Final Expense Life Insurance: What Seniors Should Know Before Talking To An Agent

Final expense insurance is a type of whole life insurance with a smaller face amount, meant to help a family pay for things like a funeral, burial or cremation, and final bills. Like any life insurance, it requires you to pay a premium, usually monthly, to keep the policy in force.

Why People Look Into It

According to the National Funeral Directors Association, the national median cost of a funeral with viewing and burial was about $8,300 in 2023, before cemetery costs. Without a plan, those costs often fall on family members.

Social Security pays a one-time death payment of $255, but only to a surviving spouse or child who meets certain requirements, and it covers a small part of typical funeral costs. A licensed agent can explain how life insurance may fit alongside any other benefits your family may be eligible for.

What To Know Before You Call

• It is life insurance, not a free benefit. You pay premiums for coverage.
• Rates vary. Your premium depends on your age, health, the coverage amount, your state and the insurance company.
• Eligibility is not guaranteed. Many policies ask health questions. Approval is decided by the insurance company after you apply.
• Some policies have waiting periods. Guaranteed-issue or graded-benefit policies may pay a limited benefit (often a return of premiums plus interest) if death from natural causes happens in the first two or three years.
• Coverage amounts are limited. The amount available to you depends on your age, health and the products offered in your state. The benefit may not cover every cost.

The questions below help us connect you with a licensed insurance agent who can walk you through the options available in your state. Answering them is not an application, a quote, or an approval.