Side-by-Side
Compare Final Expense Plans
Not all final expense plans are the same. Here is a side-by-side comparison of the most common policy types so you can choose the best fit for your situation.
Final Expense vs Whole Life vs Term Life
People searching for burial coverage often get these three product types confused. Short version:
- Final expense insurance is a small whole life policy, typically $5,000 to $35,000, sold with simplified or guaranteed underwriting. It's designed specifically to cover end-of-life costs — funeral, burial, medical bills, small debts. Premiums often run $20–$80 per month for ages 50–85, but approval, timing, and rates depend on age, state, health, and carrier approval.
- Traditional whole life insurance is a larger permanent policy (typically $25,000 and up) used for income replacement, wealth transfer, or estate planning. It requires a full medical application and usually an exam. Premiums are significantly higher, but the policy builds cash value you can borrow against.
- Term life insurance is temporary coverage for a fixed period (10, 20, or 30 years) with no cash value. Premiums are the lowest of the three for the same coverage amount, but the policy expires and does not pay out if you outlive the term. Not typically used for burial coverage because most people outlive their term and lose the policy.
If your primary need is burial coverage, final expense is almost always the right product — cheaper than traditional whole life, permanent unlike term life, and underwriting is realistic for most seniors.
| Feature |
Most Popular
Simplified Issue
|
Guaranteed Issue | Traditional Whole Life |
|---|---|---|---|
| Medical Exam | No-exam options | No-exam options | Required |
| Health Questions | A few simple questions | None | Detailed application |
| Coverage Range | $5,000 - $35,000 | $5,000 - $25,000 | $25,000+ |
| Monthly Premiums | $20 - $80/mo | $40 - $150/mo | $50 - $200+/mo |
| Waiting Period | Level benefit if approved | 2 years (graded) | Varies by policy |
| Premiums Increase? | Never | Never | Never |
| Best For | Most applicants in average health | Those with serious health conditions | Younger, healthier applicants |
Which Plan Is Right for You?
If you are in average or good health
A Simplified Issue plan is usually your best option. You may get lower premiums, level benefits once the policy is issued and required premiums are paid, and a straightforward application process.
If you have been declined before or have serious health issues
A guaranteed-issue option may be available without health questions, though eligibility depends on age, state, product rules, and carrier approval. Premiums are higher and a 2-year graded benefit may apply.
Not sure which is right?
That is what I am here for. I will review your specific situation and recommend the best option for your needs and budget. There is no cost and no obligation.
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