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Understanding the Final Expense Insurance Costs by Age
Finance

Understanding the Final Expense Insurance Costs by Age

Life is short and unpredictable. That is why the final expense insurance is something you can depend on to leave no baggage for your loved ones. If you have been trying to get an idea of the final expense quotes, this post will help you.

Final Expense Insurance Cost—How Is It Determined?

  1. The final expense or the burial expense insurance policy resembles the standard whole life policy. The major difference being the proceeds will be used to pay for the funeral.
  2. If you are applying for the policy from a reputed company, it won’t suddenly cease at any age unless and until you stop paying the premium.
  3. They also guarantee the death benefit and build cash value that can be borrowed from.
  4. The final expense insurance cost has numerous determining factors, say age, gender, health condition, face amount, etc.
  5. You can also choose your preferred beneficiary, like your spouse, children, sibling, parent, cousin, nephew, niece, aunt or uncle, grandchildren or great-grandchildren, any family member you are close with, a family friend, or even the funeral home.
  6. Your approximate premium can be $50 per month; however, it can be higher or lower, depending on your policy type; the minimum is $5000 and the maximum is $20,000. Put simply, the earlier you buy your insurance, the lower would be the premium.
  7. Let’s Find out the final expense quotes (on average) for different age groups:

Age 50-59

If you are a 50-year-old female, then your

  • no waiting period policy cost can be between $13.94 and $46.14
  • tobacco & no waiting period policy cost can be between $16.97 and $58.72
  • guaranteed acceptance cost can be between $14.53 and $55.37

If you are a 50-year-old male, then your

  • no waiting period policy cost can be between $16.18 and $55.11
  • tobacco & no waiting period policy cost can be between $16.97 and $58.72
  • guaranteed acceptance cost can be between $20.05 and $70.58

And by the time you are 59, for females:

  • no waiting period policy cost can be between $17.45 and $60.20
  • tobacco & no waiting period policy cost can be between $23.15 and $83.00
  • guaranteed acceptance cost can be between $22.50 and $87.27

For males:

  • no waiting period policy cost can be between $22.01 and $78.43
  • tobacco & no waiting period policy cost can be between $29.65 and $109.01
  • guaranteed acceptance cost can be between $27.59 and $107.62

If you have observed, the premiums for men are on the higher side. Now, let’s move on to the next age segment.

Age 60-69

For a 60-year-old woman, the final expense quotes would be:

  • no waiting period policy cost can be between $18.04 and $62.53
  • tobacco & no waiting period policy cost can be between $23.94 and $86.13
  • guaranteed acceptance cost can be between $23.57 and $88.27

For a 60-year-old man, the cost would be:

  • no waiting period policy cost can be between $22.98 and $82.31
  • tobacco & no waiting period policy cost can be between $31.11 and $114.83
  • guaranteed acceptance cost can be between $28.78 and $112.38

As you can see, the premiums aren’t that high in the 60s age bracket. The difference is pretty nominal when you reach 65. For females:

  • no waiting period policy cost can be between $18.04 and $62.53
  • tobacco & no waiting period policy cost can be between $23.94 and $86.13
  • guaranteed acceptance cost can be between $23.57 and $88.27

For males:

  • no waiting period policy cost can be between $29.48 and $108.31
  • tobacco & no waiting period policy cost can be between $41.10 and $154.77
  • guaranteed acceptance cost can be between $34.60 and $135.67

Age 70-89

For women:

  • no waiting period policy cost can be between $28.22 and $210.83
  • tobacco & no waiting period policy cost can be between $37.42 and $250.00

For men:

  • no waiting period policy cost can be between $38.45 and $285.83
  • tobacco & no waiting period policy cost can be between $50.49 and $351.67

Please note, guaranteed acceptance cost is not applicable above 86 for both men and women. Also, you don’t have to show any medical records or undergo any tests to qualify for the insurance. The final expense quotes will be decided by evaluating the factors mentioned above and a question-answer round, and the rest will be taken care of by your insurance company.

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