Final Expense
How much does final expense insurance cost?
- No cost
- No obligation
- Licensed independent professionals
- You choose when to talk
At a glance
- Biggest price drivers
- Age at purchase, sex, tobacco use, health class
- Level premium
- Price is designed to stay the same for life once issued
- Cheaper
- Buying younger; answering health questions instead of guaranteed issue; annual payment
- More expensive
- Guaranteed issue; tobacco; riders; waiting past your next birthday
What sets the price
Final expense is whole life, so the insurer prices for your whole remaining lifetime at issue. Every year you wait raises the starting premium. Sex matters because of life expectancy; tobacco use often doubles the price. The health class you qualify for (preferred, standard, graded, or guaranteed issue) is the largest variable after age.
Illustrative monthly ranges for $10,000 of coverage
These are ranges observed across carriers, not offers. Your quote can fall outside them.
- Woman, 60, non-smoker, good health: often $30 to $45
- Man, 65, non-smoker, good health: often $45 to $65
- Woman, 70, non-smoker: often $50 to $75
- Man, 75, tobacco: often $120 or more
- Guaranteed issue, either sex, 70: often $70 to $110
How to pay less without buying less
- Answer health questions instead of choosing guaranteed issue if your health allows it
- Apply before your next birthday; many carriers use age nearest birthday
- Ask for quotes from several carriers; final expense pricing varies more than term
- Skip riders you do not need; accidental death riders in particular add cost for a narrow benefit
- Consider paying annually or by bank draft if it lowers the premium
Fitting the premium into a fixed income
On Social Security or a pension, the premium has to survive every month for life. A policy you can comfortably afford at $15,000 protects your family better than one you drop at $25,000. Ask for the premium on two or three amounts, then choose the one you would still pay in a tight month.
Ask about paying annually if it lowers the cost, and whether the policy has a grace period and automatic premium loan feature to prevent an accidental lapse.
Common questions
Why is my quote higher than the ranges here?
The most common reasons are age (rates step up each year), tobacco use, a health answer that moved you to a graded or guaranteed issue class, or a rider. A licensed professional can show the same amount across several carriers to see whether another would class you differently.
Can I lower the premium later?
You can usually reduce the face amount, which lowers the premium. You cannot re-underwrite to a better class on the same policy; if your health improves you could apply for a new policy, but you would be older.
Is there a medical exam for final expense insurance?
Usually not. Most final expense policies are simplified issue, which means no exam but a set of health questions and a prescription check. Guaranteed issue policies skip the questions too, at a higher price and with a graded period.
Can I be turned down?
For simplified issue policies, yes: certain conditions or recent treatments can lead to a decline or a modified offer from one carrier while another accepts you. Guaranteed issue policies accept everyone within their age range but pay a limited benefit for natural-cause death in the first years.
Does the price go up as I get older?
Final expense policies are usually level-premium whole life, so the price you start with is designed to stay the same. Read the policy: a few products sold as burial insurance are actually term or have increasing premiums.
What happens to the money if I outlive the policy?
Whole life does not expire at a set age, so there is no outliving it as long as premiums are paid. If you stop paying, some cash value may be available, or the policy may convert to a smaller paid-up amount.
Is AskLily an insurance company?
No. AskLily is an education and referral service. Lily, our automated assistant, helps you understand options and, when you ask, connects you with a licensed independent insurance professional. AskLily does not sell, bind or underwrite coverage.
Does it cost anything to talk to Lily or a licensed professional?
No. There is no fee to use AskLily, ask Lily questions, or speak with a licensed professional we refer you to. If you decide to apply for a policy, you pay premiums to the insurance company that issues it.
Talk it through with Lily
Ask what this means for your situation. When you want numbers or an application, Lily connects you with a licensed independent professional.
- No cost
- No obligation
- Licensed independent professionals
- You choose when to talk
Lily is an automated assistant, not a licensed agent. She explains options in plain language; quotes, recommendations and applications come from licensed independent insurance professionals.
Sources
- National Funeral Directors Association, 2023 Member General Price List Study (accessed 2026-09-06) - Median cost of a funeral with viewing and burial, 2023: $8,300
- NAIC Consumer Guide: Life Insurance (accessed 2026-09-06) - Whole life, simplified issue and guaranteed issue definitions
AskLily is an insurance education and referral service, not an insurance company or agency. AskLily does not sell, bind or underwrite coverage. Content is general information, not advice for your situation; consult a licensed insurance professional. Last reviewed 2026-09-06.