Final expense insurance premiums are typically reasonable because coverage amounts are less than those of other life insurance products, such as term insurance. A few thousand dollars to $50,000 can be covered in some circumstances.

Even though it's possible to be denied final expense whole life insurance, the majority of insurance companies offer "guaranteed issue" policies, which guarantee coverage regardless of your health but may require you to pay a higher premium because the insurer is taking on a greater risk. Nevertheless, some companies may still reject applications based on age or extremely health conditions.

Most simplified issue final expense policies do not require a medical exam, so applying for final expense whole life insurance usually only requires basic personal information like your name, address, date of birth, Social Security number, and answers to a series of health questions on a short questionnaire. You may also need to designate your beneficiary and select the desired coverage amount. 

The normal coverage range for a final expense whole life insurance policy is $2,500 to $50,000, with the majority of policies falling between $5,000 and $25,000 and being largely intended to pay burial and funeral expenses along with other bills.

Final expense whole life insurance is one of the fastest payout types of life insurance because benefits are usually paid out very quickly, usually within 24 to 72 hours after a claim is approved; however, the precise timeframe may vary depending on the insurance company and the specifics of the policy, with some companies possibly processing claims more slowly than others.

Yes, you can borrow against a final expense whole life insurance policy because it is a type of permanent life insurance that accumulates cash value over time.

If you have a final expense whole life insurance policy and become terminally ill, you may be able to access a portion of your death benefit early. An "accelerated death benefit rider" allows you to withdraw a portion of the policy payout if diagnosed with a terminal illness with a limited life expectancy, usually less than a year. This amount will then be deducted from the death benefit paid out to your beneficiaries after you pass away

No. Once you purchase a final expense whole life insurance policy, your premium stays fixed for the duration of the policy and does not increase over time. As long as premiums are paid on time, the tax-free death benefit amount is assured. Additionally, a last expense policy increases cash value that you need to be able to borrow against.

Younger people typically purchase term life insurance for greater coverage at a lower cost for a predetermined period, while whole life insurance provides permanent coverage. Whole life final expense insurance is designed for older individuals with potential health issues and typically does not require medical exams to qualify. Whole life insurance also accumulates cash value over time, while term insurance does not.