Looking for a Final Expense Insurance policy? In this article, we will look at how much these policies cost, on average, as well as what factors affect the cost.
The average cost of final expense insurance is around $2 per day for a $10000 death benefit. However, that all depends on what type of coverage you want, and how much death benefit you want to leave behind.
Sample Final Expenses Insurance Cost for Seniors
Below is a list of monthly rates for seniors below. These numbers are for non-smokers. It is also for a $10000 policy with funeral planning.
| Age | Monthly Premium for Female | Monthly Premium for Male |
| 50 | $25 | $30 |
| 55 | $28 | $35 |
| 60 | $33 | $43 |
| 65 | $41 | $56 |
| 70 | $53 | $74 |
| 75 | $72 | $100 |
| 80 | $93 | $126 |
Typical funeral expenses are a lot. So having a final expense insurance policy can be helpful for your loved ones in the event of your untimely death.
According to the National Funeral Directors Associations, the average cost of a funeral can be as high as $8,755. Below is a list of estimated funeral costs. Please bear in mind that these are just the basics, it does not include expenses for flowers, grave plots, markers, obituaries, and etc.
| Typical Funeral with Burial | Typical Funeral with Cremation |
| Metal Casket: $2,400 Basic Services Fee: $2,100 Vault: $1,395 Embalming: $725 Facilities/Staff for Ceremony: $500 Facilities/Staff for Viewing: $425 Hearse: $325 Removal or Transfer of Remains: $325 Miscellaneous Preparation: $250 Printing for Memorial: $160 Service Vehicle(s): $150 | Basic Services Fee: $2,100 Cremation Casket: $1,000 Embalming: $725 Facilities/Staff for Ceremony: $500 Facilities/Staff for Viewing: $425 Third-Party Cremation Fee: $350 Removal or Transfer of Remains: $325 Urn: $275 Miscellaneous Preparation: $250 Printing for Memorial: $160 Service Vehicle(s): $150 |
| Total: $8755 | Total: $6260 |
These costs can create an unexpected financial burden for those who will be left behind. Some families are even forced to take on debt to cover the costs of a funeral. This is why having a final expense or other kind of life insurance definitely helps.