Final Expense Insurance
Final expense insurance — also called burial insurance or funeral insurance — can help your family manage end-of-life costs. Chime Insurance Group explains available options for your budget; medical requirements and eligibility vary by policy.
Request an insurance quote or contact a licensed advisor.
Available Final Expense Insurance options
- Simplified Issue Final Expense
May require health questions without a medical exam. If approved, the benefit timing and premium depend on the policy and underwriting.
May fit: Seniors in reasonable health who want the best rate without a medical exam
- Guaranteed Issue Life Insurance
Some policies use limited health questions and no medical exam for eligible applicants. Premiums and graded-benefit terms vary by policy.
May fit: Seniors with serious health conditions who may not qualify for other coverage
- Modified Benefit Final Expense
Designed for some applicants with moderate health conditions. Premiums and any graded-benefit period depend on the policy and underwriting.
May fit: Those with some health issues who don't qualify for simplified issue but want a better rate than guaranteed issue
Final Expense Insurance considerations
- Medical exam requirements vary by policy
- Eligibility and issue ages vary by policy
- Tax-free death benefit for your beneficiaries
- Premiums and policy terms are set by the policy
- Coverage duration and cash value features vary by policy
- Application timing is not guaranteed
- Benefit can be used for any end-of-life expense
Frequently asked questions
What is the average cost of final expense insurance?
Premiums vary by age, health, coverage amount, policy type, and underwriting. An advisor can explain the factors that affect a quote, but no price is guaranteed before an application is reviewed.
How much final expense coverage do I need?
Consider local funeral costs, outstanding medical bills, small debts, existing savings, and any coverage you already have. An advisor can help you compare a coverage amount with your budget.
What is a graded benefit?
A graded benefit limits the death benefit during an initial period described in the policy. The exact waiting period and payout depend on the policy, so read the contract and ask questions before applying.
Can I get final expense insurance at age 80?
Eligibility at age 80 depends on the policy, state, health history, and underwriting. Some options may be available, but approval, pricing, and benefits are not guaranteed.
Is final expense insurance the same as burial insurance?
Yes. 'Final expense insurance,' 'burial insurance,' and 'funeral insurance' all refer to the same type of product — small whole life policies designed to cover end-of-life costs.
Does my family have to use the death benefit for funeral costs?
No. The death benefit is paid to your named beneficiary as a tax-free lump sum. They can use it however they choose — for a funeral, outstanding bills, or anything else.