Final expense insurance can help cover a number of expenses after you’re gone, including funeral costs. Your beneficiaries will work with your policy’s insurance company after your death to receive the payout.

If you aren’t concerned that your age or health will play a factor in your ability to obtain insurance, a traditional term life insurance policy should be your first life insurance consideration. It’s the most cost-effective way to cover burial expenses in addition to any other expenses your loved ones may have.

The main differences between final expense insurance and traditional term or whole life insurance are the processes of securing it and the amount of coverage available per type of policy. Final expense insurance does not require a medical exam, but in turn, your coverage amount is more limited.

Final expense insurance could be a good fit for seniors or if you have an illness. No medical exam is required in many cases; only a health questionnaire to help determine your coverage plan and premium. Once you’ve selected your coverage plan, your premium never increases—even if your health decreases.

Burial insurance is a good idea even if you have traditional life insurance or savings. The additional coverage affords you an assurance that your beneficiaries will be able to take care of your final expenses.