Final expense insurance, or burial insurance, is meant to cover the cost of funeral and burial services like the prepaid plans. However, unlike preneed or prepaid funeral packages, final expense insurance can also help cover outstanding debts, probate fees, and other remaining expenses. This type of life insurance also allows you to choose your beneficiary, unlike preneed plans. While a preneed plan is usually payable to the funeral home, a final expense benefit goes straight to the beneficiary you choose. Final expense insurance can be purchased as either a term or whole life policy.