What Is Final Expense Insurance?
Final expense insurance, also called burial insurance or funeral insurance, is a small whole life insurance policy meant to cover end-of-life costs. In 2024, the average simplified issue final expense policy was for $14,535 of coverage, and the average guaranteed issue policy was for $9,786 (LIMRA, 2025).
Most of these policies skip the medical exam. Simplified issue policies ask health questions instead. Guaranteed issue policies ask none, but they usually pay a limited benefit if death from natural causes happens in the first two years.
What Does It Cover?
The money goes to your beneficiary, who can use it for anything. Common uses include:
How Much Does It Cost?
The monthly premium depends on your age, sex, health answers, tobacco use, coverage amount and the type of policy. Guaranteed issue costs more than a policy that asks health questions. Most final expense policies are whole life with a premium that stays level, but check the policy to be sure.
A licensed agent in your state can show you real prices for your age and health. See our guide to what final expense insurance costs for more.