Features

• Although the policy is called "final expense insurance," it is no different than a traditional life insurance policy with a small monetary value.
  
  

Benefits

• Final expense insurance allows the named insured to feel safe knowing that funeral-related expenses are covered regardless of the statutes of their estate at the time of death.
  
  

Types

• The two types of final expense insurance are term life and whole life. Term life insurance covers the insured for a specific time period or until a set age, after which coverage expires. Whole life insurance covers the insured for the remainder of his life.
  
  

Identification

• A final expense insurance policy can be identified by wording in the policy that specifies the proceeds are to be used for final expenses relating to the funeral and burial.
  
  

Warning

• As final expense insurance is a traditional life insurance policy, the named beneficiary could use the proceeds for purposes other than a funeral. As a result, make sure that the beneficiary can be trusted to use the policy to cover funeral expenses.