Final expense insurance, also referred to as burial insurance or Guaranteed Issue Life Insurance, covers end-of-life expenses including funeral arrangements and any remaining medical or legal expenses that will need to be settled by your beneficiary.
Final expense insurance is typically purchased for people between the ages 50-85. A person can buy final expense insurance for themselves or for someone else, including their parents. In order to buy a policy on someone else, you will need their consent along with proof of insurable interest.
Final expense life insurance is a worthwhile investment for anyone who needs a financial product to ensure their funeral expenses won't burden their family.
The average final expense policy costs between $30-$70 a month and depends on your age, sex, health, coverage amount, and life insurance company you choose.
Guaranteed Issue Life Insurance has no medical exam can be issued regardless of health conditions.