Final Expense Insurance

Final expense insurance is a whole life insurance policy that has a small death benefit and is easier to get approved for. Final expense insurance is also called “funeral insurance,” “burial insurance,” “simplified issue whole life insurance,” or “modified whole life insurance.” All are marketing terms that the insurance industry uses to sell small whole life policies with a face value (death benefit) of $2,000 to $50,000

There is no difference between final expense insurance and normal life insurance other than the fact that insurers sell smaller policies to make it more affordable. Final expense insurance has a death benefit designed to cover expenses such as a funeral or memorial service, embalming and a casket, or cremation. However, the beneficiaries can use the death benefit for any purpose, from paying property taxes to taking a vacation.