How Much Will Final Expense Cost?

Final expense insurance can provide great coverage and enable your loved ones to cover all funeral costs without having to dip into their own pockets. However, like any policy, there is a monthly rate. Fortunately, this is affordable and is more accessible than other forms of life insurance.

What Is The Enrollment Process Like?

Final expense insurance has an easy enrollment process. There’s no medical exam. At most, you will have to answer a medical questionnaire, but in some cases you’ll find a final expense policy that doesn’t ask any medical questions at all.

As for the size of the death benefit, different companies offer different coverage amounts. At most, it is no more than $50,000. Once you sign up for a policy with a certain coverage amount, you’ll be given a premium.

What Determines How Much I’ll Pay In Monthly Premiums?

There are multiple factors that play a role in monthly premium costs. The main deciding factors are age, gender, the insurance company issuing the policy, size of the death benefit, and your health.

Younger and healthier individuals have lower rates by default, because it’s assumed they will be able to make premium payments longer. In general, women get lower rates than men because of a higher life expectancy. Also, the lower the coverage amount, the lower the premiums will be.

On the opposite side, higher premiums would be assigned to significantly older individuals in poor health, who seek higher death benefit amounts. These individuals have to pay more because they present a greater insurability risk.

What Is The Average Rate For Younger Individuals In Good Health?

Based on the average coverage amount of $10,000, younger individuals pay roughly between $20 and $50 per month. By younger, this describes individuals who are at or near the minimum age requirement, which is between 45 and 50 years old depending on the company issuing the policy. 

What Is The Average Rate For Older Individuals?

By contrast, older individuals (or those in poor health) have a much steeper monthly rate for the same $10,000 policy. On average, those over 70 years of age typically pay between $70 and $120 per month.

The highest rates are seen for those who are 80 years old – the maximum age for most companies. Here, a woman may pay up to $152 per month, whereas a man would have to pay up to $191 per month. While this is a high rate for final expense, this may be the only life insurance policy an individual at this age can qualify for.

Get A Policy With The Lowest Costs

At Expense Mutual, we will find a final expense policy that’s right for you. Let us help you get the policy you deserve by calling us today at 470-761-4652.

Give Your Loved Ones Peace Of Mind​

At Expense Mutual we want you to be able to take care of the ones who mean the most to you. Call us today at 888-280-2825.