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Discover the cost of final expense insurance with SelectQuote.
Whether you’re looking for the first time or are in a hurry to get covered, we can provide you with coverage and rates from some of the most trusted companies in just minutes.
How much does final expense insurance cost?
The cost of final expense insurance is often less than the cost of traditional life insurance, but your premium will depend on factors like your age, gender, health status, coverage amount, and the type of policy you choose. Unlike some types of insurance, though, your monthly payments will never increase, and your coverage will never decrease. Whether used in addition to or as an alternative to traditional life insurance, final expense insurance can provide peace of mind for you and your loved ones.
Types of Final Expense Insurance and Their Costs
Final expense insurance can help cover end-of-life expenses, including funeral costs, credit card debt, medical bills, and any other debt you don’t want to pass on to your loved ones. After your debts are covered, any remaining funds can be used how your loved ones choose. There are three types of final expense insurance: simplified issue whole life insurance, guaranteed issue whole life insurance, and critical illness life insurance. When choosing a final expense insurance policy, it's crucial to consider your budget, health status, and coverage requirements. Here’s an overview of the types of final expense insurance to help you determine which one is a good fit for your needs:
Simplified Issue Whole Life
- Only a few medical questions, but no exam
- Coverage up to $100,000 for ages 45-85
- Premium levels to age 100
Guaranteed Issue Whole Life
- Guaranteed acceptance
- No medical exam or health questions
- Coverage up to $25,000 for ages 45-85
Critical Illness
- Pays a lump-sum benefit upon diagnosis
- No medical exam
- Lifetime coverage
How is the cost of final expense insurance determined?
Factors that Impact the Cost of Your Final Expense Insurance Policy
The process of obtaining final expense insurance is different from that of traditional term life insurance. Learn more about the factors that can differ the cost of your final expense insurance policy below. Keep in mind that not all final expense insurances require the following.
Pharmacy Report
Although final expense insurance doesn’t require a medical exam, some types will require other forms of health information, with a pharmacy report being one. This typically includes a list of all the medications you’ve been prescribed over a certain number of years.
Motor Vehicle Report
Again, this is not required for every final expense insurance application, but some insurance providers will help determine your lifestyle and behavior based on a variety of reports, sometimes including a motor vehicle report.
Medical Insurance Bureau Report
This kind of report is typically only required if you’ve applied for and been denied life insurance before. A Medical Insurance Bureau report shouldn’t necessarily disqualify you from receiving final expense insurance. Instead, it can help the carrier provide adequate coverage and a fair premium.
Credit and Financial History
Much like the motor vehicle report, a credit check can help insurance companies determine a certain level of reliability and risk.
Additionally, the type of policy you choose and the amount of coverage you’re looking for can also play a role in your premium and coverage, but SelectQuote can provide you with coverage options and quotes in just minutes. Let us help you see if final expense insurance is right for you.
Benefits of Final Expense Insurance
Final expense insurance offers several benefits that make it a valuable investment, especially for seniors and individuals with health concerns, as there’s no medical exam required. The primary benefit of final expense life insurance is providing financial protection to cover end-of-life expenses. It ensures that funeral costs, medical bills, and other related expenses are taken care of, relieving your loved ones of the financial burden during an already challenging time. The average funeral costs around $10,000, making final expense insurance an easy way to provide your family with the financial protection they need.
Final expense insurance also has simplified underwriting processes, making it easier to qualify for coverage, especially if you have pre-existing health conditions or have been declined for other types of life insurance policies. They typically have fast payout processes, ensuring that the funds are promptly available to your beneficiaries. This allows your loved ones to cover the immediate funeral or burial expenses without delays or financial strain.
How Much Final Expense Insurance You Need
Determining the appropriate amount of final expense insurance coverage is a crucial step in securing a policy that meets your needs. If you have outstanding debts, such as credit card balances, loans, or medical bills, you may want to include them in your final expense insurance coverage. This ensures that your loved ones are not burdened with these financial obligations in the event of your death.
The primary purpose of final expense insurance is to cover funeral and burial costs. These expenses can vary significantly depending on personal preferences and location, so you may also want to take these costs into consideration when reviewing your policy options. You can find final expense coverage up to $100,000 if you’re between the ages of 45 and 85, and can help you determine how much coverage is right for your budget and lifestyle.
Let SelectQuote help you find affordable life insurance.
At SelectQuote, we make buying final expense insurance from some of the most trusted carriers in the nation quick, easy, and convenient. We’ll take the time to get to know your needs and help you determine what kind of life insurance coverage is right for you at a price you can afford. Whether you’re looking for a traditional term life insurance policy or a fast track to coverage with final expense insurance, we can help.
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