Final Expense for Dummies

Be yourself; Everyone else is already taken.

— Oscar Wilde.


Like most life insurance policies, beneficiaries will receive a death benefit when someone passes. For a final expense insurance policy, the benefit amounts are generally lower and are designed to cover the funeral and burial expenses. 

A person, however, might have outstanding debt or anticipate they will leave medical bills behind. In this case, they should plan for coverage amounts to pay off these debts. This should not be confused with long term care, i.e. while someone is still alive.

Coverage amounts range from $2,000-$5,000 (depending on carrier) up to $35,000-$100,00 (depending on carrier), although the higher the benefit payout the higher the premium. Upon passing, either accidental death, terminal illness or natural causes the beneficiary will receive the benefit, so that they can pay off of those remaining obligations. In most cases, beneficiaries are family members.

Final Expense Info.

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