Understanding Final Expense Insurance

Final expense insurance helps ensure your family isn't burdened with funeral and end-of-life costs during an already difficult time. Here's everything you need to know.

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Final expense insurance — also called burial insurance or funeral insurance — is a type of whole life insurance designed to cover end-of-life costs. Here's what you need to know.

What Does Final Expense Insurance Cover?
A final expense policy pays a death benefit (typically $5,000–$25,000) to your beneficiaries, who can use it for:
- Funeral and burial or cremation costs
- Outstanding medical bills
- Credit card debt or small loans
- Any other final expenses

Who Is It For?
Final expense insurance is typically designed for adults between 50–85 who want to ensure their family isn't left with funeral bills or debt. It's especially valuable for those who may not qualify for traditional life insurance due to age or health conditions.

Guaranteed Issue vs. Simplified Issue
- Simplified Issue: Requires answering a few health questions but no medical exam. If you qualify, premiums are lower.
- Guaranteed Issue: No health questions, no exam — acceptance is guaranteed. Premiums are higher, and most policies have a 2-year graded benefit period.

How Much Does It Cost?
Premiums vary based on age, gender, coverage amount, and health. A 65-year-old in good health might pay $40–$80/month for $10,000 in coverage.

The Chime Approach
We work with multiple final expense carriers to find the policy that provides the most coverage for your budget — with no pressure and no surprises.