Final Expense Insurance Rate Charts By Age

Written by Kim Wilhelm

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Last Updated 21 May 2024

Final expense insurance (also called burial insurance, final expense life insurance, or funeral insurance) is designed to cover your final expenses, such as funeral and burial costs. Life insurance companies offer final expense coverage to anyone that meets very simple qualifying criteria, including seniors or individuals with pre-existing health conditions.

If you would like to buy final expense insurance and are worried about the cost, keep reading! We'll explain exactly what burial insurance is, how it works, and give you an indication of the costs.


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What Is Final Expense Life Insurance?

Funeral costs are increasing at an alarming rate. According to the National Funeral Directors Association, the cost of a funeral has increased 11% in just five years, and families can expect to pay anywhere from $7,000 to $20,000 based on their location and the funeral service they'd like to hold.

This can place a significant financial burden on the loved ones who have been left behind. Burial insurance policies are designed to alleviate that burden by providing enough coverage to settle funeral and burial costs. While the payout isn't as large as a regular life insurance policy, the underwriting is more lenient, which makes it accessible to most people who can't qualify for a regular life insurance policy.

You can also choose either a whole life insurance or term life insurance policy. Term life insurance is a type of life insurance that provides coverage for a set period of time, typically 10 to 30 years. If the policyholder dies during the term of the policy, the beneficiary receives a death benefit. Term life insurance is generally not as expensive as other types of life insurance, and it is a good option for people that want to be covered for a specific period of time, such as to pay off a mortgage or provide for young children.

Whole life insurance, on the other hand, is a form of permanent life insurance that lasts for the entire life of the policyholder, provided that premiums stay up to date. Whole life insurance policies carry a cash value that can be borrowed against or withdrawn tax-free. Whole life insurance is more expensive than term life insurance, because it provides lifelong coverage.

Final expense insurance can be taken out as a whole life insurance or term life insurance policy. There are also simplified issue and guaranteed acceptance final expense life insurance policies available. Simplified issue insurance covers end-of-life costs. There is no medical exam, but you may need to complete a health questionnaire. The coverage amount averages $5,000 to $35,000. Guaranteed acceptance final expense life insurance is open to anyone who meets the age requirements, even if they are in poor health. You should expect lower coverage ($5,000 to $25,000) with this type of policy, because there are no health requirements, exams or questions. Guaranteed acceptance policies normally have a 2-year waiting period. If you pass away during the waiting period, your beneficiary won't receive the full coverage amount. They'll receive the premiums back with interest, or will receive a percentage of the coverage amount.

What Is Final Expense Insurance Used For?

The name "final expense insurance" implies that you can only use final expense insurance to cover funeral costs, but that's not true. Your beneficiaries can use the payout for anything: settling outstanding medical bills, paying off a loan or credit card debt, covering the funeral arrangements, or alleviating any financial burdens they may face.

If you aren't sure whether or not your loved ones are able to cover your end-of-life costs, or if you would like to take care of your own final arrangements, but no longer qualify for life insurance due to your age or a medical issue, final expense life insurance offers a viable and affordable solution.

The Difference Between Final Expense Insurance and Life Insurance

Technically speaking, final expense insurance is a form of life insurance. But a traditional life insurance policy typically helps your family members maintain their lifestyle after your passing. The coverage amount is usually much larger, and designed to replace lost income or to settle significant expenses (like a mortgage or college fund).

Final expense life insurance usually pays out between $10,000 to $50,000 or less, they are ideal for settling final expenses, but cannot substitute lost income. Final expense life insurance is far easier to qualify for and premiums are generally much lower.

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Factors That Affect The Cost of Final Expense Life Insurance

So, how much does final expense insurance cost? Well, it depends! Like with any insurance policy, there are a number of factors that can impact the cost of your premiums. It's always best to get a final expense insurance quote before making a decision.

Here are a few factors that will affect the cost of your final expense insurance premiums:

The Benefit Amount

Final expense insurance policies offer coverage from $2,000 to $50,000. The higher the benefit amount, the higher your premiums will be.

Age and Health

Premiums increase as you age or as your health worsens. Luckily, this doesn't mean that final expense policies become unaffordable if you are older. There are still many policies that are highly affordable for seniors well into their seventies and eighties. The premiums won't increase as you age, either. Final expense insurance is a form of permanent life insurance, and you won't lose your benefits as long as you keep up with your payments.

Your Biological Sex

Men generally have a lower life expectancy than women, which is why final expense insurance premiums are slightly higher for men than women.

Your Lifestyle

Some final expense policies are strict on lifestyle habits. In general, if you are a tobacco user, you can expect to pay more for your life insurance policy than others.

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What Does Final Expense Insurance Cost by Age?

Now that we’ve taken a look at the various factors, we can take a closer look at what you can expect to pay for final expense insurance based on your age, coverage amount, and gender if you are in good health and a non-smoker. We’ve collected the average premium amounts across different insurance providers to arrive at a median amount, although these rates may not be available to you and are not guaranteed. 

Sample $5,000 Whole Life Insurance Rate Chart by Age:

Age

Male (Monthly Rates)

Female (Monthly Rates)

35

$12

$11

40

$14

$12

45

$15

$13

50

$17

$14

55

$20

$15

60

$23

$18

65

$29

$22

70

$37

$28

75

$50

$37

80

$69

$51

85

$95

$68

89

$181

$139

Sample $10,000 Whole Life Insurance Rate Chart by Age:

Age

Male (Monthly Rates)

Female (Monthly Rates)

35

$21

$18

40

$24

$21

45

$26

$23

50

$31

$24

55

$36

$28

60

$43

$33

65

$54

$41

70

$70

$53

75

$97

$71

80

$134

$98

85

$187

$132

89

$357

$275

Sample $15,000 Whole Life Insurance Rate Chart by Age:

Age

Male (Monthly Rates)

Female (Monthly Rates)

35

$29

$25

40

$34

$29

45

$37

$32

50

$44

$35

55

$52

$40

60

$63

$47

65

$79

$59

70

$103

$78

75

$144

$105

80

$200

$145

85

$279

$195

89

$535

$411

Sample $25,000 Whole Life Insurance Rate Chart by Age:

Age

Male (Monthly Rates)

Female (Monthly Rates)

35

$45

$39

40

$54

$45

45

$60

$52

50

$71

$55

55

$84

$64

60

$103

$76

65

$130

$97

70

$169

$127

75

$238

$172

80

$330

$239

85

$464

$324

89

$889

$683

Sample $50,000 Whole Life Insurance Rate Chart by Age:

Age

Male (Monthly Rates)

Female (Monthly Rates)

35

$90

$78

40

$108

$90

45

$120

$104

50

$142

$110

55

$168

$128

60

$206

$152

65

$260

$194

70

$338

$254

75

$476

$344

80

$660

$478

85

$928

$648

89

$1,778

$1,366

It is important to note that these are just average rates. Your actual rate will vary depending on a number of factors, including your age and health.

Different Providers: Cost Per Age Charts

Different providers have different perks and premiums to choose from. Here a few you may want to consider:

AIG Guaranteed Final Expense Insurance

AIG offers several competitively priced policies with guaranteed acceptance. Here are a few sample quotes to consider for $10,000 in coverage for both males and females that are in fair health and non-smokers: 

Age

Male

Female

50

$51.92

$35.83

55

$56.90

$43.23

60

$63.17

$50.02

65

$84.15

$61.57

70

$98.18

$74.52

75

$138.55

$107.17

80

$246.44

$175.42

85

$315.82

$199.06

Bear in mind these rates may or may not be available to you and that it’s best to obtain a quote. 

Baltimore Life Final Expense Insurance

Baltimore Life takes your age, gender, tobacco use and health into account when providing a quote. Here are sample quotes for the Silver Guard I plan for non-smokers with $10,000 in coverage: 

Age

Male

Female

50

$34.83

$31.59

55

$41.67

$36.63

60

$51.75

$44.10

65

$63.54

$53.55

70

$83.88

$66.42

75

$116.37

$91.26

80

$158.58

$122.22

Again, these rates will vary depending on your personal circumstances. 

Mutual of Omaha

Here is what Mutual of Omaha might charge non-smoking individuals in good health: 

Age

Male

Female

50

$34.83

$31.59

55

$41.67

$36.63

60

$51.75

$44.10

65

$63.54

$53.55

70

$83.88

$66.42

75

$116.37

$91.26

80

$158.58

$122.22

Rates are not guaranteed and may not be available to you. Always ask for a quote specific to your circumstances.

Saving Money on Your Final Expense Policy

The best way to get the best deal on your final expense insurance is to shop around - which is what we've been doing at Final Expense Direct. We're continuously evaluating final expense insurance and providers to make sure we get our customers the best possible deal on their final expense policy.

To find the best deal on final expense insurance, you should:

  1. Compare quotes from multiple insurance companies. No two companies offer the same policies, so it is important to shop around and compare quotes to find the best deal.

  2. Choose a policy that meets your specific needs. Consider how much coverage you need, what type of policy you want (whole life, guaranteed issue, etc.), and any additional features that are important to you.

  3. Plan your funeral ahead of time. This will help you determine how much coverage you need for your final expenses and will also make it easier for your loved ones to carry out your wishes when the time comes.

  4. Be specific about your end-of-life wishes in your will. This will help ensure that your loved ones know what you want and can spend the death benefit in the way that you intended.

Conclusion

Final expense insurance can alleviate the burden that the cost of a funeral can place on your loved ones when you pass on. The rates in this article should give you a good indication of what you can expect to pay, but are not guaranteed. 

To get a more accurate quote, contact Final Expense Direct today at 1-800-217-0014. We’ll help you find the best possible rate according to your budget and specific needs. 

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