insurance never expires. Unlike whole life insurance, it’s much more affordable and easier to qualify for.
Common Misconceptions About Final Expense Insurance
“I’m too young to need it.”
Most people think of final expense insurance as something for seniors, but the truth is, the younger you are, the lower your premiums will be. Locking in a policy early can save you thousands over time.
“I already have life insurance.”
While you may have a life insurance policy, will your family be able to access the payout immediately? Many traditional policies take weeks or months to process. Final Expense Insurance pays out fast, ensuring your family has what they need when they need it.
“My family will figure it out.”
Funeral homes require payment upfront, and not having a plan in place often leaves families scrambling to pull together funds through loans, credit cards, or even crowdfunding. Don’t put your loved ones in that position.
How to Choose the Right Final Expense Policy
When selecting a Final Expense policy, there are a few key factors to consider:
- Coverage Amount: Consider funeral costs, debts, and any financial support your family may need.
- Premium Affordability: Choose a policy with a fixed premium that fits your budget.
- Company Reputation: Work with a trusted insurer with a history of fast payouts and excellent customer service.
- Rider Options: Some policies offer additional benefits like accidental death riders or living benefits for terminal illness.
An agent can help you navigate these options and find the best policy for your needs.
Take the Next Step
You’ve spent a lifetime caring for your family—don’t leave them with financial uncertainty when you’re gone.
Final Expense Insurance is an affordable, easy-to-qualify-for solution that ensures your loved ones are protected from unexpected costs.
- Call us at 504-294-5300 to discuss your options with a knowledgeable agent.
- Schedule a consultation by clicking here to find the best Final Expense policy for you.
Our team is here to make the process simple and stress-free.
Consider This
Planning ahead is one of the greatest gifts you can give your family. Instead of leaving them scrambling to figure out funeral costs and debts, Final Expense Insurance ensures they have the financial resources they need immediately.
It’s not just about covering funeral costs—it’s about protecting your family’s future and giving them the peace of mind that everything is taken care of.
Don’t wait until it’s too late. Take action today and make sure your loved ones are protected.
Download Our Free Final Expense Planning Guide
Download Our Free Final Expense Planning Guide
Have you ever thought about how your family will manage financially when you’re no longer here? It’s not an easy topic, but planning ahead doesn’t have to be complicated—or expensive.
We created “Planning Ahead: A Legacy Without Worry” end-of-life planning to give you the honest truth about securing affordable coverage without getting tricked by confusing jargon or pushy sales tactics.
Whether you’re looking for peace of mind, a way to leave a legacy, or simply ensure your family isn’t burdened with debt, this guide will help you take control of your future, starting today.