Beginner’s Guide to Final Expense Insurance

Final expense guide for seniors life insurance

Final expense insurance, also known as burial insurance, is a type of permanent life insurance designed to cover the costs associated with a funeral and/or burial. 

According to the National Funeral Directors Association, the median cost of a funeral with viewing and burial in 2023 was $8,300 – a cost many are not prepared for when the time comes.

With a final expense policy in place, your beneficiary would be provided a lump sum payment that would cover not only the costs of your service and burial or cremation but could also provide support for paying off any medical expenses or debts that remain after your passing. 

Benefits of final expense insurance

For some, final expense is the perfect fit.

Benefits to this type of policy include: 

  • The ability to make payments on a monthly or annual basis
  • Affordable coverage and stable premiums (payments)
  • No medical exam required for coverage (in most cases)
  • Policy lasts a lifetime and comes with a guaranteed payout (so long as premiums are paid on time)
  • Beneficiary determines how the death benefit is used
  • Policy comes with a cash value component that grows tax-deferred and can be accessed throughout your lifetime 
Is final expense worth it?

If you have another form of life insurance, ample savings and investments, you may not need final expense. For those who do not have these financial securities final expense can be an affordable and reliable way to ensure your loved ones do not have to face additional burdens in their time of grief. 

Even if your estate provides funds, settlements can take months to finalize. Final expense offers quick access to the cash you need, when you need it. 

How much does final expense cost?

As with all types of life insurance, premium amounts are determined by your age, health and desired coverage amount. As a reference point, a person in their fifties, with good health, could pay as little as $20/month. 

Remember: Premiums are always lower when purchased sooner! 

How much coverage do I need?

Much like weddings, baby showers and other meaningful events, the price of end-of-life celebrations, memorials and burials can vary greatly. In general, the final expense death benefit ranges from $5,000-$25,000.

Any amount not used for a service and burial, or cremation can be used however your beneficiary chooses – to pay off medical debt, receive mental health support, take time away from work, etc. 

Who is final expense for?

Traditionally, final expense has been geared towards people between ages 50-85 who vary in degree of health and are seeking a small to moderate amount of coverage.  

With Quility, clients have the option to purchase Quility Secure Future Preferred (QSFP) – a propriety, instant-issue final expense policy available to healthy clients seeking a higher amount of coverage. 

QSFP can be applied for in less than 10 minutes, making it one of the most accessible final expense products on the market. 

How do I get started?

Quility makes it easy to protect your loved ones. Just answer a couple of quick questions and a friendly licensed agent will be in touch via text, call or video chat (whichever works best for you). With Quility, you have access to 80+ carriers and top-notch, professional support when it comes to shopping for the perfect policy. 

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Brook van der Linde
Contributing Writer and Content Specialist
Brook van der Linde is a contributing writer and content specialist for Quility. She provides lifestyle articles and insurance information via Quility’s online magazine. Her industry and leadership-focused content can be accessed via LinkedIn.