Final expense insurance costs more per dollar of coverage than term life insurance, but because the coverage amounts are small, the actual monthly premium stays modest even for seniors. Here’s what to expect by age.
Typical Monthly Rates
Rates below are representative examples for a $10,000 guaranteed-issue whole life policy, nonsmoker:
| Age | Female (Monthly) | Male (Monthly) |
|---|---|---|
| 50 | $25–$35 | $30–$40 |
| 60 | $35–$50 | $45–$60 |
| 70 | $55–$75 | $70–$95 |
| 80 | $95–$130 | $120–$160 |
These are illustrative ranges; your actual rate depends on the specific insurer, your state, and whether you qualify for simplified issue (health questions, lower rate) versus guaranteed issue (no health questions, higher rate) underwriting. See our simplified vs. guaranteed issue guide for how that distinction works.
Why It Costs More Per Dollar Than Term Life
Final expense insurance is permanent coverage with no expiration date and no health exam requirement for many buyers — both features that increase the insurer’s risk and therefore the price. A 70-year-old buying $10,000 of final expense coverage will pay a much higher rate per $1,000 of coverage than a 30-year-old buying $500,000 of term — but the total dollar amount stays manageable because the coverage itself is small.
How Coverage Amount Affects Price
| Coverage | Typical Monthly Range (Age 65) |
|---|---|
| $5,000 | $20–$35 |
| $10,000 | $40–$65 |
| $15,000 | $60–$95 |
| $25,000 | $95–$155 |
Frequently Asked Questions
Does smoking status affect final expense rates as much as term life?
Yes, though the dollar impact is smaller simply because the coverage amounts are smaller. Smokers can still expect meaningfully higher rates than nonsmokers at the same age and coverage amount.
Can rates increase after I buy the policy?
No. Final expense policies typically lock in a level premium for life, just like term life insurance locks in a rate for its term.
The Bottom Line
Final expense insurance costs more per dollar than term life, but because the coverage amounts are intentionally small, most buyers pay well under $100 a month even into their 70s and 80s.
See your actual rate — most final expense quotes take just a few minutes.