If you're wondering how much final expense insurance costs, here's the short answer: most people pay between $30 and $70 per month. But that's just the starting point. Your actual cost depends on several factors, and understanding them can help you find affordable coverage that fits your budget.
Final expense insurance—also called burial insurance or funeral insurance—is designed to cover the costs that come after you pass away. We're talking about funeral services, burial or cremation, outstanding medical bills, and other end-of-life expenses. The average funeral costs between $7,000 and $12,000, and that doesn't include cemetery plots, headstones, or memorial services. Final expense insurance ensures your loved ones aren't stuck with these bills during an already difficult time.
What's the Average Cost of Final Expense Insurance?
According to 2024-2025 industry data, the typical final expense policy costs around $447 annually for $10,000 in coverage—that works out to about $37 per month. However, your actual premium will depend on your unique situation. Here's what you can expect based on different age groups:
If you're in your early 60s, you might pay as little as $18 to $30 per month for basic coverage. A 65-year-old woman typically pays between $22 and $77 monthly, while a 65-year-old man pays $29 to $93. By age 75, those numbers jump—women average $88 per month for $10,000 in coverage, and men pay around $113. For seniors in their 80s, expect premiums to range from $51 to $187 for women and $68 to $268 for men.
The good news? Once you're approved, your rate is locked in. It won't increase as you get older, which makes budgeting easier and protects you from rising costs down the road.
What Factors Affect Your Final Expense Insurance Cost?
Your premium isn't random—it's calculated based on risk. Insurance companies look at several key factors to determine how much you'll pay:
Age is the biggest factor. The older you are when you apply, the higher your premium. That's because insurance companies know that older applicants are statistically more likely to pass away sooner. This is why financial advisors often recommend buying coverage in your 50s or early 60s if possible—you'll lock in a much lower rate for life.
Gender matters too. Women consistently pay less than men—about 20-30% less on average. Why? Women have longer average life expectancies, which means they're lower risk from an actuarial perspective. A 75-year-old woman might pay $88 monthly while a man the same age pays $113 for identical coverage.
Health status plays a role, but not as much as you might think. Unlike traditional life insurance, final expense policies typically don't require a medical exam. Instead, you'll answer a short questionnaire about your health—usually just 5-10 yes-or-no questions. If you have preexisting conditions like diabetes, heart disease, or COPD, you'll likely still qualify, though you might pay slightly higher premiums with a simplified issue policy. If you have serious health issues, guaranteed issue policies are available with no health questions at all—though these cost more because they accept everyone within the eligible age range.
Tobacco use significantly impacts your rate. If you smoke or use tobacco products, expect to pay up to 50% more than non-smokers. That's a huge difference—a $50 monthly premium could jump to $75 just because you smoke. Many insurers define tobacco use as any use within the past 12 months, so if you've recently quit, wait a full year before applying to qualify for non-smoker rates.
Coverage amount is straightforward—the more coverage you buy, the higher your premium. Most people choose between $5,000 and $30,000 in coverage, with $10,000 to $20,000 being the sweet spot. Think about what you actually need: average funeral costs, any outstanding medical bills, credit card debt, and perhaps a small cushion for your family. You don't want to over-insure and pay more than necessary, but you also don't want to leave your loved ones scrambling to cover the difference.
Simplified Issue vs. Guaranteed Issue: What's the Cost Difference?
Final expense insurance comes in two main types, and the one you choose affects your cost:
Simplified issue policies require you to answer basic health questions but skip the medical exam. These policies offer immediate full coverage (no waiting period in most cases) and tend to have lower premiums. If you're in reasonably good health, this is usually your best option. You might pay $45 to $80 per month depending on your age and the other factors we discussed.
Guaranteed issue policies accept everyone within the eligible age range (typically 50-85) with no health questions whatsoever. You can't be turned down. The trade-off? Higher premiums and often a two-year waiting period. If you pass away from natural causes within those first two years, your beneficiaries receive a return of premiums plus interest, but not the full death benefit. Because of the higher risk insurers take on, guaranteed issue policies can cost 30-50% more than simplified issue policies.
Here's how to think about it: if you have serious health conditions that would likely disqualify you from a simplified issue policy, guaranteed issue might be worth the extra cost. But if you're generally healthy, even with some manageable conditions like controlled high blood pressure or diabetes, try for a simplified issue policy first—you'll save money.
Is Final Expense Insurance Worth the Cost?
Let's do some quick math. If you're 65 years old and pay $50 per month for a $10,000 policy, you'll pay $600 annually. Over 20 years, that's $12,000—more than the death benefit itself. So is it worth it?
For most people, yes. Here's why: you don't know when you'll pass away. If something happens in year 5, your family receives $10,000 after you've paid just $3,000 in premiums. That's significant financial protection when they need it most. Plus, the peace of mind knowing your family won't face financial hardship during their grief is invaluable.
Final expense insurance is particularly valuable if you don't have substantial savings set aside for end-of-life costs, if you want to avoid burdening your children with funeral expenses, or if you have outstanding debts that might fall to your estate. It's not an investment—it's protection. And for $30-$70 per month, it's one of the most affordable ways to ensure your final wishes are honored without financial stress for those you leave behind.
How to Get the Best Rate on Final Expense Insurance
Shopping smart can save you hundreds of dollars over the life of your policy. Start by comparing quotes from multiple insurers—rates can vary by 20-30% for the same coverage. Don't just look at price; consider the company's financial strength rating and customer service reputation.
Apply sooner rather than later. Every year you wait, premiums increase. A 62-year-old might pay $35 per month, while a 67-year-old pays $55 for identical coverage. That $20 monthly difference adds up to $240 per year.
If you smoke, consider quitting and waiting 12 months before applying. The savings can be dramatic—potentially 50% lower premiums. That could mean the difference between paying $75 and $50 per month for the rest of your life.
Choose the right coverage amount. Don't over-insure, but don't shortchange your family either. Add up your expected funeral costs, burial or cremation expenses, any outstanding medical bills, and a buffer for unexpected costs. For most people, $10,000 to $15,000 hits the sweet spot.
Ready to Get Started?
Final expense insurance offers affordable, accessible coverage designed specifically for seniors. With no medical exams, quick approval, and premiums that fit most budgets, it's one of the easiest ways to ensure your final wishes are carried out without placing financial burden on your loved ones.
The application process is simple—most people complete it in 10-15 minutes over the phone or online. You'll answer a few basic questions, choose your coverage amount, and in many cases, receive approval within 24-48 hours. Your family deserves the peace of mind that comes with knowing everything is taken care of. And at $30-$70 per month, that peace of mind is surprisingly affordable.
