Final Expense (FE)
Final expense or burial insurance is a type of life insurance that is specifically designed to cover the costs associated with end-of-life expenses, such as funeral and burial costs, outstanding medical bills, and other final expenses. It is also known as funeral insurance or burial insurance.
Final expense policies are typically small whole life insurance policies that have a lower death benefit, typically between $5,000 and $25,000, and are less expensive than traditional whole life policies. It is meant to cover the costs that may be incurred after death to ease the financial burden on the loved ones of the deceased.
They are generally easier to qualify for, as they often don't require a medical exam and have more lenient underwriting guidelines. They also usually have a "guaranteed issue" option, which means that the policy is issued regardless of the applicant's health status, but with higher premiums.
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