Final Expense Insurance [Tips to Find the Best Policies]

final expense and burial life insurance

This article was written as a resource to help those who are considering purchasing final expense insurance or burial life insurance (also referred to as funeral insurance). We represent many of the top burial and final expense companies. Check out our top 10 best final expense and burial insurance companies list for more information.

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Final Expense Whole Life Insurance

Some of the Final Expense Insurance companies we work with:

People often ask if there is a company that will shop for the best prices for burial insurance. The answer is, yes, we will do just that. Below is a list of final expense companies we work with. We shop all the companies to see which company will offer you the best policy and best price on final expense insurance based on your specific need.

Check out our video below on final expense and burial insurance

Who typically buys a final expense insurance policy?

This may sound like an easy question, but there are many people that own final expense life insurance or burial life insurance because they thought that was all that they could qualify for, not because it was the best insurance option for them!

So, let’s first discuss what a final expense life insurance or burial life insurance policy is designed to do, and then see if it’s a good option to consider for you.

Final expense life insurance policies are typically:

  • Small cash value whole life final expense insurance policies ranging from $3,000 to $50,000.
  • They’ll usually have an “easier” application process. Often these policies require no medical exam and many do not ask any health questions.
  • These policies will typically go in force within 24 to 48 hours after the application has been received, which makes them attractive for those who want some coverage right away!
  • They come in two flavors: level and graded death benefit. (Discussed below: It is important to know the difference between the two).
  • Also referred to as funeral insurance.
Final Expense Insurance for Seniors

The ideal candidate is an older individual who is primarily concerned about covering final expenses and does not want to worry about “out living” term life insurance coverage. Typically, it is someone deciding between life insurance or prepaid funeral plans.

Some obvious cases where final expense insurance might be the best choice:

  • Terminally ill cancer patients
  • People on Dialysis
  • People receiving Hospice Care
  • People who want a small whole life policy
Why do people purchase final expense insurance policies?

For many, a final expense insurance policy will be a perfect fit. This also holds true for those seeking funeral insurance who want to make sure that the funeral bills are covered. It is better to have some coverage than none.

The best final expense insurance policies are typically cash value whole life insurance, which lasts your entire life. As a result, these types of policies will generally be priced higher than term life insurance

Another reason for a higher price tag is because final expense policies are designed for unhealthy older individuals that have a pre-existing health or lifestyle condition that precludes them from getting other types of life insurance coverage.

I was already told I couldn’t qualify for a term life insurance policy!

Each insurance carrier will use their own underwriting guidelines when it comes to determining who they will and won’t provide life insurance too.

Which means, you really should get a second opinion when it comes to determining if you can qualify for a term life insurance policy.

In seeking a second opinion, be sure that the agency you choose, (such as TermLife2Go), can work with dozens of different carriers.

Be aware that there are definitely times When Whole Life Insurance Is Better Than Term Life Insurance.

Now, if you really can’t qualify for a term life insurance policy…

You may be part of a growing population of individuals who are utilizing final expense life insurance and burial life insurance policies to gain some actual “life Insurance coverage”, perhaps as funeral insurance. In days past, you would have had to settle for an accidental death policy. Now more companies are offering pre-need life insurance policies, making it easier to find good final expense insurance.

These candidates will typically have a pre-existing medical condition preventing them from qualifying for a fully underwritten term or whole life insurance policy.

Since most applications for final expense life insurance policies ask very few underwriting questions; so that clients who aren’t able to find coverage elsewhere will be able to obtain coverage.

We work with top rated carriers offering a wide range of simplified issue or final expense insurance.

Advantages of the best cash value whole life final expense insurance policies

The pros and cons of cash value final expense life insurance vary.

In general most clients seem to want:

  • Guaranteed cash value growth
  • The lowest premium,
  • A fixed premium, and
  • A policy that won’t end.

These are things that we at TermLife2Go look for when helping our clients find the right policy out there.

We help find our clients final expense insurance for seniors that offer a low, fixed premium, on cash value whole life insurance.

What are disadvantages of final expense insurance?

Disadvantages that you are likely to see when reviewing the different options available are:

  • Smaller face amount options, and
  • “graded death benefit” instead of a “level death benefit”.
Final Expense Insurance Graded vs. Level death benefit

A level death benefit means the face amount of the policy is in force from day one. Level death benefit policies ask health questions. Some examples are: do you have AIDS, do you have cancer, do you have heart disease, and/or have you been diagnosed with a terminal illness. If you can answer no to these questions than a level death benefit final expense insurance policy may be the best fit for you.

A graded death benefit is offered on burial insurance with no health questions. Graded death benefit describes how a life insurance policy will not pay out if the applicants death occurs during the first two or three years from when the policy was initially placed in force.

A graded death benefit is used to protect the carrier when insuring severely ill applicants since these policies are typically life insurance with no medical exam and no health questions.

Each final expense insurance company will typically have their own definition of what their “graded death benefit” includes. TermLife2Go places significant weight on this definition when it comes time to choose the “best policy” option out there.

If you have recently purchased a final expense insurance policy and are not familiar with the term “graded death benefit”, we highly recommend that you contact us immediately so we can help you determine exactly what you have.

Another disadvantage of final expense insurance is:

  • Cost

Final expense insurance policies can be pricey. That is because most of these policies are bought by unhealthy seniors who just need something to cover burial costs and final expenses. You’ll really want to make sure that you exhaust all other available options before you decide to buy this type of policy.

How to save money on final expense insurance

The best way to save money on these policies is to shop around. And the best way to shop around is to use a company life TermLife2Go that represents dozens of the top rated best life insurance companies in the country.

Another great way to save money on final expense whole life insurance is to know exactly what the price of your burial or funeral will be. If you plan on being cremated, put that in your Will or Final Disposition Instructions as part of a Family Trust. Cremation is less expensive than a typical burial.

Avoid Policies Where Premiums Increase Every 5 Years

Finally, avoid policies that increase the premium on you every 5 years (see our reviews of Globe Life, Colonial Penn, AARP, or Veterans’Group Life Insurance). The final expense insurance for seniors sold by these companies typically have increasing premiums, which get more and more expensive the older you are.

Many companies offering final expense insurance or burial insurance offer teaser rates that are lower than competitors. However, read the fine print and you will see that the premium goes up every 5 years.

What started out as the best price now increases substantially over the life of the policy and you end up paying way too much or you cancel the policy and waste your money. If your budget permits, focus on buying a policy with a FIXED premium.


There are many options available for anyone looking for final expense insurance for themselves or life insurance on someone else. Before you pull the trigger on a policy, give our team of experts a call. We can give you quotes on many of the top burial insurance and final expense companies. That way you know you are truly getting the best deal out there for you or your loved one.

About TermLife2Go

We’re looking for lifetime customers that will recommend their friends and family to us. That is why we place customer satisfaction above all else. We work with dozens of the top rated life insurance companies in the country. If there is a policy for you we will find it.

So, what are you waiting for?  Give us a call today or visit our Life Insurance Quotes page and see what we can do for you!

Thank you for reading our article, Why Final Expense Insurance might be the best choice. Please leave any comments or questions below.

26 comments... add one
  1. Sherri M

    My boyfriend and I are looking to get life insurance for him he well be 66 Dec 8 . He is concerned about me raising granddaughter she is 8 years old and I am disabled so fixed income.

    • TermLife2Go


      Just give us a call when you have a chance and we’ll see what types of life insurance policies your boyfriend will be able to qualify for.



    • TermLife2Go


      We’re not sure why your having a problem. It might just be easier to give us a call.



  2. Brad

    I recently retired and with that, my husband and I both lost $50K life insurance that was part of my compensation. Our home is in my husband’s name and I would like to find a declining term policy to cover the remaining mortgage should he die. He has a level 3 stage oligoastrocytoma that responds reasonably well to a drug called Temodar. He is otherwise, a completely healthy non-smoker 59 year old. He could have 2 years, 5 years, maybe 10 before the condition worsens to requiring hospice and death. Any ideas to share?

    • TermLife2Go


      Recently most “declining term” products have fallen out of fashion. That said however we would be happy to discuss with you what options you may have if you were to choose to work with one of the companies that we represent.



  3. AMY S

    I am looking for a policy for my husband who is 63 years old. Eight years ago, he was diagnosed with Congestive Heart Failure

    • TermLife2Go

      We’re sorry to hear about your mother’s recent diagnosis and wish her best of luck in her treatment.

      With that being said, when it comes to helping her find a qualify life insurance policy that she would currently be able to qualify for.
      Now it looks like you’re already read an article that we would recommend. We would also suggest that you take a look at this article as well:

      Then after you’ve had a chance to review some of the companies that we offer, give us a call so that we can go over some additional details with you and assist you with the application process if it looks like we have a good fit.



  4. Maureen W

    My husband has just been diagnose with with stage 3 lung cancer. He has not started treatment yet. Dr are doing testing to see what be at fits his situation. Currently, he has enough, however, we are looking to purchase additional final burial insurance. Can you advise us of what should be best for him.

    • TermLife2Go


      Depending on what state you and your husband live in, you should have several options available to you. Our advice would be to just give us a call so that we can “run the numbers” for you and see which carrier might be the best fit.



  5. Tina S

    My mom was just dignosis with end stage lung failure, and we are looking for a policy that will cover her burial cost. Is this something you can help with.

    • TermLife2Go


      That’s a tough one because it sounds like the only type of policies your mother would qualify for would have what is called a Graded Death Benefit clause. To learn more about what those are, just give us a call and we’ll make sure you fully understand your options.



  6. Lillian Schaeffer

    I like how you mentioned that people receiving hospice care are good candidates for burial insurance. My mother was just moved to hospice care, and we know that she’s getting close to the end of her life. Perhaps it would be a good idea to try and get all of her end-of-life stuff in order, including burial insurance.

  7. Desirai H

    Hello I am looking for a burial policy for my 80 year old grandfather he is currently in Hospice with blood cancer.

    • TermLife2Go


      We would certainly be able to help out your grandfather with a guaranteed issue final expense policy, but they would all contain what is called a Graded Death benefit, which would mean that the policy would not cover any losses as a result of natural causes for the first 2 years that the policy is in effect.

      So… we’re not sure if this would be helpful to you at this point in time.

      If you would like to learn more about these types of policies, just give us a call and we’d be happy to discuss your options with your directly.



  8. Vickie B.

    I am looking for life insurance for my sister who is 59 and mentally challenged so she does not work. She gets paid a small sum each month from SSI. She can afford a small policy that is enough to cremate her. She has 3rd stage kidney disease. Other that that she is healthy. I would like policy that does not increase in payments, that will not expire until she passes and that does not ask medical questions due to her kidneys.

    • TermLife2Go


      Go ahead and give us a call when you have a chance, we do have a carrier that we’ll often recommend that folks call directly. It’s often better for “special needs” clients to work directly with an insurance company because in many cases, this will increase the likelihood of them being approved.


  9. Jay

    I have an armed trafficking felony on my record. The conviction in excess of 7 years ago and my probation term (No jail time server outside of the 12 days spent awaiting a bond) ended about 2 years ago. It’s the only felony, I have a stable career, and I’m very healthy. But, I’m having a tough time finding someone who’ll insure me. Does ALL companies require a 10 year wait?

    • TermLife2Go


      We do work with a few insurance carriers that offer traditional term and whole life insurance options that will provide coverage up to 500,000 and only look back 5 years when it comes to having a previous felony charge.

      The only problem with working with these insurance companies is that if you have been denied coverage from another insurance company due to a previous felony charge, this information will be “saved” and “shared” (thorough the Medical Information Bureau) between the various insurance companies which then prevent you from being able to get insured by them as well.

      This is why if you have been convicted of a felony, it’s REALLY important not to apply for life insurance unless you know for certain that the company you are applying with will not deny you coverage due to your previous felony.

      If you have any additional questions, feel free to give us a call and we’ll be more than happy to help you out.



  10. Donna Becker

    My son is 41 and is looking for life insurance that doesn’t ask health questions. He is basically healthy but has type I Diabetes. He was recently turned down by one company because of the diabetes. Is it possible for him to get reasonably priced insurance? Thanks

    • TermLife2Go


      If you looking for a life insurance policy that won’t ask any questions, those will be limited to about $25,000 in coverage and usually require an applicant to be at least 45 years of age.

      Now if you son is looking for more than $25,000 in coverage, insurance companies are going to require more information (AKA: Questions about one’s health and/or requiring a medical exam).

      Your best bet would probably be to just have your son should give us a call when he has a chance so that we can find out “which” life insurance company denied him and what was it ABOUT his diabetes that made him un-insurable.

      It should be noted however, that having well controlled diabetes should not be a cause for not being denied life insuance, or in other words having Diabetes isn’t always an automatic reason for being denied life insurance.



  11. Toni

    I am looking for a no-cash-value life insurance policy (like a term policy) that I can be the policyholder for the insured (our autistic daughter). Do you have such a policy?

    • TermLife2Go


      It sounds like you would need to look for what is called a “guaranteed issue” life insurance policy that would not require a medical exam or ask any medical questions. Most, if not all, of these types of policies are whole life insurance policies so we’re not sure if this is something that would interest you.

      Your best bet is to just give us a call and we’ll do our best to help you out.



    • TermLife2Go


      We should be able to help you out with that, just give us a call at 866-764-8740 Monday-Friday 7am to 5pm Pacific Standard Time.



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