Final expense insurance is a whole life policy that pays medical bills and funeral expenses when

you die. It’s also known as burial or funeral insurance. It’s a popular choice among seniors.

Most final expense plans have these features:

• Whole life insurance – no expiration if premiums are paid

• Cash value – insured may be able to take out a policy loan

• Fixed premiums as long as they’re paid

• Simplified issue – usually no medical exam (also called a life insurance exam) is required, just health questions on the application

• Easy application process

• Fast approvals – coverage can often be issued in days

• Affordable rates