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.
"The average funeral in America costs between $8,000 and $12,000. Without final expense coverage, that burden falls entirely on your grieving family — often 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
- No medical exam required — most policies require only a few health questions
- Guaranteed acceptance options available for applicants with serious health conditions
- Affordable premiums — typically $30–$100/month for most seniors
- Permanent coverage — your policy never expires and your premium never increases
- Fast death benefit payout — many carriers pay within 24–48 hours of claim filing
- Cash benefit, not funeral pre-payment — your family decides where and how to use it
- Available at virtually any age — most carriers accept applicants up to age 85
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.