Final expense insurance products are designed for adults between the ages of 50 and 85. Some providers may offer policies to older adults.
The maximum amount of final expense insurance is usually $50,000. However, the amount of coverage you can purchase varies by insurance provider and plan.
The average cost for final expenses can vary based on your financial situation, current health and the type of funeral arrangements you want. Funerals often come with a higher price tag than you might expect: The average cost of a funeral is $7,848, and a funeral with cremation costs $6,970, according to the National Funeral Directors Association (NFDA).
A final expense policy is a type of permanent life insurance policy for middle-aged adults and older adults. It provides beneficiaries a cash death benefit to pay for your end-of-life choices. Compared to other life insurance policies, final expense life insurance offers a lower death benefit. The upside is that there’s no medical exam required to get it, and the insurer may guarantee your approval.
