One of the most common questions people ask about final expense insurance is simple: how much does it actually cost? The answer depends on a few personal factors, but for the majority of people, the monthly cost is more affordable than you might expect.
In this guide, we will break down real pricing by age and gender, explain what affects your rate, and show you how to find the lowest price available. If you are new to this type of coverage, our complete guide on what final expense insurance is is a great place to start.
What Does Final Expense Insurance Cost Per Month?
Most people pay between $30 and $70 per month for final expense insurance. That range covers the majority of applicants between ages 50 and 75 who are in reasonable health and looking for $10,000 to $25,000 in coverage.
Your exact cost depends on five main factors: your age, your gender, your health, how much coverage you want, and the type of plan you qualify for. We will cover each of these in detail below.
A few important things to know upfront:
- Women generally pay less than men at the same age and health level, typically 15 to 20 percent less
- Rates are locked in for life once you are approved, meaning your payment will never increase
- The younger you are when you apply, the lower your rate, so there is a real financial benefit to getting covered sooner rather than later
- Rates vary significantly between carriers, which is why comparing quotes from multiple companies matters
Final Expense Insurance Rates by Age
The table below shows sample monthly rates for final expense insurance at two common coverage levels: $10,000 and $20,000. These are based on preferred health rates for non-tobacco users.
| Age | $10K (Female) | $10K (Male) | $20K (Female) | $20K (Male) |
|---|---|---|---|---|
| 50 | $22/mo | $26/mo | $38/mo | $44/mo |
| 55 | $27/mo | $32/mo | $46/mo | $55/mo |
| 60 | $34/mo | $40/mo | $58/mo | $68/mo |
| 65 | $42/mo | $50/mo | $72/mo | $86/mo |
| 70 | $54/mo | $65/mo | $94/mo | $113/mo |
| 75 | $72/mo | $88/mo | $128/mo | $156/mo |
| 80 | $98/mo | $120/mo | $174/mo | $212/mo |
Rates shown are illustrative averages based on preferred health for non-tobacco users. Your actual rate may vary depending on your health, carrier, and plan type. Get a personalized quote for your exact rate.
As you can see, rates increase steadily with age. A 55-year-old woman can get $20,000 in coverage for roughly $46 per month, while the same coverage at age 75 costs about $128 per month. That difference adds up over time, which is one reason we encourage people to apply as early as they can.
Asurgo compares rates from 25+ carriers to find the best price for your specific situation. Because every carrier prices differently, shopping around can save you hundreds of dollars per year.
What Factors Affect Your Final Expense Rate?
Understanding what goes into your premium helps you make smarter decisions about when and how to apply. Here are the six main factors that determine your cost.
Age is the single biggest factor. Rates increase with every year of age, and once you are approved, your rate is locked in permanently. This means applying at 58 instead of 62 could save you a meaningful amount each month for the rest of your life.
Gender plays a significant role. Women typically pay 15 to 20 percent less than men at the same age and health level. This is based on actuarial data showing that women, on average, have longer life expectancies.
Health determines which plan type you qualify for, and that has a direct impact on price. We will cover this in more detail in the next section.
Tobacco use increases your rate significantly. If you smoke cigarettes, use chewing tobacco, or use other nicotine products, expect to pay higher premiums. Most carriers have a separate rate class for tobacco users.
Coverage amount is straightforward: more coverage means a higher monthly payment. Most people choose between $10,000 and $25,000, which is enough to cover funeral expenses and leave a small cushion for other bills.
Plan type affects pricing more than many people realize. Level benefit plans, which provide full coverage from day one, cost less than graded or guaranteed issue plans. The type of plan you qualify for depends primarily on your health.
How Health Conditions Impact Your Cost
Your health is one of the most important factors in determining your final expense rate, because it determines which type of plan a carrier will offer you. There are three main categories.
Level benefit plans offer the best rates and are available to people in generally good health. If you have mild, well-controlled conditions like managed high blood pressure or cholesterol, you will likely qualify for a level benefit plan with most carriers. Full coverage begins on day one.
Graded benefit plans carry moderate rates and are designed for people with more significant health concerns. If you have had a recent heart attack, live with uncontrolled diabetes, or are undergoing active cancer treatment, a graded plan may be your best option. These plans include a waiting period (usually two years) before the full death benefit takes effect.
Guaranteed issue plans have the highest rates but accept everyone regardless of health. There are no health questions at all. These plans also include a waiting period of two to three years. They exist for people who cannot qualify for any other type of coverage.
The cost difference between plan types can be significant. Guaranteed issue plans typically cost 30 to 60 percent more than level benefit plans for the same coverage amount. That is a substantial gap, and it is one of the strongest arguments for applying while your health is still in a favorable range.
This is also why comparing carriers matters so much. One carrier might offer you a level benefit plan while another requires graded benefit for the exact same health profile. An independent broker who shops multiple carriers can find the best classification for your situation. For more details on how the application process works, read our guide on final expense insurance with no medical exam.
How to Get the Lowest Rate on Final Expense Insurance
There are several practical steps you can take to make sure you are getting the best possible price on your coverage.
- Apply as young as possible. Your rate is locked for life once you are approved, so every year you wait means a higher permanent payment.
- Be honest on your health questions. Dishonesty on an application can result in a denied claim or a voided policy. Carriers verify health information, and the consequences of misrepresentation are serious.
- Compare multiple carriers. Rates can vary 30 to 50 percent between companies for the same person with the same health profile. This is where the savings really add up.
- Work with an independent broker. Asurgo shops over 25 carriers to find the best rate for every client. A captive agent can only show you one company's products.
- Ask about simplified issue before guaranteed issue. Simplified issue plans with a short health questionnaire almost always cost less than guaranteed issue plans with no questions. If you can qualify, the savings are worth it.
- Choose the right coverage amount. You want enough to cover your funeral and final expenses without paying for coverage you do not need. For most people, $10,000 to $25,000 is the right range.
Visit our final expense insurance page for a full comparison of plans, carriers, and coverage options.
Why Rates Are Locked for Life on Whole Life Plans
One of the most valuable features of final expense insurance is that your premium never increases. This is because final expense policies are whole life insurance, not term life insurance.
With term life insurance, your coverage lasts for a set period (10, 20, or 30 years), and if you want to renew at the end of the term, your rate will be significantly higher because you are older. Many people find themselves priced out of coverage entirely when their term expires.
Whole life final expense insurance works differently. The rate you pay at age 55 stays exactly the same at age 65, age 75, and beyond. There is no renewal, no rate increase, and no expiration date. As long as you pay your premium, your coverage stays active for your entire life.
This is a major advantage for people on fixed incomes, especially retirees who need their monthly expenses to stay predictable. A $45 per month premium today will still be $45 per month twenty years from now, even as other costs continue to rise.
The math makes a clear case for applying sooner rather than later. The longer you wait, the higher your locked-in rate will be. And if your health changes during that time, you may end up qualifying for a more expensive plan type instead of a level benefit plan.
If you are curious about how final expense insurance compares to similar products, our guide on final expense vs. burial insurance clears up the common terminology confusion. For a detailed breakdown of rates by age group, see our guide to final expense insurance for seniors.
The Bottom Line
Final expense insurance is more affordable than most people expect, especially when you compare rates across multiple carriers. The key is to apply while you are relatively young and healthy, choose the right coverage amount, and work with an independent broker who can find the best rate for your specific situation.
