Final Expense Insurance (also known as ) Preneed life insurance was developed to help families plan and fund funerals before the need arises. Planning ahead allows you to choose merchandise and services and eliminates some of the burden placed on survivors at the time of death. Setting aside funds for your funeral through the purchase of a final expense / preneed life insurance policy provides funding for the services and merchandise that have been selected and helps prevent the deceased from leaving their loved ones with an unexpected expense during a difficult time.