Real Reviews From People Who Experienced Funeral Advantage
What is Final Expense Life Insurance?
Final expense insurance is a whole life policy that pays medical bills and funeral expenses when you die.
It’s also known as burial or funeral insurance. It’s a popular choice among seniors.
Most final expense plans have these features:
Whole life insurance – no expiration if premiums are paid
Cash value – insured may be able to take out a policy loan
Fixed premiums as long as they’re paid
Simplified issue – usually no medical exam (also called a life insurance exam) is required, just health questions on the application
Easy application process
Fast approvals – coverage can often be issued in days
Affordable rates
Funeral Costs
In 2017, the median cost of an adult funeral with viewing and burial was $8,755 (including a vault).
Funeral and cremation expenses can cost families thousands of dollars, often within days of their loved one passing.
Casket prices alone can be $2,000 or more depending on the material and style used.
Simply opening and closing the grave can cost families anywhere from $300 – $1,000 depending on the funeral home.
Final expense insurance – often referred to as burial insuranceor End-of-Life Insurance – is designed to cover these costs.
The rising costs of funerals have been well-documented over the years:
In 1960, the average cost of a funeral without a vault was just over $700
In 1985, that number had risen to $2,737
In 2021, that number rose even more to $7,848, and with a vault, the cost was $9,420.
These numbers suggest an increase of 991 percent in funeral costs over four decades.
Add in the price of a grave marker ($200–$400 for a basic material), a published obituary, and other costs associated with a memorial service and the total can quickly approach $10,000 or more.
What Questions Do Seniors Have About Final Expense Insurance?
Qualifying for a final expense policy is often easier than qualifying for other types of life insurance (such as term insurance). But there are still important questions to ask, such as:
Does the policy expire?
Do I have to take a medical exam?
What features are included in the policy?
How can the death benefit be used?
Does the policy expire?
Final expense policies don’t expire like term policies because they are a type of whole life insurance (learn how whole life insurance works). Your coverage won’t expire as long as you pay your premiums.
Do I have to take a medical exam?
In most cases, a medical exam isn’t required to qualify because the face amount is typically under $50,000. Coverage is usually issued based on the applicant’s answers to health questions on the application.
What features are included in the policy?
Depending on the life insurance company, your final expense policy may have added features such as child riders, accidental death and dismemberment, or support benefits for surviving loved ones such as funeral price shopping. Not all policies are the same, so make sure you review the policy’s benefits carefully.
Sample Rates for Seniors
Below are some sample monthly rates for seniors. As you can see, rates increase substantially the older you get. Most seniors get coverage as early as possible in order to lock in a lower rate.
$10,000 Policy with Funeral Planning
Age
Female Monthly Rate
Male Monthly Rate
50
$25 - $40
$30 - $48
55
$28 - $46
$35 - $55
60
$33 - $52
$43 - $67
65
$41 - $64
$56 - $75
70
$53 - $82
$74 - $93
75
$72 - $108
$100 - $131
80
$93 - $152
$126 - $190
* Rate estimates based on standard health and no tobacco use
** Funeral planning with Burail Assurance includes price shopping for common funeral items. Families save on average $1,800 on traditional funerals and $600 on cremations with Funeral Advantage.
Do You Need Final Expense Insurance?
If you’re over 40 and need money to cover your final expenses and funeral costs, final expense life insurance is a perfect fit. Because the death benefit of the policy (typically $5,000–$20,000) tends to be less than the benefit of traditional insurance, the premiums tend to be more affordable for those on a fixed budget.
This makes it an attractive option for seniors looking to cover their end-of-life expenses. It’s a kind of permanent insurance – it doesn’t expire if premiums are paid – and it accumulates a cash value over time.
But this type of insurance isn’t just for seniors (learn more about
affordable life insurance over 50,
life insurance for seniors over 60,
life insurance for seniors over 70, and
life insurance for seniors over 80).
Anyone concerned about leaving their loved ones unprepared when they pass should consider taking out a life insurance policy on themselves. Children can also buy
life insurance for parents. Getting multiple quotes – including a final expense quote – can help you determine what type of life insurance is best for you.
If you’re independently wealthy or have enough set aside in savings, you may not need final expense insurance. Just keep an eye on rising funeral costs and always make sure you stay up-to-date on current costs.
If you’re over the age of 85, in hospice care, or currently hospitalized you may not be able to qualify. Certain health conditions such as terminal illness or AIDS may also prevent you from qualifying.
Final Expense Life Insurance For Seniors
Final expense life insurance is popular with seniors because of its affordable price, smaller benefit amounts, and emphasis on covering funeral costs.
Traditional life insurance policies such as term insurance are primarily intended to replace any income lost when a loved one dies. These policies are most important to families during the earlier years when we’re working, paying a mortgage, making car payments, and raising our kids.
Once we’ve retired, paid off the mortgage, and the kids are out of the house, traditional life insurance policies aren’t needed as much. What we do need is a way to pay for any expenses we leave behind when we pass.
According to the National Funeral Directors Association, the median cost of a funeral can be over $9,000. With no way to pay for these expenses, surviving loved ones often experience a financial burden during a time of intense grief.
Many of us have experienced the death of a loved one and remember how stressful it was to juggle our grief, the funeral planning, and the financial obligations we had. The thought of our spouse or children going through the same experience is unbearable.
So how can final expense life insurance help? What can we do to protect our families from this financial burden? How can we make sure they aren’t left with a pile of bills when we pass?
Burial insurance for seniors is a smart and compassionate insurance solution for seniors looking to protect their loved ones from rising funeral costs. It’s typically easy to qualify because it’s issued based on answers to health questions. In many cases, you don’t need to take a medical exam.
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PATRICIA BROWN
★★★★★
"I wanted to thank you so very much for the quick response in processing and handling my son’s claim..."
STEPHEN KING
★★★★★
"Excellent customer service and extremely responsive. I am glad I chose this policy — everything was smooth and stress-free!"
MARIA SMITH
★★★★★
"They were always kind, compassionate, and helpful during such a difficult time. Highly recommend!"
Burial Assurance
