Ages 50–85
Final expense insurance
A small life insurance policy meant to cover your funeral and the bills that come after. Coverage usually runs $5,000 to $25,000, health questions are limited or skipped entirely, and the premium never goes up.
- Typical coverage
- $5,000 to $25,000
- Ages accepted
- Generally 50 to 85, varies by carrier
- Medical exam
- Not required
- How long it lasts
- Your whole life, as long as premiums are paid
What it pays for
The money goes to whoever you name as your beneficiary, and they can use it for anything. Most families use it for:
- Funeral, burial, or cremation costs
- Cemetery plot, headstone, and services
- Outstanding medical bills
- Credit card balances or a small loan
- Travel costs for family coming in
A funeral commonly runs several thousand dollars and often more, and it's typically due right away. The point of this coverage is that your family isn't paying it out of pocket during the week they're burying you.
Two ways you can be approved
Which one you qualify for depends on your health, and it changes how the policy behaves in the first couple of years.
Simplified issue
You answer a short list of health questions. No exam, no doctor's visit. If you're approved, the full death benefit is available immediately — from day one. Most people in reasonable health for their age qualify here, and it costs less than the alternative.
Guaranteed issue
No health questions at all. Approval is automatic within the age range. The trade-off is a graded death benefit: if you die of natural causes during the first two or three years, the policy returns the premiums you paid plus interest rather than the full amount. Accidental death is typically covered in full right away, and after the graded period ends the full benefit applies for any cause.
Guaranteed issue exists for people whose health rules out other options. If you can qualify for simplified issue, that's the better buy.
- Premium
- Fixed for life — it does not increase as you age or if your health changes
- Coverage
- Does not expire and cannot be canceled by the insurer as long as premiums are paid
- Cash value
- Builds slowly over time and can be borrowed against, though that reduces the death benefit
- Taxes
- The death benefit is generally income-tax-free to your beneficiary
- Beneficiary
- You choose who receives it, and you can change that later
Questions people ask
Straight answers
Will I be turned down for my health?
With guaranteed issue, no — approval is automatic within the age range. With simplified issue, some conditions can decline you, but carriers differ a lot in what they'll accept. Being declined by one doesn't mean being declined by all.
Do I have to see a doctor?
No. There's no medical exam and no lab work. Simplified issue asks health questions; guaranteed issue doesn't ask any.
Can my rate go up later?
No. Final expense policies have a level premium that's locked at issue and stays the same for as long as you own the policy.
What if I already have coverage?
You can hold more than one policy. It's worth checking whether employer coverage will still be there after you retire — most group coverage ends with the job.
How fast does my family get the money?
Once a claim is filed with a death certificate, most carriers pay within days to a few weeks. Claims within the first two years may be reviewed more closely.
What does it cost?
It depends on your age, your state, tobacco use, and how much coverage you want. That's what the quote is for — and there's no obligation attached to getting one.
See your rate in about two minutes
A few questions about your age, state, and health. No exam, no obligation, and a licensed agent will walk you through what you qualify for.
See my rate