Cost of Final Expense Insurance

For a healthy, 60-year-old male non-smoker, a final expense policy may come at the price of around $45 each month.

People who have final expense policies are between the ages of 50-80 and can expect their monthly premium amounts to vary based on their age when they apply, their answers to a few health questions, and their sex. The type of policy they choose to purchase will also affect the price of their premiums.

What determines your cost of final expense?

Age. The younger you are when you apply, the longer you are expected to live, and thus, to keep paying the insurance company premiums. That means you will be offered low monthly premiums. These are level premiums, meaning they will never go up, and you will pay the same fee at age 80 as you did at age 60. Older applicants can expect to be charged higher monthly premiums.

Health. While final expense policies do not require a medical exam, they will ask you to answer a few health questions. These questions will ask whether or not you have been a smoker or abused drugs or alcohol. You will also be asked whether or not you have had a stroke, cardiovascular disease, cancer, diabetes, or other serious illnesses.

Gender. Women are expected to have longer life spans than males, so they will have slightly lower premium rates than men of the same age and health status. Men can expect to pay higher monthly premiums.

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Are guaranteed issue policies expensive?

Guaranteed issue policies, which we recommend for people with a serious medical history, tend to be more expensive than simplified issue policies for the same policyholder. These policies, which can be purchased without answering medical questions, have higher monthly premiums. This is because the insurance company is taking a higher risk by insuring you when they cannot determine your life expectancy (because they lack the critical health details). 

Fortunately, these are relatively affordable policies compared to permanent or term life insurance for these folks, as they will not have you answer health questions. The guarantee of a return on these policies is also a draw for that demographic. For a 60-year-old male with pre-existing conditions, a guaranteed issue final expense policy would be around $70 each month.

What can I expect to pay for a final expense policy?

Your monthly premiums for a final expense policy will depend on your age, gender, and health status, as well as your location. We can do the research to help you locate a policy that fits your budget and allows you to set aside funds for your funeral, so your family does not have to stress.

At Poarch Insurance, we can help you find the best final expense rates for your status in the El Paso and Dona Ana area. Contact us today if you are interested in a policy or have any more questions.