Why Final Expense Plans Are Right for You

Published July 7, 2023

Seniors—Final Expense Plans are right for you. Here’s how they work.

In this blog post, you'll learn what Final Expense insurance is, and how to compare and select the best final expense plan for you and your family. By the time finish reading this, you’ll have a better idea of how to keep your family safe from financial burden after you pass away.

What Are Final Expense Plans?

Simply put, costs associated with one’s end-of-life can be expensive. Final Expense plans are a form of life insurance specifically designed to cover them, and can also be a way to leave a modest estate for your loved ones. It’s one of the most popular permanent life policies, especially among those over 50, including seniors.

The main purpose of Final Expense plans is to cover a set of expenses that come with someone’s death. Things like funeral and burial costs, medical bills, or even outstanding debts or bills that need to be paid off. It’s insurance designed to ease the financial transition for your loved ones after you pass away.

At ISI, our Final Expense Plans:

  • Are paid in a tax-free, lump-sum payout
  • Have a death benefit that goes up to $50,000
  • Offer guaranteed acceptance, with no medical exam nor invasive health questions
  • Is in force up until age 100

Include a complementary Accidental Death Benefit, which is equal to 4 times the face amount of the Basic Benefit

All in all, a Final Expense Plan is a great affordable life insurance option that many people aren’t aware of when thinking about getting insured. While those middle aged and above often find themselves denied or quoted an astronomical amount for traditional forms of life insurance due to age and health reasons, Final Expense Plans aim to make financial protection assessible.

Senior couple smiling

Why Final Expense Plans Are Perfect for You

When picking life insurance, you have to juggle a lot of variables: age, income, medical history, etc. This is because a lot of plans simply won’t accept certain candidates for life insurance, and if they do it’ll be with high premiums. As a senior, you’re probably worrying about this more than other people.

But with Final Expense plans there’s much less to worry about. Final Expense plans have no medical exam requirement, and acceptance is guaranteed. This removes a lot of the stress and wasted time that comes with applying for insurance. If you want life insurance right away, Final Expense plans are available. It’s that easy.

The other advantage of Final Expense plans is that they’re a permanent policy, meaning that you’re unlikely to outlive your coverage. You won’t need to worry about renewing your plan or looking for another one after your term ends.

Selecting the Right Final Expense Plan

Once you've done your research and have compared different final expense plans, it's time to select the plan that is right for you and your family. It’s important to make sure you choose a policy that meets your needs as well as your budget.

There are several providers of Final Expense Plans on the market, each with own uniqueness. Some are more cost prohibitive, while others cap their policies with lower payout amounts.

Try talking to multiple financial advisors before making a decision. This will allow you to compare prices, plans, coverage amounts, and providers, so that you can select the policy that best suits your needs and budget.

Don’t forget to look at reviews too. Expert opinion is always valuable, but real feedback from clients is just as important. Seeing that a provider has generally good reviews is a great sign for the products they’ll offer you.

Did you know: Applicants with serious health issues can qualify for Guaranteed Issue policies. These policies have a 2-year waiting period before death benefits can be paid out. If you have a serious medical condition, Guaranteed Issue policies might be your best option. And don’t worry about passing away during your waiting period. Your beneficiaries will be refunded any premiums you paid until your death, in that event.


Doing Your Own Research

Financial literacy is an invaluable asset, just as taking the time to get to know the ins and outs of your life insurance is. As much as it’s good to count on experts, you should also rely on your own research when choosing a Final Expense plan.

Look out for helpful resources such as guides, e-books, and articles by industry experts that can help you understand the different types of policies, what coverage each plan offers, how each type of policy works, and how to select the plan that is right for you and your loved ones.

It's also a good idea to speak to a financial advisor and a legal professional to ensure that your Final Expense plan is tailored to your specific needs and your wishes are followed. They can help discuss financial decisions, inform you of any relevant tax implications, help you understand the complexities of any paperwork, and ensure that your family is taken care of.

Senior woman with her daughter

Recap: the Pros and Cons of Final Expense Plans

At this point, you’ve learned a lot about Final Expense plans and why they’re the right life insurance plan for you. To summarize what we’ve learned, let’s go over the pros and cons of Final Expense Plans one more time:


  • FEPs are available regardless of medical history
  • No medical exams required
  • The death benefit is not taxable, and beneficiaries can use it for any purpose
  • The policy lasts until age 100 as long as you’re making payments
  • More affordable premiums than most permanent life insurance plans
  • A smart alternative to leave behind an estate if you otherwise cannot
  • Very straightforward and fast application process (including an online option!)


  • Coverage stops at age 100, leaving a slim chance that you may outlive your policy
  • Stopping payments means you’ll lose your death benefit
  • It’s possible to pay more in premiums than your received payout if you buy a Final Expense Plan too early in life


If you’re a senior looking to get life insurance, then a Final Expense plan may be right for you. It’s accessible and simple, and it’ll offer you exactly what you need to protect your family’s financial interest when you pass away.

At Insurance Supermarket, we’re committed to making the process of securing final expense plans as easy and straightforward as possible.

Our simplified approach helps make insurance easy, with a quick, easy online application process, knowledgeable advisors and dedicated customer service to help guide you through the process. Our Final Expense plans are available online! With online an online application, you could get approved for insurance without ever leaving your home, in just a few clicks!

We understand the importance of making sure your family is taken care of, no matter what may come. Let us help you make sure your loved ones are secure today.


Get Simple Security for Your Family's Financial Future

At Insurance Supermarket, we understand the importance of providing affordable and reliable plans. We make sure you get the protection you need, without the intimidation and guesswork. Reaching out to us and discover what it means to put your family’s financial future first.

Don't delay, you too can get financial coverage!

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