The short answer
This guide answers the most common questions about final expense insurance through an independent agent.
Planning ahead for final costs is a gift to your family. There are two common ways to do it.
Here is a side-by-side look at final expense insurance and prepaid funeral plans.
Part of our complete guide: Final Expense Insurance: The Complete Guide.
Quick answer
Prepaid plans pay a funeral home for chosen services. Final expense insurance pays your beneficiary flexible cash. Some families use a prepaid plan plus a small policy for bills.
MarketView Agency is an independent insurance agency (National Producer Number 18345705).
On this page
- Final expense insurance through an independent agent: what final expense insurance can pay for
- Burial insurance agent: is final expense insurance right for a veteran?
- Where to buy burial insurance: is final expense insurance right for both of you?
- Can you buy a policy for your parents?
- A worked example
- Why compare with an independent agent
- Which kind of final expense policy fits?
- What sets your final expense rate
- Is final expense coverage right for you?
- Frequently asked questions
Final expense insurance through an independent agent: what final expense insurance can pay for
Final costs add up quickly, and they usually come due within days. A final expense policy gives your family cash for those first weeks.
Because the money goes to your beneficiary, they can choose how to use it: the service, cremation or burial, medical bills, or simply keeping the lights on while they handle everything else.
Burial insurance agent: is final expense insurance right for a veteran?
- Good fit: you want the funeral paid without your family waiting on reimbursement.
- Good fit: you want a service or burial that VA benefits won't fully cover.
- Maybe not: savings and VA benefits will clearly cover what you want.
- Maybe not: you already have permanent coverage earmarked for final costs.
Compare rates from several carriers in about two minutes. Free, no obligation.
Where to buy burial insurance: is final expense insurance right for both of you?
- Good fit: you want both funerals covered without draining the survivor's savings.
- Good fit: you share a fixed income and want predictable, level premiums.
- Maybe not: existing coverage already covers final costs for both of you.
- Maybe not: only one spouse needs coverage; buy one policy.
Can you buy a policy for your parents?
Paying for a parent's final expense policy is a common and thoughtful choice. The key rule is consent: your parent must agree to the coverage and sign the application. Insurers will not issue a policy on someone without their knowledge.
Talk it through together. Decide the amount, who owns the policy, who pays and who the beneficiary is.
A worked example
Say you're 34 with a $150,000 mortgage balance and 16 years left, $19,000 in other debts, and an income of $55,000. Here's one simple way to size coverage:
| Item | Amount |
|---|---|
| Mortgage balance | $150,000 |
| Other debts | $19,000 |
| 4 years of income | $220,000 |
| Total to consider | $389,000 |
In this example, a 20-year term would outlast the loan (it ends around age 54). Your own numbers will differ; use this as a starting point and adjust for savings, other coverage and future costs like school.
How to get covered in 3 steps
- Check your rate. Pick your state and answer a few quick questions about the coverage you want.
- Compare carriers. A licensed agent compares final expense insurance options from several insurers and explains the trade-offs.
- Apply and get covered. Many applications take one phone call. Coverage starts once the policy is issued and the first premium is paid.
Why compare with an independent agent
We are an independent agency, which means we are not tied to one insurer. We compare plans from several carriers and help you pick the one that fits.
- More choices. Several carriers, not one.
- Help with health history. Some carriers view certain conditions more favorably than others.
- No added cost. Premiums are set by the carrier, not the agent.
- No pressure. If a policy is not a fit, we will say so.
Which kind of final expense policy fits?
If you can answer a few health questions favorably, a simplified issue policy with a full benefit from day one is usually the best value. If some health questions are a problem, a graded benefit plan may still be available.
Guaranteed acceptance options skip health questions entirely. They are a good fallback when other plans are not available, but they cost more and include a waiting period before the full benefit is paid for natural causes.
Tip: Always try for a level-benefit policy first. Many people who expect to need a guaranteed acceptance plan qualify for something better.
What sets your final expense rate
- Age. Rates are based on your age when you apply.
- Health answers. They decide which policy type you qualify for.
- Coverage amount. Final expense amounts are modest, which keeps premiums manageable.
- Policy type. Level benefit costs less than graded or guaranteed acceptance options.
- Carrier. Insurers ask different health questions and price differently.
Comparing carriers matters a lot here. The same health history can qualify for a level benefit with one insurer and only a graded benefit with another.
Is final expense coverage right for you?
Often a good fit
- you want your family to have cash for final costs without dipping into savings.
- you want lifelong coverage with a simple application.
Maybe not the right fit
- you already have life insurance or savings set aside for this.
- you need a large amount to replace income; term life may fit better.