What can a final expense life insurance policy pay for?

The beneficiaries of a final expense life insurance policy can use the policy’s payout to pay for a funeral service, casket or cremation, medical bills, nursing home bills, an obituary, flowers, and more. However, the death benefit can be used for any purpose whatsoever. The death benefit is usually somewhere between $2,000 and $35,000.

What is final expense insurance?

Final expense insurance has more expensive rates and lower available coverage amounts than term life insurance, which is meant to replace income and lasts for a specific length of time. Final expense insurance policies usually offer low coverage amounts, up to $50,000, and don’t require a medical exam.

Should I get a final expense insurance policy?

Final expense insurance policies usually offer low coverage amounts, up to $50,000, and don’t require a medical exam. Term life insurance offers much more coverage at a lower cost. If your age or health disqualifies you from getting traditional term coverage, a final expense policy is a good option.