Consider getting final expense insurance, sometimes called burial insurance. This coverage helps your loved ones deal with the immediate expenses related to your death, including medical bills and the cost of hosting a funeral.
There’s no medical exam for final expense insurance, and your coverage likely won’t exceed $50,000, which makes paying the annual premium more affordable. Premiums start at about $5 per month, depending on your age. If you’re a new customer, there may be a waiting period before your loved ones can access your coverage in the event of your demise. Some policies even allow you to receive up to half your benefit while you’re alive, if you develop a serious illness.
You can typically get a better deal on burial insurance as part of a regular life insurance policy, but if your finances are fairly limited, this coverage could help you bridge the gap if you pass unexpectedly.