Do Final Expense Premiums Change Each Year?

Final Expense Insurance Premiums

Final expense insurance is a form of life insurance that has lower premiums than traditional life insurance policies, like whole life insurance. Lower final expense premiums costs are tied to the fact that final expense policies typically have lower death benefits than traditional policies. Still, if you are in the market for final expense insurance, you may be wondering whether your rates will increase over time. Here is the answer. 

Do Final Expense Premiums Change Annually?

If you have a final expense insurance policy, the premiums will not increase over time. The death benefit won’t decrease either. Therefore, you can expect your policy to remain effectively the same for the entire period that you own it. In some cases, you may be able to increase your death benefit by purchasing additional coverage, but don’t worry about anything else changing. 

Does Final Expense Insurance Cost More If I’m Older?

Your final expense premiums will not increase as you grow older. That said, the cost of coverage will change based on how old you are when you decide to enroll. While you may be eligible for coverage regardless of how old you are, the rates you lock in will likely be higher if you decide to wait until you are older to purchase life insurance. With this in mind, most insurance professionals suggest buying coverage as soon as possible to ensure that you get the lowest rates possible. 

How To Get Final Expense Insurance

To get final expense insurance, contact an insurance agent or broker. They will instruct you on how you can purchase coverage for yourself or another person. Normally, you will need to answer some questions about your health condition (or the health condition of the person you wish to insure) in order to determine your eligibility. While final expense insurance is typically easier to qualify for than traditional life policies, there is a chance you will be turned down due to prior health conditions or other underwriting factors. 

Final Expense Insurance Costs

If you want final expense insurance, the amount you will be required to pay varies based on a few different factors. Insurance underwriters will determine how much it costs to insure you by asking questions about your health status. The size of your death benefit will also play into your premium rates. If you are purchasing guaranteed issue final expense insurance, those final expense premiums will likely be more expensive as well. 

Get Burial Insurance Now

If you want to ensure that your burial costs are covered, now’s the time to invest in final expense insurance. To find a plan, get in touch with Final Expense Direct. Our trained representatives are ready for your call. You can reach us at 1-877-674-0236.

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