Final expense insurance is a type of insurance designed to cover costs that arise when someone passes away, such as funeral expenses, medical bills, or other end-of-life debts. It’s meant to ease the financial burden on loved ones during a difficult time, ensuring they don’t have to dip into savings or struggle to pay for these expenses. Typically, this insurance is structured as a

whole life policy because it provides coverage for the policyholder’s entire life, as long as premiums are paid, and guarantees a payout when they pass away.

With a whole life final expense policy, you pay a regular premium, and in return, the insurance company promises to give your family a set amount of money when you’re gone. This money, called the death benefit, is usually modest—enough to cover things like a funeral, which can cost thousands of dollars, or to settle any leftover bills. Unlike term life insurance, which only covers you for a specific number of years, whole life doesn’t expire, so there’s no risk of outliving the policy. This makes it a popular choice for final expense insurance, especially for older adults who want to plan ahead.