Nobody likes thinking about final expenses, but leaving the bill to your family is worse. Final expense insurance (sometimes called burial insurance) is a small, simplified life insurance policy built for exactly one job: making sure funeral and end-of-life costs don’t become a financial burden for the people you love.
What Final Expense Insurance Covers
Unlike a large term or whole life policy meant to replace income or pay off a mortgage, final expense coverage is sized specifically for costs like:
- Funeral and burial or cremation costs
- Outstanding medical bills
- Credit card balances or other small debts
- Legal and estate settlement fees
The average funeral in Tennessee can easily run several thousand dollars once you add up the service, burial or cremation, and related costs, final expense policies are typically written for coverage amounts between $5,000 and $25,000, right in that range.
How It’s Different From Other Life Insurance
- Simplified or guaranteed issue underwriting, many policies require just a few health questions, and some guaranteed-issue policies require none at all
- No medical exam in most cases
- Whole life, not term, coverage doesn’t expire as long as premiums are paid, and it typically builds a small amount of cash value
- Level premiums, your rate is generally locked in and doesn’t increase with age the way some other coverage can
What It Costs
Pricing depends on your age, health, gender, and the coverage amount you choose, but final expense policies are built to be affordable on a fixed retirement income, often in the range of $30 to $100 per month for a policy in the $10,000 to $15,000 range. The best way to know your real number is a quote based on your actual age and health, not a generic estimate.
Pro Tip: If you’ve been declined for other life insurance due to a health condition, don’t assume you’re out of options. Many final expense carriers offer guaranteed-issue policies specifically for situations like diabetes, heart conditions, or COPD.
Is Final Expense Insurance Right for You?
It tends to make the most sense if you’re retired, don’t have a large existing life insurance policy, and want to make sure funeral costs specifically don’t fall on your family. If you already have significant savings set aside specifically for this purpose, you may not need it, part of our job is telling you honestly when a policy isn’t necessary.
Compare Your Options at No Cost
We work with multiple final expense carriers, which means we can compare rates and underwriting requirements on your behalf instead of pitching a single company’s product. Contact our team for a free final expense quote, there’s no cost and no obligation.
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