Average Final Expense Insurance Premiums by Age 65–85

This article is for general educational purposes only and is not financial, legal, tax, or insurance advice. Final expense insurance products are regulated at the state level. Always review actual policy documents and consult a licensed insurance professional in your state before buying coverage.

1. Understanding Final Expense Insurance and How It’s Priced #

Final expense insurance (also called burial insurance or end-of-life insurance) is a small whole life policy designed to cover funeral costs and other last expenses. Coverage amounts are usually modest, often $5,000–$25,000, and policies are built to be relatively easy for seniors to qualify for.

Most final expense policies share three core features:

• Whole life structure – premiums are typically fixed, coverage is designed to last for life, and the death benefit is generally guaranteed as long as premiums are paid.
• Smaller face amounts – meant to cover funeral, burial/cremation, and related bills rather than replace income.
• Simplified underwriting – many policies ask only a few health questions and require no medical exam.

Insurers set final expense insurance premiums based on risk. The higher the chance they’ll pay a claim sooner, the higher your monthly rate.

Key pricing factors include:

• Age – the single biggest driver of cost. Rates rise with each birthday.
• Gender – women usually pay less than men for the same coverage because they tend to live longer on average.
• Health and lifestyle – conditions like heart disease, COPD, diabetes with complications, or a history of cancer can increase premiums or limit your policy options.
• Smoker status – tobacco use almost always raises rates.
• Coverage amount – more coverage means higher premiums, but the cost per $1,000 of coverage often drops slightly as you buy more.
• Policy type – level benefit, graded benefit, and guaranteed issue each price risk differently (more on this below).

When you see “average” premiums, remember they’re illustrative ranges, not offers or guarantees. Actual rates depend on the specific insurer, your state, your health history, and the policy you choose.

2. Average Final Expense Insurance Premiums by Age 65–85 #

Final expense premiums increase steadily between ages 65 and 85. The earlier you lock in coverage, the lower your lifetime cost tends to be.

Below are rough monthly premium ranges for a non-smoking applicant in average health buying a level benefit final expense policy. These are illustrative estimates for educational purposes only, based on common ranges seen in the U.S. market. Actual quotes will vary by insurer, state, and underwriting.

Sample Monthly Premium Ranges by Age and Coverage #

Women (non-smoker, typical health)
Level benefit whole life final expense coverage:

• Age 65

  • $10,000: ~$30–$45 per month
  • $15,000: ~$40–$60 per month
  • $20,000: ~$55–$75 per month

• Age 70

  • $10,000: ~$38–$55 per month
  • $15,000: ~$52–$75 per month
  • $20,000: ~$68–$95 per month

• Age 75

  • $10,000: ~$50–$70 per month
  • $15,000: ~$70–$100 per month
  • $20,000: ~$90–$130 per month

• Age 80

  • $10,000: ~$70–$95 per month
  • $15,000: ~$100–$135 per month
  • $20,000: ~$130–$175 per month

• Age 85

  • $10,000: ~$100–$150 per month
  • $15,000: ~$145–$210 per month
  • $20,000: often limited; where available, ~$190–$280+ per month

Men (non-smoker, typical health)
Level benefit whole life final expense coverage:

• Age 65

  • $10,000: ~$40–$60 per month
  • $15,000: ~$55–$80 per month
  • $20,000: ~$70–$100 per month

• Age 70

  • $10,000: ~$48–$75 per month
  • $15,000: ~$68–$100 per month
  • $20,000: ~$90–$130 per month

• Age 75

  • $10,000: ~$65–$90 per month
  • $15,000: ~$90–$130 per month
  • $20,000: ~$115–$165 per month

• Age 80

  • $10,000: ~$90–$130 per month
  • $15,000: ~$125–$180 per month
  • $20,000: ~$165–$235 per month

• Age 85

  • $10,000: ~$135–$200 per month
  • $15,000: ~$190–$275 per month
  • $20,000: often limited; where available, ~$250–$360+ per month

A few important notes:

• Smokers may pay anywhere from 20–50% more than these ranges, sometimes higher.
• Graded or guaranteed issue policies can cost more per dollar of coverage than level benefit policies.
• Many insurers cap maximum coverage for older ages (often $20,000–$25,000, sometimes less after age 80).

Use these numbers as a starting point to understand how burial insurance by age tends to scale, then get personalized quotes from multiple carriers.

3. How Health, Gender, and Coverage Amount Change Your Rate #

Even at the same age, two people can see very different senior life insurance costs. Insurers segment applicants into risk categories based on health, gender, and how much coverage you request.

Health and Medical History #

Your health status often determines:

• Whether you qualify for level benefit (best pricing).
• Whether you’re moved to a graded or guaranteed issue product (higher cost).
• How much coverage you can buy.

Conditions that commonly affect final expense insurance premiums include:

• Heart disease, prior heart attack, or stroke
• COPD, emphysema, or oxygen use
• Insulin-dependent diabetes or diabetes with complications
• Cancer history (especially recent or ongoing)
• Kidney disease, liver disease, or dialysis
• Alzheimer’s or dementia
• Recent hospitalization or major surgery

Mild, well-controlled conditions (like diet-controlled blood pressure) may have minimal impact with some insurers. Because each carrier underwrites differently, one company might rate you higher risk while another offers standard pricing.

Gender #

Gender has a clear, measurable impact on funeral insurance rates:

• Women typically pay noticeably less than men, all else equal.
• The difference often widens at older ages because longevity gaps become more pronounced.

For example, a 70-year-old non-smoking woman might pay $45–$55 monthly for $10,000 of coverage in average health, while a comparable man might pay $55–$70 for the same policy with the same insurer.

Coverage Amount #

The more coverage you buy, the more you pay—yet the cost per $1,000 of coverage may decrease slightly.

For instance, for a 72-year-old woman:

• $10,000 might cost around $50/month.
• $15,000 might cost around $70/month (not 50% more).
• $20,000 might cost around $90/month.

This “volume discount” is limited but real. However, buying more than you need just to get a lower per‑$1,000 cost can still strain your budget, so focus on the total monthly premium you can comfortably afford.

4. Comparing Policy Types: Level, Graded, and Guaranteed Issue #

The type of final expense policy you choose has a big impact on both cost and how quickly your full death benefit is available.

Level Benefit Final Expense #

• Who it’s for: Seniors who can answer health questions favorably and don’t have severe or very recent major health issues.
• How it works: Full death benefit from day one for natural and accidental death (after the policy is in force), assuming truthful application.
• Cost: Typically the lowest premiums for a given age and coverage amount.

If you qualify, level benefit coverage is usually the most cost-efficient way to buy end-of-life insurance.

Graded or Modified Benefit Final Expense #

• Who it’s for: People with moderate health issues who don’t qualify for level benefit but are not at the highest risk tier.
• How it works: Reduced benefits for natural death during the first 1–3 years, often structured as:
  • Year 1: Return of premiums plus interest
  • Year 2: 50–75% of face amount
  • Year 3+: 100% of face amount
  • Accidental death is often covered at 100% from day one.
• Cost: Higher than level benefit, lower than guaranteed issue.

These policies balance access for higher‑risk applicants with some protection for the insurer in the early years.

Guaranteed Issue Final Expense #

• Who it’s for: Seniors with significant health challenges who cannot qualify for health‑question policies (e.g., advanced chronic illness, recent cancer, serious heart issues).
• How it works: No health questions, no medical exam, and everyone in the eligible age range is accepted—but:
  • There’s typically a 2–3 year waiting period for natural death.
  • During the waiting period, the insurer may pay only a refund of premiums plus interest, or a percentage of the benefit.
  • Accidental death is often covered at full face amount immediately.
• Cost: Highest premiums per dollar of coverage.

Guaranteed issue plans can be valuable safety nets, but they should usually be considered only after you’ve been declined or are clearly ineligible for level or graded policies.

5. How Burial Insurance Costs Compare to Other End-of-Life Options #

Final expense insurance is not your only way to plan for funeral and burial costs. It helps to compare it with alternatives.

Self-Funding with Savings #

If you have sufficient liquid savings, you may choose to earmark money for final expenses rather than pay insurance premiums.

Pros:

• No underwriting, no premiums, and full control of funds.
• If you live a long time, this can be cheaper overall.

Cons:

• Requires discipline to keep funds separate and accessible.
• If you pass away soon, you may not have saved enough.
• Savings can be spent down for other needs, leaving less for funeral costs.

Pre-Need Funeral Contracts #

Pre-need plans are contracts with a specific funeral home to prepay for services.

Pros:

• Locks in prices for specific services at a particular funeral home.
• Can reduce decision-making stress for your family.

Cons:

• Less flexibility if you move or want to change funeral homes.
• Funds and guarantees vary; protection depends on state rules and contract terms.
• Typically covers only funeral home services, not other debts or expenses.

Traditional Life Insurance #

Some people use existing term or permanent life insurance to cover end-of-life costs.

Pros:

• Often larger death benefits that can cover multiple financial needs.
• If you already have coverage, no extra policy is needed.

Cons:

• Term insurance may expire before you die, leaving no benefit.
• New traditional policies at older ages can be expensive and may require full underwriting.

Where Final Expense Fits #

Final expense insurance can make sense when:

• You want a dedicated pool of funds for funeral and last expenses.
• You prefer fixed premiums and lifelong coverage.
• You don’t qualify for or don’t need larger traditional policies.
• You’d rather pay smaller monthly premiums than set aside a large lump sum.

For many seniors, final expense coverage is one piece of a broader end-of-life plan alongside savings, wills, and beneficiary designations.

6. Ways to Lower Your Senior Life Insurance Premiums #

You have more control over your funeral insurance rates than you might think. Small decisions can significantly affect what you pay.

1. Apply Earlier Rather Than Later #

Age is the biggest driver of cost. Buying at 65 instead of 75 can cut your monthly premium dramatically and lock in that rate for life.

If you know you’ll want coverage, waiting “just a few years” often increases your lifetime cost, even though you pay premiums for longer.

2. Choose the Right Coverage Amount #

Many people instinctively pick a round number like $25,000 without calculating their actual needs. To right‑size your policy:

• Estimate your likely funeral/burial or cremation costs in your area.
• Add expected medical bills, small debts, or travel costs for family.
• Subtract any savings or existing life insurance that will be available.

You may find that $8,000–$12,000 is enough, or that you truly need $15,000–$20,000. Avoid over‑insuring if the premium will strain your budget.

3. Qualify for Level Benefit if Possible #

If your health allows, aim for level benefit rather than graded or guaranteed issue:

• Answer health questions truthfully but completely.
• Work with an agent who can match your health profile to companies with more flexible underwriting.
• Don’t assume you need guaranteed issue just because you have a condition; many seniors qualify for level coverage even with some health issues.

4. Compare Multiple Insurers #

Different insurers can quote very different premiums for the same person. To potentially lower costs:

• Get quotes from several licensed carriers.
• Ask about household discounts or electronic payment discounts where available.
• Compare not just price, but also waiting periods, coverage limits, and company financial ratings.

5. Avoid Tobacco or Consider Quitting #

Tobacco use significantly increases final expense premiums:

• If you currently smoke, you’ll be rated as a smoker.
• Some insurers allow reclassification to non‑smoker after you’ve quit for a certain period and can attest to it.

If quitting is realistic for you, discuss with a professional whether it makes sense to buy a smaller policy now and apply for better non‑smoker rates later.

6. Use Riders Carefully #

Riders (such as accidental death or accelerated benefit riders) can add value but also add cost. Only pay for riders that clearly meet your needs and that you understand.

7. How to Estimate Your Own Funeral Insurance Rate #

You don’t need a formal quote to get a rough idea of your likely premium. You can make a reasonable estimate in a few steps.

Step 1: Decide on a Coverage Target #

Use a simple formula:

1. Estimate funeral and burial or cremation costs in your area (often $7,000–$12,000 for a traditional funeral, less for cremation).
2. Add any expected medical bills, legal costs, or small debts you want covered.
3. Subtract savings or life insurance that will definitely be available.

Example:
$9,000 (funeral) + $2,000 (medical and travel) – $3,000 (savings earmarked) = $8,000 coverage target.

You may round to the nearest available coverage amount (e.g., $10,000).

Step 2: Use Age-Based Ranges #

Using the ranges earlier, locate:

• Your age bracket (for example, 70–75).
• Your gender.
• Your target coverage (for example, $10,000 or $15,000).

This gives you a ballpark monthly range for a non‑smoker in average health. Adjust mentally upward if:

• You are a smoker.
• You have significant health issues and may need graded or guaranteed issue coverage.
• You want a higher‑risk policy type or extra riders.

Step 3: Get Personalized Quotes #

Once you have an estimate:

• Contact a licensed independent agent or broker who works with multiple carriers.
• Ask for quotes based on your age, gender, health, and coverage amount.
• Compare at least 3–5 options before deciding.

Your real quotes may fall below or above your estimate, but the exercise prepares you for what’s realistic.

8. Common Mistakes Seniors Make When Buying Final Expense Insurance #

Avoiding a few frequent pitfalls can save money and frustration.

Mistake 1: Waiting Too Long #

Delaying purchase often leads to:

• Higher premiums for the same coverage.
• More health problems that can push you into graded or guaranteed issue plans.
• Lower maximum coverage amounts at older ages.

If you know you’ll want end-of-life insurance, shopping sooner generally works in your favor.

Mistake 2: Buying More Coverage Than You Can Afford #

Some seniors choose coverage levels that don’t match their budget, then later:

• Let policies lapse after a few years.
• Lose all or most of the premiums they’ve paid.

It’s usually better to buy a smaller, affordable policy you can keep for life than a larger one you might cancel.

Mistake 3: Assuming Guaranteed Issue Is the Only Option #

Advertising for “no health questions” policies is everywhere, but:

• Many seniors qualify for simplified issue level benefit with lower premiums.
• Guaranteed issue should usually be a last resort after checking other options.

Always see if you qualify for health‑question policies before defaulting to guaranteed issue.

Mistake 4: Not Checking the Waiting Period #

Some policies have:

• No waiting period for full benefits (level benefit).
• Graded or limited benefits for natural death in the first 1–3 years.

Make sure you understand when your full death benefit is available and what happens if you pass away during the waiting period.

Mistake 5: Not Reviewing the Insurer’s Reputation #

Price matters, but so does stability and service. Before buying:

• Check financial strength ratings from organizations like A.M. Best where available.
• Read customer service reviews and complaint histories (for example, via your state’s insurance department or consumer sites).
• Confirm the company is properly licensed in your state.

9. When to Buy Final Expense Insurance and Who It’s Right For #

Final expense insurance is not right for everyone, but it can be valuable in specific situations.

When It Often Makes Sense #

You may be a good fit if:

• You’re between 65 and 85 and want a modest policy to cover funeral and last expenses.
• You don’t have large savings or other life insurance earmarked for these costs.
• You want premiums that are fixed for life and coverage that won’t expire at a certain age.
• You prefer a simple, small policy with relatively easy underwriting.

Many buyers are retirees on fixed incomes who want to make sure their children or other loved ones aren’t scrambling to pay for a funeral.

When It May Not Be Necessary #

Final expense coverage may be less important if:

• You already have fully paid permanent life insurance with sufficient coverage.
• You have ample liquid savings and a clear plan to pay end‑of‑life costs.
• You’re younger and can qualify for larger, competitively priced traditional life policies that can cover multiple needs.

In these cases, a separate burial policy may be redundant.

Best Timing #

Generally, the best time to buy final expense insurance is:

• When you’ve decided you want it,
• While you’re still healthy enough to qualify for level benefit coverage, and
• Before age‑related premium increases and coverage caps become more restrictive.

For many people, that’s in their late 60s or early 70s, though some buy earlier or later depending on their situation.

10. Summary: Choosing Affordable End-of-Life Insurance Coverage #

Final expense insurance is designed to cover funeral and last expenses with a small, permanent life policy. Between ages 65 and 85, premiums rise sharply with age, and costs also vary by gender, health, smoker status, coverage amount, and policy type.

To keep burial insurance costs manageable:

• Decide how much coverage you truly need, not just what sounds good.
• Apply earlier rather than later to lock in lower age‑based rates.
• Aim for level benefit coverage if your health allows.
• Compare quotes from multiple licensed insurers and work with a knowledgeable agent.
• Make sure the monthly premium fits comfortably within your long‑term budget.

The dollar ranges in this guide are broad averages meant to help you set expectations. For an accurate picture of your final expense insurance premiums, speak with a licensed life insurance professional in your state and review actual policy illustrations before you make a decision.

FAQ #

How much does final expense insurance cost for a 70-year-old? #

A healthy 70-year-old might pay roughly $40–$90 per month for about $10,000–$15,000 of level benefit coverage, depending on gender, smoker status, and insurer. Women and non‑smokers tend to be on the lower end of that range, while men and smokers are usually on the higher end.

These are illustrative ranges only. Actual premiums depend on your health history, the policy type, and the company you choose.

Is burial insurance worth it for seniors over 80? #

Burial insurance can still make sense over 80 if you don’t have savings set aside for funeral costs and want to protect family members from an unexpected bill. However, premiums are higher at these ages, and insurers may limit maximum coverage amounts.

Before buying, compare the total long‑term cost of premiums to your expected needs and other resources, and consider whether a smaller policy or alternative approach might be more efficient.

Can I get final expense insurance with no medical exam? #

Yes. Many final expense and funeral insurance policies are simplified issue or guaranteed issue, which either use a short health questionnaire or skip health questions entirely. These options do not require a medical exam.

Simplified issue policies can often offer better pricing and immediate full coverage if you qualify, while guaranteed issue policies accept all eligible applicants but typically cost more and include a waiting period for natural death.

Does final expense insurance cover more than funeral costs? #

Yes. Final expense insurance pays a cash death benefit to your beneficiary, who can use it for any purpose. Common uses include funeral and burial or cremation costs, medical bills, small debts, travel costs for family, or even everyday living expenses.

The insurance company does not restrict how the funds are spent, as long as the claim is approved and the policy is in force.

Will my final expense premiums ever go up? #

Most level benefit final expense policies are built with fixed premiums that do not increase as you age and cannot change as long as you pay on time. The coverage amount is also typically guaranteed not to decrease.

However, some plans with term-like features, group coverage, or certain riders may adjust costs over time. Always review your policy illustration and contract carefully and ask the insurer or your agent to confirm whether your premiums are guaranteed level for life.