What Is Final Expense Insurance?
Final expense insurance (also called burial insurance or funeral insurance) is a small whole life insurance policy specifically designed to cover the costs associated with death — funeral, burial, cremation, medical bills, and other end-of-life expenses. Coverage amounts typically range from $5,000 to $50,000.
Final expense policies are permanent — they never expire as long as premiums are paid. The death benefit is paid directly to your beneficiary (a family member, executor, or funeral home), who can then use it to cover your final costs without dipping into savings or going into debt.
Funeral and end-of-life costs can be a significant unplanned expense. Without final expense coverage, that burden often falls on your grieving family — frequently when they can least afford it.
What Does Final Expense Insurance Cover?
- Funeral home services — embalming, viewing, ceremony coordination
- Casket or urn costs — can range from $2,000 to $10,000+
- Cemetery plot and burial fees
- Cremation costs if preferred
- Headstone or grave marker
- Flowers, obituary, and death certificates
- Outstanding medical bills — final hospital stays, hospice, prescriptions
- Legal and estate settlement costs
- Any other final expenses — the death benefit is paid in cash and can be used however needed
Key Benefits of Final Expense Insurance
- Simplified-underwriting and no-exam options may be available — approval may still depend on your answers to health questions and other underwriting information
- Guaranteed-issue options may be available for applicants who meet applicable age and eligibility requirements; graded benefits or waiting periods may apply
- Premiums vary by age, health, sex where permitted, coverage amount, product, carrier and state — we'll help you compare options that fit your budget
- Permanent coverage — many final expense policies are designed so coverage doesn't expire and premiums don't increase, per policy terms
- Claims processing — timing varies by carrier and product; we can walk you through what to expect
- Cash benefit, not funeral pre-payment — your family decides where and how to use it
- Available across a range of ages — many carriers offer coverage well into a person's 80s, subject to eligibility
Who Needs Final Expense Insurance?
- Seniors age 50–85 who want to protect their family from funeral costs
- Anyone who doesn't have sufficient savings to cover $10,000–$15,000 in final expenses
- People who have been declined for or can't afford traditional life insurance
- Those who want to supplement an existing policy with dedicated burial coverage
- Anyone whose primary concern is ensuring their final wishes are funded
Types of Final Expense Policies
- Level Benefit — full death benefit available from day one; best rates for healthy applicants
- Graded Benefit — partial benefit in years 1–2, full benefit after; for moderate health issues
- Guaranteed Issue — no health questions, guaranteed acceptance; for serious health conditions. Usually has a 2-year waiting period for full benefit.
Omaha Life Group will help you qualify for the best benefit type available based on your health history — ensuring you get the most coverage for your premium.