Compare the 10 most affordable options. Rates from $15/month. No medical exams.
Honest breakdown: what costs, what’s covered, and what limitations matter
The Real Deal on “Cheap”
Affordable final expense insurance options are available. In fact, plans starting around $15 per month are often a perfect solution for those looking for a small whole life insurance policy. That said, it’s important to note that not all cheap final expense policies are the same, and it’s paramount that you understand what you’re options are before applying for coverage:
- Guaranteed acceptance policies include a two-year waiting period (graded death benefit). If the insured dies from natural causes during this time, the beneficiary receives a refund of premiums paid plus interest. Full benefits are paid only after the waiting period ends. Accidental deaths are covered immediately.
- Simplified issue policies are generally more affordable but include basic health questions. Applicants who don’t qualify for simplified issue coverage may still be eligible for guaranteed acceptance policies, though premiums are typically higher.
Both options are outlined below to help you compare coverage types and choose what best fits your situation.
Top 10 Cheapest Final Expense Companies (That We Actually Recommend)
Note: Rates shown are monthly premiums for $10,000 coverage, healthy 65-year-old non-smoker. Your actual rate depends on age, health, smoking status, and state. Exact rates available by calling 888-211-6171.
| Company | Starting Monthly* | Max Coverage | Max Age | Financial Rating | Best For |
|---|---|---|---|---|---|
| Colonial Penn | $15 | $50,000 | 85 | A- | Cheapest entry point |
| AARP/New York Life | $18 | $25,000 | 80 | A++ | Strongest financial safety |
| Mutual of Omaha | $19 | $40,000 | 85 | A+ | Best balance of price & coverage |
| Globe Life | $21 | $50,000 | 80 | B++ | High coverage if approved |
| Gerber Life | $22 | $25,000 | 80 | A | Established, solid choice |
| American National | $24 | $50,000 | 85 | A | High coverage to age 85 |
| United Home Life | $25 | $30,000 | 85 | B++ | Moderate coverage, age 85 |
| Great Western | $27 | $35,000 | 80 | A- | Strong ratings, mid-range |
| Lincoln Heritage | $28 | $50,000 | 85 | B++ | Max coverage available |
| Foresters Financial | $30 | $40,000 | 80 | A | Quality insurance, higher cost |
*Monthly premium for $10,000 coverage, age 65, non-smoker, good health. Actual rates vary by age, health, smoking status, and state.
How Much Coverage Do You Actually Need?
Average funeral costs are $7,000-$12,000 nationwide. But don’t just cover the funeral. Real final expenses include:
- Funeral/burial: $6,000-$10,000
- Outstanding medical bills: $2,000-$5,000
- Credit card debt family might inherit: $1,000-$3,000
- Final bills (utilities, property taxes): $500-$2,000
Realistic answer: $15,000 coverage handles most situations comfortably. $20,000-$25,000 if you have existing debt.
Two Paths: Which One is Right for You?
Guaranteed Acceptance
Choose this if: You have health concerns, don’t want to answer medical questions, or want certainty.
✓ Cannot be denied (provided you meet age and residency requirements)
✗ 2-year waiting period (illness only; accidents covered immediately)
✗ Higher premiums (~20-30% more than simplified issue)
If you die during the waiting period, your family gets back the premiums + interest
Real talk: This costs more but removes all doubt. You’re guaranteed coverage regardless of your current health status.
Simplified Issue
Choose this if: You’re in reasonably good health and want lower premiums.
✓ Lower premiums (save 20-30%)
✓ No waiting period (immediate full coverage if approved)
✗ Can be declined based on your health answers
5-10 health questions asked during the application
Real talk: Saves money, but you might not qualify. If declined, you’d need guaranteed acceptance (at a higher cost).
What You’ll Actually Pay (By Age)
| Age | $10K Coverage | $15K Coverage | $25K Coverage |
|---|---|---|---|
| 60-65 | $32-48 | $45-68 | $72-115 |
| 70-75 | $52-78 | $75-115 | $125-185 |
| 80-85 | $85-125 | $125-185 | $205-295 |
Important: Premiums NEVER increase. Whatever you pay at age 65 is what you pay at 85. These are whole life policies with locked-in rates.
What Affects Your Final Expense Insurance Rate?
Your premium depends on several factors beyond just your age. Understanding these helps you get accurate quotes and know what to expect.
Age
The biggest factor. Rates increase significantly as you age. A 65-year-old pays roughly 2-3x less than an 80-year-old for the same coverage.
Smoking Status
Smokers pay 30-50% more than non-smokers. If you quit, some companies will reclassify you after 12-24 months.
Gender
Women typically pay 10-15% less than men for the same age and coverage. Women have longer life expectancy.
Health History
Pre-existing conditions (diabetes, heart disease, cancer) affect simplified issue rates. Guaranteed acceptance ignores health entirely.
State
Rates vary slightly by state due to regulations and mortality tables. Some states have slightly higher rates than others.
Coverage Amount
Larger coverage amounts cost more per month, but the per-$1,000 rate is usually cheaper at higher levels.
Bottom Line
If you smoke or have any serious pre-existing medical conditions that have prevented you from qualifying for fully underwritten term life insurance coverage, a guaranteed issue may be your best option for affordable coverage.
Final Expense vs Other Life Insurance Types
Not sure if final expense is right for you? Here’s how it compares to other options.
| Feature | Final Expense | Term Life (20-year) | Whole Life |
|---|---|---|---|
| Coverage Amount | $5K-$50K | $100K-$500K+ | $10K-$250K |
| Monthly Premium (Age 70) | $75-$115 | $65-$150* | $150-$300 |
| Medical Exam | No | Usually yes | Sometimes |
| Approval Difficulty | Easy (guaranteed acceptance available) | Harder (health questions) | Moderate |
| Duration | Lifetime (whole life) | Fixed term (20 years) | Lifetime (whole life) |
| Premiums Increase? | No, locked-in | No during term | No, locked-in |
| Cash Value | Yes (grows slowly) | No | Yes (grows regularly) |
| Best For | Final expenses, funeral costs | Income replacement, young families | Permanent protection, estate planning |
*Term life rates shown are approximate for a healthy 70-year-old non-smoker. Rates vary significantly based on health status and underwriting.
How to Get Approved (It’s Fast)
Call or Apply Online
Takes 5-10 minutes. Have your SSN and basic info ready.
Answer Health Questions
(Guaranteed acceptance = none. Simplified = 5-10 basic ones.)
Approval & Coverage
Same day. Coverage starts immediately upon first payment.
No medical exams. No waiting weeks. This is the simplest insurance application you’ll ever do.
Questions People Actually Ask
What if I get sick right after buying the policy?
With guaranteed acceptance: If death is from illness within 2 years, your family gets back premiums + interest, not the full death benefit. But accidents are covered immediately. With simplified issue: You have full coverage immediately if approved.
Do premiums ever go up?
No. These are whole life policies with locked-in rates. What you pay at 65 is what you pay at 85. The monthly cost never increases.
Can I be denied?
Not with guaranteed acceptance policies (ages 50-85). You literally cannot be declined. Simplified issue policies can decline you based on health answers, but guaranteed acceptance won’t.
What happens to the money if I change my mind?
Most policies have a 30-day free look period. If you cancel within 30 days, you get a full refund. After 30 days, policies have a cash value you can access, but there may be surrender charges.
Can my family use the money for anything besides the funeral?
Yes. Your beneficiaries receive a lump sum they can use however they want—funeral costs, medical bills, debts, living expenses. No restrictions.
What happens during the application if I’m declined?
With a simplified issue, you might be declined based on health answers. If declined, you can apply for guaranteed acceptance (which has no health questions). You’ll never be told “no” with guaranteed acceptance policies.
Can I change my coverage amount later?
Usually no. Coverage amounts are locked at purchase. If you want more coverage, you’d need to apply for a new policy. This is why it’s important to buy adequate coverage upfront.
How does the 2-year waiting period actually work?
During the waiting period, if you die from a natural cause (illness), your family receives all premiums paid plus interest. Accidental deaths bypass the waiting period. After 2 years, the full death benefit is paid for any reason.
Can I cancel anytime?
Yes. You have a 30-day free look period where you can cancel and get a full refund. After 30 days, you can still cancel, but the cash value may be less than the premiums paid due to surrender charges. Surrender charges typically decrease over time.
Why Choose InsuranceBrokers USA?
You have options when buying final expense insurance. Here’s why we stand out:
✓ 50+ Insurance Carriers
We’re not tied to one company. We work with multiple carriers to find the best rates and terms for your specific situation.
✓ Honest Philosophy
We try to be guides rather than salesmen. We believe that by the time most people find us, they already want to purchase a life insurance policy for themselves; they just need help determining which one.
✓ Licensed Agents
Our team is licensed and experienced. We handle quotes, comparisons, and applications. You’re not navigating this alone.
✓ 4.8/5 Trustpilot Rating
Our customers trust us. Browse our reviews on Trustpilot to see what real people say about working with us.
✓ Fast Quotes & Approval
5 minutes for quotes. 10 minutes to apply. Most policies are approved the same day. No lengthy underwriting process.
Bottom line: We’re not trying to sell you the most expensive policy. We’re trying to match you with affordable coverage that actually protects your family without wasting money.
Get a Real Quote Today
We’ll match you with the right company based on your age, health, and what you actually need. No pressure. No misleading comparisons.
Call: 888-211-6171
Licensed agents available. 5 minutes to get quotes from 3-5 companies. 10 minutes to apply.
We’re InsuranceBrokers USA. 4.8/5 on Trustpilot. 50+ carriers. Honest advice, not sales pressure.
Disclaimer: This information is educational only. Actual coverage, premiums, and terms vary by company, state, and individual circumstances. Consult with licensed agents for personalized recommendations. All rates are estimates based on healthy 65-year-old non-smokers and are subject to change
