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How Much Does Final Expense Life Insurance Cost?

By Lloyd Harvey·July 12, 2023·4 Minute Read

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We spend so much time figuring out how to afford things while we are alive, yet many of us have never stopped to think about the cost of death. While your funeral is not the most fun thing to daydream about, final expenses are something you probably want to consider as you ponder the future, particularly because it could pose a financial burden on those you leave behind.

Final expense life insurance can help with the cost of final medical bills, your cremation or burial expenses, and even the flowers that will be on display at your memorial service.

Also known as burial insurance or funeral insurance, final expense life insurance is a great option to consider if you are looking for a modest amount of coverage or are having difficulty purchasing other types of life insurance. Like most types of life insurance, the premium rate you will pay for a final expense life insurance policy is determined by various factors, including age, health status, and gender

If you are curious about final expense life insurance rates, you have come to the right place. Let’s dive in.

How Can Final Expense Life Insurance Help Your Beneficiaries ?

What is final expense life insurance? Simply put, it’s a type of life insurance that can provide some financial support for your loved ones as they navigate the immediate needs following your death. 

When you die, your friends and family may be tasked with planning some sort of service in your honor. Whatever your wishes — from cremation to mahogany casket — the costs can add up quickly.

The National Funeral Directors Association reports that the average cost of a funeral and burial in America is nearly $8,000. Many people are surprised to find out that funeral home providers often require an upfront payment. Add in the cost of a headstone, burial expenses, and even catering, and you might be looking at a hefty final expense bill. 

So, what does final expense life insurance cover? Your beneficiaries can use the death benefit however they choose, but the payout on these policies is typically used to help cover the cost of final expenses. 

How are Final Expense Life Insurance Rates Determined?

When you apply for life insurance of any kind, including final expense life insurance, your application goes through life insurance underwriting. During this process, the insurance company will use your age, lifestyle, health history, gender, and other factors to determine your life insurance rates.

The chosen coverage amount of a life insurance policy is another factor that determines the premium you will pay. Final expense life insurance costs tend to be less than other types of permanent life insurance policies because the death benefit is typically $50,000 or less.

Who Should Get Final Expense Life Insurance?

Determining what type of life insurance coverage is right for you is an important task and largely dependent on your unique circumstances. You might consider seeking professional guidance on this one (a trusted insurance agent or financial advisor). 

Suppose you are reaching retirement age and looking for a life insurance policy that can help your loved ones pay your final medical bills and assist with funeral expenses, but you aren’t concerned with providing an income replacement when you die. In this case, a final expense life insurance policy could do just that. 

Another scenario in which final expense life insurance could be a good choice is when you are buying coverage for someone else. One example of this is adult children who are looking to buy life insurance for their parents (with their consent, of course). If you are responsible for your mom or dad’s end-of-life expenses and funeral service, final expense life insurance might be a great way to help cover some of those costs without having to dip into your savings.

Can You Use Term Life Insurance to Cover Final Expenses?

If you want to ensure your loved ones aren’t left with the full burden of paying for funeral expenses or lingering hospital bills, final expense life insurance can help provide some financial support when you die.

If you are younger, in good health, and looking for more substantial coverage to help financially support your family in the event of your death, term life insurance is definitely worth considering. And term life insurance is more affordable than you might think — a policy can cost as low as $11 per month without the low coverage limitations of final expense life insurance. 

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With Bestow, you can apply for up to $1.5 million in coverage online. There is no medical exam. No lengthy interview. No week-long waiting periods. In fact, you can start with a free quote and apply in minutes by simply answering some basic health and lifestyle questions. 

Term life insurance not the right fit, right now? Speak to an eFinancial agent to learn more about Final Expense insurance at

Key Takeaways

  • Like most types of life insurance, final expense life insurance rates are determined by your health, financial situation, and age.
  • The maximum death benefit of a final expense life insurance policy is typically $50,000 or less (which is great if you are only looking to cover funeral and final expenses).
  • You may want to consider final expense life insurance if you are purchasing life insurance for someone else, like a parent.