What is Final Expense?
Final expense is a type of permanent life insurance that is meant to cover expenses associated with the end of life such as funeral and burial costs, final medical bills, and sometimes costs associated with settling an estate. Final expense is also commonly known as burial insurance or funeral insurance.
Your final expense policy can give your beneficiaries peace of mind upon your passing and ensure you get the funeral and burial you want.
Why would I need a final expense policy?
Most commonly, people get a final expense policy for one of the following reasons:
- They want to make sure their family can pay final medical bills and funeral/burial costs
- They want to pay for or plan their own funeral and burial services – this can be accomplished with a traditional final expense policy or a pre-need policy through a specific funeral home
- They want to leave their family some money for end-of-life expenses but they do not want to have the results of a medical exam impact their life insurance policy – most final expense policies do not require a medical exam