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Life Insurance For Your Final Expenses

The last thing a grieving family wants to worry about is the financial burden of a funeral, which can cost close to $9,000 in 2018.1

Fortunately, the death benefit payout from a life insurance policy can be used to help cover some of these costs and can help alleviate undue stress in an already difficult time.

Many people use the term “final expense life insurance” to describe policies with small payouts. These policies are usually guaranteed acceptance life insurance. Just like any life insurance policy, the beneficiary may use the proceeds however they see fit. But they are often used to cover funeral and burial costs, as well as final medical bills.

Guaranteed acceptance life insurance is typically reserved for older applicants and requires no medical underwriting. This means that applications can usually be approved in just a few days, with no physical examination or health questions required.

It should be noted that final expense life insurance is not to be confused with “funeral insurance,” which is sometimes sold by funeral homes for services offered.

Who Should Buy Final Expense Life Insurance?

Anyone who does not have a life insurance policy or an inheritance to leave behind could benefit from guaranteed acceptance life insurance. Even if you already have a life insurance policy, you might choose to buy final expense life insurance as an additional way of helping your loved ones financially after you’re gone.

If you have a spouse, children or grandchildren who will have to pay your final expenses, this type of policy may be a good fit for your situation. This is especially true if health complications would make other types of life insurance unaffordable or unattainable.

Consider the average cost of funeral services in the U.S. in 2018:

  • Funeral director’s service: $1,500
  • Casket: $2,300
  • Embalming: $500
  • Use of funeral home for service: $500
  • Gravesite: $1,000
  • Grave digging: $600
  • Burial vault: $1,000
  • Headstone: $1,500

Add it all up, and the typical funeral can cost $8,900. A guaranteed acceptance life insurance policy, even one with a death benefit of only $10,000, can help make a big financial difference for your loved ones.

After all, you don’t want your lasting legacy to be one of financial burden.   

Is Final Expense Life Insurance Right For You?

If you’re worried that your loved ones may have a difficult time paying for your funeral, and if you do not want your death to leave them in financial hardship, this type of policy may be right for you.

Talk to a licensed insurance agent today to see how a guaranteed acceptance life insurance policy may fit into your financial picture.


1 Funeral Costs: How Much Does an Average Funeral Cost? (Sept. 14, 2018). Retrieved from

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