What is covered under Final Expense Insurance?
Final expense insurance is a type of whole life insurance designed to cover expenses related to an individual’s funeral and burial, as well as other end-of-life costs. It is also known as Funeral or Burial Insurance. It provides peace of mind to plan holders and their families, ensuring that these financial burdens are covered without leaving loved ones in debt.
Casket
Memorial Service
Burial / Cremation
Floral Arrangements
Transportation
Monument
Medical Bills
Obituary Notices
… And Unpaid Debts
The Average Funeral Costs
$7,000 – $12,000
The viewing, burial, service fees, transport, casket, embalming, and other prep are included in this price
The Average Cost of a Funeral with Cremation is $6,000 – $7,000
These costs do not include a cemetery, monument, marker, or other things like flowers.
Don’t leave your family with unexpected debts, get a Golden Memorial Plan today!
What Is the Difference Between Final Expense Insurance and Other Life Insurance?
Final expense insurance is specifically designed for end-of-life costs — not income replacement. Here is how it compares to term life and traditional whole life insurance.
| Feature | Final Expense Insurance | Term Life Insurance | Traditional Whole Life |
|---|---|---|---|
| Medical Exam | ✓ Not required | Usually required | Usually required |
| Coverage Amount | $5,000 – $25,000 | $100,000 – $1M+ | $25,000 – $500,000+ |
| Premiums | ✓ Fixed for life | Fixed for term only | Fixed for life |
| Coverage Duration | ✓ Permanent (whole life) | Expires at term end | Permanent |
| Eligible Ages | ✓ 0 – 85 | Typically 18 – 65 | Typically 0 – 80 |
| Approval Speed | ✓ Same day | 2 – 8 weeks | 2 – 8 weeks |
| Builds Cash Value | ✓ Yes | No | Yes |
| Pre-existing Conditions | ✓ Accepted (most) | Often disqualifying | Often disqualifying |
| Payout Timeline | ✓ Within 24 hours | Days to weeks | Days to weeks |
| Best For | Seniors 50–85 covering end-of-life costs | Working-age adults replacing income | Long-term wealth transfer |
Coverage amounts, premiums, and eligibility vary by applicant age and health history. Contact Golden Memorial Insurance at (877) 869-7090 for a personalized quote.
Simplified Issue vs. Guaranteed Issue Life Insurance: What Is the Difference?
Final expense insurance falls into two underwriting categories. Understanding the difference helps you choose the right coverage and know what to expect when you apply.
Simplified Issue
Approval is based on a health screening questionnaire — no medical exam, no lab work, no doctor visits required. You answer a series of health questions, and coverage is issued the same day if you qualify.
- No medical examination
- Most pre-existing conditions accepted
- Lower premiums than guaranteed issue
- Same-day approval in most cases
- Full benefit from day one (in most cases)
- Available ages 0–85
Guaranteed Issue
No health questions at all — acceptance is guaranteed regardless of medical history. Typically used for applicants with very serious or terminal conditions who cannot qualify even for simplified issue.
- No health questions asked
- Highest premiums of any policy type
- Graded benefit period (usually 2 years)
- Lower maximum coverage amounts
- Last resort for uninsurable applicants
- Typically ages 50–80
What Is Final Expense Insurance?
Final expense insurance is generally a smaller whole life insurance policy intended to help beneficiaries pay funeral, burial, cremation, medical, debt, or other expenses after the insured dies. Benefits are paid to the named beneficiary, not automatically to a funeral home, and eligibility, premiums, exclusions, and waiting periods depend on the policy.
Does Final Expense Insurance Require a Medical Exam?
Golden Memorial advertises final expense plans that do not require a physical medical exam. Applicants answer health questions, and eligibility depends on the application, underwriting, selected coverage, state, and policy form. No-exam coverage does not mean every applicant is automatically approved or receives the same premium or benefit.