How Much Does Final Expense Insurance Cost?

Quick answer: There's no one price. Final expense insurance is priced on your age, your health, whether you use tobacco, how much coverage you choose, and the type of policy. Because every carrier weighs those differently, the same person can get different prices from different companies. The only real number is a quote built on your own answers.

Why we won't give you a rate chart

You've probably seen ads that say "coverage for just pennies a day." Those prices are usually for the youngest, healthiest person the ad could find. If that's not you, the number doesn't mean much.

So instead of a chart, here's what actually moves the price. Once you know these, you'll understand any quote you get, from us or anyone else.

1. Your age

This is the biggest one. Final expense policies are usually whole life, so the price is set when you buy and doesn't go up later. That also means the younger you are when you start, the lower that locked-in price tends to be.

2. Your health

Most final expense policies don't require a medical exam. You answer health questions instead. How you answer decides which kind of policy you qualify for:

• Full coverage from day one. If your health answers qualify, the full benefit is usually available right away.
• Graded or modified coverage. For some health histories, the policy pays a reduced amount (often a return of premiums plus interest) if death from natural causes happens in the first two or three years. After that, the full benefit applies.
• No-health-question policies. Some carriers skip health questions entirely. These typically cost more and almost always come with that two-to-three-year waiting period.

This is where shopping carriers really matters. A health condition that puts you in a waiting-period policy at one company might qualify for day-one coverage at another.

3. Tobacco

Tobacco users generally pay more. Be honest on the application. A misstatement can put the claim at risk, and that's the last thing your family should deal with.

4. How much coverage you choose

Final expense policies are smaller than traditional life insurance, usually somewhere in the range of a few thousand dollars up to around $25,000 or more depending on the carrier. More coverage costs more. Think about what you want it to handle: a funeral or cremation, any medical bills, and a little cushion so nobody has to pass a hat.

5. The carrier

Every company has its own pricing and its own rules for health conditions. That's why two quotes for the same person can look so different. A captive agent can only show you one company's answer. We compare more than 40.

What about the "can't be turned down" policies on TV?

They're real, and for some people they're the right fit. Just know what you're buying: a higher price for the coverage amount and, usually, a waiting period before the full benefit applies. If your health would qualify for a policy with day-one coverage, you'd want to know that first.

The bottom line

Final expense insurance is meant to keep your family from facing a bill on the worst week of their lives. The price comes down to a handful of things about you, and the best way to keep it fair is to let someone compare carriers on your behalf. We'll give you straight answers, even if the answer is that you don't need it.

This article is general education, not advice for your specific situation. Coverage, pricing, and policy features vary by carrier, state, age, and health, and every policy is subject to underwriting approval.