Quick answer
Final expense insurance is a small whole life policy, usually $5,000 to $25,000, meant to cover a funeral and last bills. Average quotes for $10,000 of coverage run about $50 a month for a 65-year-old woman and $66 for a man, rising to about $125 and $164 at age 80. If you can answer a few health questions, a simplified issue policy is cheaper and pays in full from day one.
Average monthly cost for $10,000 of coverage
| Age | Women | Men |
|---|---|---|
| 60 | $42 | $53 |
| 65 | $50 | $66 |
| 70 | $64 | $84 |
| 75 | $87 | $113 |
| 80 | $125 | $164 |
| 85 | $155 | $203 |
Last reviewed October 27, 2026 by Greg Wilson. Sources: MoneyGeek 2026 rate survey, NAIC. Partner links may earn SeniorAffair a commission.
Nobody likes thinking about it, but a funeral can cost as much as a used car, and families often have to pay it within days. Final expense insurance is designed for exactly that bill.
How final expense insurance works
It is a form of whole life insurance with a small face amount. Premiums stay the same for life, and the policy never expires as long as you pay. When you die, the money goes to your beneficiary, who can use it for anything: the funeral, medical bills, credit cards or simply to keep for themselves.
How much coverage do you need?
Add up what you want covered:
- Funeral and burial or cremation. Costs vary widely by location and choices. Call a local funeral home for a price list (they must give you one under the FTC Funeral Rule).
- Final medical bills not covered by Medicare.
- Small debts such as a credit card balance.
For many people, $10,000 to $15,000 is enough. Buying more than you need just raises the premium.
Simplified issue vs guaranteed issue
- Simplified issue asks five to ten yes-or-no health questions, with no exam. If you qualify, the full benefit is paid from the first day and premiums are lower.
- Guaranteed issue asks no health questions. Anyone in the age range is accepted, but it costs more per dollar of coverage and usually has a graded death benefit: if you die of natural causes in the first two to three years, the insurer returns your premiums plus interest instead of the full amount. Accidental deaths are usually covered in full from day one.
Always try simplified issue first. Many people with diabetes, controlled high blood pressure or past heart issues still qualify. See our guide to guaranteed issue life insurance over 70 if you’ve been turned down.
Compare final expense quotes
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Partner link: SeniorAffair may earn a commission if you buy, at no extra cost to you.
Ways to lower the cost
- Buy sooner. Rates rise every year you wait.
- Quit smoking first if you can. Smokers often pay much more.
- Choose the right amount. A $10,000 policy can cost far less than a $25,000 one.
- Compare several insurers. Prices for the same person can differ a lot.
- Pay annually if the insurer offers a discount for it.
Alternatives to consider
- A payable-on-death bank account naming a family member can cover funeral costs without probate.
- A preneed funeral contract locks in prices at a specific funeral home, but check what happens if you move or the home closes.
- Existing life insurance from a former employer or union may already be enough.
Common questions
What is the age limit for final expense insurance?
Many insurers sell to people up to age 80 or 85. A few go higher.
Can I be turned down?
For simplified issue, yes, if you have certain serious conditions. Guaranteed issue cannot turn you down within its age range.
Does final expense insurance build cash value?
Yes, slowly, because it’s whole life. You can usually borrow against it, but that reduces the payout.
Related: Best life insurance for seniors · How much life insurance do you need?
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