Final expense insurance is a type of life insurance designed to cover end-of-life costs, such as funeral expenses, medical bills, and outstanding debts. These policies typically have lower coverage amounts, ranging from $5,000 to $50,000, making them an affordable option for seniors and those looking to ease the financial burden on their loved ones.
According to the National Funeral Directors Association (NFDA), the median cost of a funeral with a burial in the U.S. was around $7,848 in 2023, while a funeral with cremation averaged $6,280. Without proper coverage, families may struggle to pay these expenses out of pocket, leading to financial stress. Final expense policies provide peace of mind by ensuring that loved ones are not left with unexpected costs, helping many families save thousands in funeral-related expenses.
Types of Final Expense Policies
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Simplified Issue
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Applicants may be asked a few medical–related questions
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Carrier may perform Medical Information Bureau (MIB) and prescription checks
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Telephone interview may be required
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Policies usually cost less than guaranteed issue ones
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Good for clients with lower–risk pre-existing conditions
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Guaranteed Issue
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Applicant not asked any health-related questions
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Carrier does not perform Medical Information Bureau (MIB) or prescription checks
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Applicant is guaranteed approval for a policy
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Policies usually cost more than simplified issue policies
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Good for clients with higher-risk or otherwise-uninsurable pre-existing conditions
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We’ve created powerful marketing materials for you to share with your clients, highlighting the key benefits of a Final Expense policy—affordable coverage, guaranteed acceptance options, and peace of mind for their loved ones.
Plus, when you sell through LifeCENTER, you gain access to top-tier carriers, exclusive products, competitive commissions, and cutting-edge technology to streamline your sales process.
Don’t miss this opportunity to grow your business and help more clients secure their future.