If you are thinking about final expense insurance, the first question is almost always the same. How much does final expense insurance cost? The short answer is that most seniors pay somewhere between $20 and $100 a month for a policy worth around $10,000. Your own price depends on a handful of simple things, and once you know what they are, the number stops feeling like a mystery.
This guide walks you through what final expense insurance costs, what changes the price, and how to get a rate that fits your budget. Everything here is general information, and the figures are examples only. The best way to see your real number is a quick, free phone call.
The short answer on cost
Final expense insurance is a small whole life policy that helps your family pay for your funeral and other final costs. Because the coverage amount is modest, usually $2,000 to $50,000, the monthly premium is much lower than a large life insurance policy. Most people who buy $10,000 in coverage pay a monthly premium in the range of $30 to $130, and younger, healthier applicants often pay less.
Two people the same age can pay very different amounts, so a single price tag does not exist. What you pay is built from your age, your health, whether you use tobacco, how much coverage you choose, and the kind of plan you qualify for. If you want the plain English version of how these policies work, our guide on what final expense insurance is covers the basics.
Sample monthly rates by age
Here is a sample of what $10,000 in whole life coverage can cost per month. These are examples to give you a feel for the range, not a quote. Women usually pay less than men of the same age, and rates climb as you get older, which is why buying sooner tends to cost less over time.
| Your age | Women, from | Men, from |
|---|---|---|
| Age 50 | about $30 a month | about $38 a month |
| Age 60 | about $55 a month | about $73 a month |
| Age 70 | about $87 a month | about $115 a month |
| Age 80 | about $125 a month | about $164 a month |
Your actual premium will vary by your health, your state, the carrier, and the exact coverage amount you pick. Treat these as a starting point, then call for a real number built around you.
What changes your price
Six things do most of the work in setting your rate. Understanding them helps you see where you can save.
Your age
Age is the biggest factor. The younger you are when you start, the lower your monthly payment, and that payment is locked in for life. Waiting a few years almost always means a higher rate, so there is a real cost to putting it off.
Your health
Final expense plans are built for seniors, so most health conditions are welcome. Still, your health affects which plan you qualify for and what you pay. Someone in good shape can get the lowest rates, while someone managing several conditions may pay a bit more or use a plan that accepts everyone.
Tobacco use
If you smoke or use tobacco, expect to pay more, sometimes quite a bit more than a nonsmoker the same age. Carriers price tobacco use into the rate because it affects life expectancy.
Your gender
Women tend to pay less than men at the same age, because on average they live longer. You can see that gap in the sample table above.
How much coverage you choose
More coverage means a higher premium. If your main goal is to cover a funeral, a smaller policy may be all you need. If you also want to leave money for medical bills or a small gift to the grandchildren, a larger amount makes sense. Our section on sample rates can help you picture the tradeoff.
The type of plan
The plan you qualify for has a real effect on cost, so it is worth understanding your three main options.
How the three plan types affect cost
Level benefit. This is for people in fairly good health. It has the lowest monthly rates and full coverage starts right away. If you can answer a few health questions comfortably, this is usually the best value.
Simplified issue. This is for people with some health conditions. There is no medical exam, just a short set of questions, and approval often comes the same day. Rates sit in the middle.
Guaranteed acceptance. This is for people who have been turned down before or who have serious health issues. There are no health questions and you cannot be declined, for ages 45 to 85. In exchange, the rate is a little higher, and these plans usually pay a reduced amount if you pass away from natural causes in the first two years, then the full amount after that. Your agent will explain exactly how it works before you decide.
How much coverage do you actually need?
To choose the right amount, it helps to know what you are planning for. A funeral with burial can cost more than $9,000 today, before you add a cemetery plot, a headstone, or other expenses. A cremation with a service commonly runs around $6,500. Many families find that a policy in the range of $10,000 to $15,000 covers the funeral with a little left over for final bills.
There is no single right answer. The goal is simply to make sure your family is not left paying out of pocket during a hard time. A licensed agent can help you match the coverage amount to your budget so the monthly premium stays comfortable.
Ways to keep the cost down
- Buy sooner rather than later, since your rate is set by your age and locked in for life.
- Choose a coverage amount that fits your real need, not more than you require.
- If you use tobacco, ask whether any carrier offers a friendlier rate for your situation.
- Compare more than one carrier, since prices for the same coverage can differ. A single call lets an agent shop several for you.
- Pick the plan type you truly qualify for. If your health allows a level benefit plan, you will usually pay less than with guaranteed acceptance.
Is it worth the money?
For most seniors, the value is peace of mind. A small monthly premium is far easier to handle than a surprise bill of several thousand dollars landing on a spouse or the children. The benefit is paid in cash directly to the person you name, generally free of income tax, and they can use it for whatever is needed most. For many families, that certainty is well worth the cost.
Key takeaways
- Most seniors pay roughly $20 to $100 a month for about $10,000 in final expense coverage.
- Your price is built from age, health, tobacco use, gender, coverage amount, and plan type.
- Rates are locked in for life, so buying sooner usually costs less.
- Sample figures are only a starting point. Your real rate comes from a quick, free quote.
Frequently asked questions
Does the price go up as I get older? No. With whole life final expense coverage, your premium is set the day your policy starts and is guaranteed never to increase, even as you age.
Can I get coverage if I have health problems? Yes. Many plans need no medical exam, and guaranteed acceptance options cannot turn you down for your health. Your rate may be a little higher, but coverage is very likely available.
How do I find out my real cost? The fastest way is to call and speak with a licensed agent. In a few minutes you can get real prices for your age and health, with no cost and no obligation.
Get your real rate today
Sample numbers are helpful, but your true cost is personal. Call to speak with a licensed agent who can compare plans from trusted carriers and find the price that fits your budget. It is free, there is no obligation, and it only takes a few minutes.
FinalExpenseCallNow is an information and lead referral service. We are not an insurance company, agency, or licensed producer, and we do not sell insurance. When you call, you are connected with a licensed insurance agent who can discuss the products they offer. We are not affiliated with, endorsed by, or connected to any government agency, Medicare, Medicaid, or the Social Security Administration. Rates and figures shown are examples only, are not a quote, and vary by age, health, gender, tobacco use, coverage amount, state, and carrier. Please confirm any tax question with a qualified tax professional.