Final Expense Explained

Have you ever heard the term final insurance? If not then keep on reading this article as we will give you a not so brief insight into what final insurance is.

What is Final Expense Insurance?

Final insurance is something that is intended to pay for the final expense of an individual. Several final expenses include payment for the funeral services, settlement of the loan, payment of outstanding bills, etc.

Happy couple having brunch - Final Expense Explained


Final insurance has gained huge success, and it became one of the latest trends to have one for yourself. There are obviously certain benefits associated with it. So I have mentioned some of the major benefits of having final expense insurance.


Final insurance is much less costly than full-fledged life insurance or final prepaid arrangements.

Ease of procedure:

One of the most striking features of this policy is that you do not need to have a medical check as if your policy is less than $25000 then you can purchase it regardless of your medical conditions.

Complete Control:

You have no compulsion to choose anything specific for the sake of insurance. You are at liberty to choose any cremation, or service provider.

Women grieving at a funeral - Final Expense Explained

Beneficial for the family as well:

One of the most fantastic features of final insurance is that you are the owner of your insurance and if the funeral cost is less than anticipated then the remaining amount will go automatically in your family possession.

Fixed installments:

Final insurance is fixed and does not change with the changes in your health conditions.


  • Along with some benefits, there are certain drawbacks also present. Some of them are as follows.
  • In case you live way more than your life expectancy than the final insurance might cost you more than your requirements.
  • The funeral cost may vary depending on factors like change in the funeral service provider etc.
  • If you fail in your installment payment then there is the possibility that your money will never liquidate and you lose all the cash you have given until now.
  • It is a lengthy procedure and takes time form paperwork to the liquidation of policy. It is a possibility that the policy does not liquidate for the funeral for which it is required.
Funeral arrangement - Final Expense Explained

What kind of cost does my final policy cover?

Well, as the final policy is intended to cover all the final costs of an individual, it includes the following

  • Payment for the funeral services
  • Expense regarding cremation
  • Cost of the death certificate
  • Costs involved in transferring of body
  • Travelling, floral and burial plot expense
  • Expense on the luncheons
  • Loans and debts

Final insurance policies or prepaid funeral expenses is a topic which can make many of us uncomfortable. However, when it comes to paying for your expenses and left something for your family, then such planning need not be complicated or restricted.

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