Final expense life insurance, also known as burial or funeral insurance, is a type of life insurance policy that is designed to cover the costs associated with a person's funeral, burial or cremation, and other end-of-life expenses. This type of insurance policy typically has a lower face value than traditional life insurance policies, ranging from $5,000 to $25,000, and is often used to supplement other life insurance policies.

The requirements for variable issuance of final expense life insurance policies can vary depending on the insurance company and the policy type. Some common requirements include:

1. Age: Most insurance companies offer final expense life insurance to individuals between the ages of 50 and 85, although some companies may have different age requirements.
2. Health: Final expense life insurance policies may have less stringent health requirements than traditional life insurance policies, but applicants will still need to answer health-related questions or undergo a medical exam in some cases.
3. Premiums: The premiums for final expense life insurance policies may be higher than those for traditional life insurance policies, as the coverage amount is typically lower and the policy may be issued to older individuals or those with health issues.
4. Payment options: Final expense life insurance policies may offer different payment options, such as monthly, quarterly, or annual payments, to help make coverage more affordable.
5. Policy terms: Final expense life insurance policies may have a set policy term, such as 10 or 20 years, or may be issued as a permanent policy with no expiration date.

Advantages of final expense life insurance:

1. Financial security: Final expense life insurance can provide peace of mind and financial security to loved ones who may be responsible for covering end-of-life expenses.
2. Flexibility: Final expense life insurance policies can be tailored to meet an individual's specific needs and budget, and can be used in conjunction with other life insurance policies.
3. No medical exam required: Some policies may not require a medical exam for approval, making them a good option for individuals who have pre-existing medical conditions.
4. No restrictions on use of funds: The funds from a final expense life insurance policy can be used for any purpose related to the policyholder's final expenses, including funeral or burial costs, outstanding medical bills, or other end-of-life expenses.

Limitations of final expense life insurance:

1. Limited coverage: Final expense life insurance policies typically have lower coverage amounts than traditional life insurance policies and may not be sufficient to cover all end-of-life expenses.
2. Higher premiums: The premiums for final expense life insurance policies can be higher than those for traditional life insurance policies, particularly for older or less healthy individuals.
3. Limited payout options: The death benefit for final expense life insurance policies is typically paid out in a lump sum, which may not be the best option for all individuals or families.

In summary, final expense life insurance can provide important financial protection for end-of-life expenses, but it is important to carefully consider the requirements and limitations of the policies available, as well as the advantages and disadvantages of each, before choosing the right one.