For a final expense life insurance policy, the average 60-year-old can expect to pay an average of $31 to $75 monthly for $10k in coverage. The average cost of $25k in coverage would be $62 to $98 per month. Final expense life insurance for seniors over 80 would cost around $98 to $240 for $10k in coverage. The same 80-year-old would pay between $198 to $400 monthly for $25k in coverage.
How much final expense coverage do I actually need?
While $10k is usually enough coverage for most seniors, some may need more. For example, $20k may be just right if you want to pay off debts, like your mortgage or credit cards, plus final expenses, or if you want to have a more elaborate funeral. For best results and to find out how much final expense coverage you need, consult a financial advisor.
AVERAGE MONTHLY LIFE INSURANCE PREMIUM BY AGE PER COVERAGE LEVEL
| Age | $10k Coverage | $25k Coverage |
|---|---|---|
| 60 | $31–$75 | $62–$98 |
| 70 | $69–$115 | $103–$221 |
| 80 | $98–$240 | $198–$400 |
Should You Purchase Final Expense Life Insurance?
Whether you should purchase final expense life insurance is a personal choice. This policy benefits seniors who only need a small amount of coverage and don’t want to burden loved ones with funeral or cremation costs.
You should consider your age, health and financial needs to decide if life insurance for final expenses is right for you. There are several reasons final expense insurance may be the right choice, like paying for your final expenses, debts, spousal income or leaving a legacy for your family or a favorite charity.
1. Pay for end-of-life expenses
You can use final expense insurance to pay for end-of-life expenses, including medical bills, in-home care, burial, cremation and funeral costs. Seniors can consider the death benefit when helping to plan their funeral services, knowing their loved ones won’t be burdened with the expenses when they die.
2. Pay off debts
If you expect to have other debts when you die, your beneficiary can use the final expense proceeds to pay for it. Debts can include your mortgage, student loans, credit cards or a car loan.
3. Leave an inheritance
Leaving an inheritance or legacy to younger generations is another reason seniors choose final expense insurance. You can direct your wishes in your will and select a beneficiary you know will honor them.
4. Supplement spouse’s income
Another way to use final expense death proceeds is to supplement your spouse’s income. If you’re worried about your spouse being able to finance their lifestyle after you’re gone, you can buy final expense insurance to help.
5. Leaving something for charity
If you don’t want to leave an inheritance and can fund your final expenses, you can name a charity as your beneficiary. This action will leave a legacy to a cherished foundation of your choosing, so they can use the funds and remember you after you’re gone.
6. Not qualifying for a term life policy
Final expense life insurance may be your next best option if you can’t qualify for term life because of your age or health. With no medical exam requirement, it can often be easier to qualify for than other types of permanent life insurance.
$35,000 Final Expense Benefits for those 50 yrs old and older.
Take This Short Quiz To See If You Qualify!