Final expense is typically a type of permanent life insurance, which means that you'll be covered for your entire life as long as you continue to pay your policy premiums. Once you purchase a final expense plan, your insurance company is obligated to cover you, no matter what happens with your health.

It´s specifically designed to cover outstanding expenses and funeral costs after a loved one passes away. With the cost of an average funeral running into the thousands, a final expense policy can provide much needed protection from not only burial expenses, but also any remaining medical costs, potential legal costs as well as other outlays.

Final expense policies will have a lower face value than most traditional term or whole life policies as they are intended for a specific purpose of covering those final costs rather than providing comprehensive support for surviving family members. These types of policies generally don’t require a medical exam, but premiums will be higher the older you are, and some benefit payouts may be limited during the first few years of coverage for those with significant health issues.