How much does final expense insurance cost?
Final expense insurance costs more the older you are when you buy: in one carrier's rate table, the price per $1,000 roughly doubles between 70 and 80. Your sex, tobacco use, health tier and coverage amount set the rest. Most people buy $5,000 to $25,000, matched to a 2023 median funeral cost of $6,280 to $8,300.
Updated · Editorial standards
- Median funeral, viewing + burial
- $8,300 (NFDA, 2023)
- Median funeral, viewing + cremation
- $6,280 (NFDA, 2023)
- Age 70 vs 80
- About 1.9x the price per $1,000
- Women vs men, age 70
- About 30% less
- Tobacco vs non-tobacco, age 70
- About 46% more
Estimated monthly final expense rates by age and coverage
| Age | $5K | $10K | $15K | $25K | ||||
|---|---|---|---|---|---|---|---|---|
| Men | Women | Men | Women | Men | Women | Men | Women | |
| 50 | $16.50 | $14.00 | $29.00 | $24.00 | $41.50 | $34.00 | $66.50 | $54.00 |
| 55 | $18.88 | $15.90 | $33.75 | $27.80 | $48.63 | $39.70 | $78.38 | $63.50 |
| 60 | $21.96 | $18.36 | $39.91 | $32.73 | $57.87 | $47.09 | $93.78 | $75.82 |
| 65 | $25.95 | $21.56 | $47.90 | $39.12 | $69.86 | $56.68 | $113.76 | $91.81 |
| 70 | $31.13 | $25.71 | $58.27 | $47.41 | $85.40 | $69.12 | $139.67 | $112.53 |
| 75 | $37.85 | $31.08 | $71.71 | $58.17 | $105.56 | $85.25 | $173.27 | $139.42 |
| 80 | $46.57 | $38.06 | $89.14 | $72.11 | $131.71 | $106.17 | $216.85 | $174.28 |
| 85 | $57.87 | $47.10 | $111.75 | $90.20 | $165.62 | $133.30 | $273.37 | $219.50 |
Age is the biggest price driver
Your age on the day the policy is issued sets your premium for life. The rate never rises later, but every year you wait raises the starting point.
The increase speeds up with age. In Mutual of Omaha's Living Promise table, the step from 50 to 55 adds about 19%, while the step from 75 to 80 adds about 41%. The table above shows each five-year step.
Face amount limits also fall with age. Transamerica allows up to $50,000 through age 55 but $25,000 from 76 to 85, so older buyers often pay more for less.
Sex, tobacco and health tier
Sex: Women live longer on average, so they pay less. In the same Mutual of Omaha table, a 70-year-old woman pays about 30% less per $1,000 than a 70-year-old man. Montana requires unisex rates.
Tobacco: Smokers and other nicotine users pay more. A 70-year-old male tobacco user pays about 46% more than a non-user in that table. Mutual of Omaha defines non-nicotine as no tobacco or nicotine use, including gum or patches, for one year.
Health tier: Level plans cost the least. Graded plans and guaranteed issue plans cost more per $1,000 because they accept higher-risk applicants, and they also limit early benefits.
Level, graded and guaranteed: the price of easier approval
The easier a policy is to get, the more each $1,000 of coverage costs. Guaranteed issue plans ask no health questions, so the carrier prices for a less healthy group.
You also get less in the first two years. Gerber Life's guaranteed policy pays 110% of earned premiums for natural-cause death during that period, and Colonial Penn pays premiums plus 7% interest.
If you can qualify for a level plan, it is usually the better value. Our waiting periods guide shows how each type pays.
How much coverage you actually need
Price the funeral first. NFDA's 2023 study found a national median of $8,300 for a funeral with viewing and burial, up from $7,848 in 2021, and $6,280 with viewing and cremation, up from $5,810.
Those medians cover the funeral home: basic services fee, transfer of remains, embalming, viewing and ceremony, a hearse or van, and a printed memorial package. The burial figure includes a metal casket; the cremation figure includes the cremation fee, a container and an urn.
They exclude cemetery costs, the marker and cash-advance items such as flowers and obituary notices. Add those, plus any medical bills or small debts, to reach your target. See what final expense covers for a checklist.
Will funeral costs keep rising?
Funeral prices have been rising, but more slowly than prices overall. From 2021 to 2023, NFDA found the burial median rose 5.8% and the cremation median 8.1%, while general inflation was 13.6%.
A final expense benefit does not grow with inflation. If you buy at 60, $10,000 will still be $10,000 decades later, so leave some room above today's prices.
Prices also vary by region, NFDA notes. Ask two or three local funeral homes for their General Price List, which the FTC Funeral Rule requires them to provide, and size your policy to those numbers.
Ways to keep the premium down
Buy sooner. Even one birthday adds several percent to a fixed lifetime premium at older ages.
Choose the amount you need, not the maximum. Dropping from $25,000 to $15,000 reduces the premium roughly in proportion, apart from the fixed policy fee.
Quit tobacco for 12 months before applying if you can, and answer health questions accurately so you land in the right tier the first time. Paying annually instead of monthly often costs a little less overall.
Final expense vs other ways to pay
For healthy people under 65, term life usually costs less per $1,000, but it expires. Final expense lasts for life, which suits a cost that will definitely come.
Savings work if you already have the money set aside and will not need it for care. A whole life policy with a larger face amount suits people who also want to leave an inheritance.
The death benefit is generally not taxable income to your beneficiary, according to the IRS.
How the price per $1,000 changes with age
Ratios calculated from Mutual of Omaha's Living Promise level benefit rate table for non-tobacco men. They show the pattern, not a quote; other carriers differ.
| Buying at | Compared with | Approximate increase |
|---|---|---|
| 55 | 50 | 19% more |
| 60 | 55 | 24% more |
| 65 | 60 | 31% more |
| 70 | 65 | 34% more |
| 75 | 70 | 36% more |
| 80 | 75 | 41% more |
| 85 | 80 | 39% more |
Questions people ask
How much is final expense insurance per month?
It depends on age, sex, tobacco use, health and the amount of coverage. See the estimated table above, or request a quote for current prices in your state.
How much does a funeral cost in 2026?
The most recent NFDA national medians, from 2023, are $8,300 for a funeral with viewing and burial and $6,280 with viewing and cremation. Cemetery costs are extra.
Why is final expense insurance more expensive than term life?
It lasts for life and is sold with simple or no underwriting, so the carrier expects to pay every claim. Term life covers a fixed period and requires fuller underwriting.
Do final expense premiums increase with age?
Not after you buy. The premium is fixed at your issue age for the life of the policy.
Is final expense cheaper for women?
Yes, in most states. In one carrier's table, women age 70 pay about 30% less than men of the same age. Montana requires unisex rates.
Is $10,000 enough for final expenses?
Often, for a cremation or simple funeral. A traditional burial with cemetery costs and a marker can exceed $10,000.
Is guaranteed issue more expensive?
Yes. Guaranteed issue costs more per $1,000 than a level plan and pays only a limited benefit for natural-cause death in the first two years.
Does final expense coverage keep up with inflation?
No. The face amount is fixed. Funeral costs rose 5.8% for burial and 8.1% for cremation from 2021 to 2023, so many buyers add a cushion above today's prices.
Sources
- NFDA, 2023 General Price List Study news release
- Mutual of Omaha, Living Promise product and underwriting guide (producer PDF, 2021)
- Transamerica, Final Expense Solutions consumer brochure (PDF)
- Gerber Life, Guaranteed Life Insurance
- Colonial Penn, Guaranteed Acceptance Life Insurance (California product page)
- FTC, The Funeral Rule
- IRS, Life insurance and disability insurance proceeds FAQ
This page is for education and is not financial, tax or legal advice. Products, features and availability vary by carrier and state.
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