Final expense insurance, also known as burial or funeral insurance, is a whole life policy that pays medical bills and funeral expenses when you die. It's a popular choice among seniors due to its affordability, smaller benefit amounts, and focus on covering funeral costs. 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 is required
• Easy application process
• Fast approvals – coverage can often be issued in days
• Affordable rates

Once we've retired, paid off the mortgage, and the kids have moved out, traditional life insurance is less necessary. What becomes important is covering final expenses. According to the National Funeral Directors Association, funeral costs can exceed $9,000, which can place a financial strain on loved ones during an already difficult time.