Should You Buy Final Expense Insurance?

There comes a time in the life of most couples when they have to decide if their current life insurance policy is enough, or if the best financial decision is to purchase a final expense policy.

Before you purchase life insurance coverage, it’s important that you determine how much life insurance coverage your family will need if something tragic will happen to you. Every year, we get a lot of questions about how much coverage applicants should buy.

For some people, they might be at a stage of life where they no longer need a large traditional life insurance policy. There are some groups of people that can purchase a lot smaller insurance policy. These plans are going to save you a lot every month in premiums, but how can you know if these smaller plans are the best choice for you?

What is Final Expense Insurance?

should you buy final expense life insuranceOne way that you can get a smaller amount of life insurance coverage is to purchase a final expense insurance policy. These are a unique type of coverage that is an excellent option for a lot of people, but because they are so specialized, they don’t work well for everyone. Before you purchase life insurance, it’s important that you compare all of the available options.

Final expense plans are normal term life insurance plans, but they provide much smaller coverage. These plans typically only give around $25,000 worth of insurance coverage. Because these plans are so small, they don’t work well for a lot of people. At, we get dozens and dozens of questions about final expense plans and who they are a good option for.

Calculating Your Life Insurance needs

Before you purchase life insurance, you will need to determine how much coverage your family will need when you pass away. The first number that you should crunch is your overall debts and final expenses that your family would be left with. If you still have a huge mortgage loan, then a final expense policy is not right for you. These plans are designed for people that have paid off all of their debts and only have a few small bills that they would leave behind. If you don’t have any major debts, but you still want to give your family the money that they would need to pay for your funeral, then these plans are an excellent option for you.

The next number that you should look at is your annual income and how many people rely on that income every month. If you have several children or a spouse that needs your paycheck to pay for any basic expenses, then it’s important that you have a larger life insurance policy to replace your income. If your kids have already started their own jobs, and they don’t rely on your income, then you can get a final expense plan that will save you money on monthly premiums.

Finding the Perfect Life Insurance Policy

Understanding that looking for the “perfect” life insurance policy can be time consuming, our aim is to present you, quickly, with a clear list of rates from the carriers that fit your criteria best.

The reason we can offer you multiple rates with different carriers is because we are an independent agency! Independent agents are never working for a specific life insurance company, we have contracts with many carriers and this gives us the ability to find the perfect policy for you.

If you contact one of our agents, we can walk you through the process of calculating your life insurance needs, and then we can look at all of the available life insurance options. We have years of experience working with all types of clients across the country, and we know which companies are going to offer the best rates. We can help you compare final expense plans or traditional term plans.

Questions about Final Expense Life Insurance

Every applicant is different, there is no “one plan fits all” that works for everyone. If you feel that you have circumstances that would make your case unusual then please reach out to us!

Not planning for the inevitable is one of the most selfish things that you can do.


Susan Wright, CLU, ChFC, RHU, REBC, ADPA, CITRMS, CIPA has been in the insurance and financial field for over 27 years. Even with years of experience, she continues to create new resources for others. Everything from books to training material.

Susan received her MBA from St. Louis University and her BA from Michigan State University.

She has worked in several areas but excels in writing material for both finances and insurance. Her goal is to give professionals credibility and assist in streamlining the sales process.

She has written countless articles for a variety of websites.

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