Why Young Adults Should Buy Final Expense Insurance
There are two primary reasons young adults should buy burial insurance:
- A greater chance of qualifying for immediate coverage.
- Locking in a permanent policy at a very low price that never changes.
For example, a 40-year-old non-smoking female can get a $25,000 whole life policy to cover final expenses for just $45 monthly. That same coverage would cost a 65-year-old female nearly $100 per month.
Major health issues like heart attacks, strokes, diabetes, cancer, lung disease, and other high-risk conditions typically manifest later in life. These conditions can occur at any age but are less common in younger people, thus making it easier to qualify and cheaper.
Generally speaking, most young adults can qualify for a burial policy that A) offers the lowest price and B) immediate coverage for natural or accidental death.
How Much Does Burial Insurance Cost For Young Adults?
Below are some whole life rates by age that outline some sample premiums for various age groups. Remember that the exact price varies depending on your actual age, gender, state of residence, tobacco habits, health, and how much coverage you choose.
Companies That Offer Final Expense Insurance For Younger Adults
Below are six companies that offer final expense insurance for young adults. There’s no way to choose just one as the best for everyone because they all vary in price, underwriting, and the minimum age for new applicants.
But there is a good chance that your best final expense policy is with one of these providers.
Choice Mutual’s ratings are determined by a review formula that weights the following four factors to determine a score between 0 and 5:
| Factor | Score Value |
| Price of Coverage |
40%
|
| No-Waiting-Period CoverageNo Waiting Period |
20%
|
| Financial Strength |
20%
|
| NAIC Complaint Index |
20%
|
| Overall Maximum |
100%
|
Our ratings are tested with scoring model 1.1, a review formula that ensures consistency and accuracy in our assessments.
- $10K Policy Cost $41.01/month*
- New Applicant Ages 45-85
- Death Benefit Options $2,000-$50,000
- 2-Year Waiting Period No
Choice Mutual’s ratings are determined by a review formula that weights the following four factors to determine a score between 0 and 5:
| Factor | Score Value |
| Price of Coverage |
40%
|
| No-Waiting-Period CoverageNo Waiting Period |
20%
|
| Financial Strength |
20%
|
| NAIC Complaint Index |
20%
|
| Overall Maximum |
100%
|
Our ratings are tested with scoring model 1.1, a review formula that ensures consistency and accuracy in our assessments.
- $10K Policy Cost $43.99/month*
- New Applicant Ages 45-80
- Death Benefit Options $2,000-$50,000
- 2-Year Waiting Period No
Choice Mutual’s ratings are determined by a review formula that weights the following four factors to determine a score between 0 and 5:
| Factor | Score Value |
| Price of Coverage |
40%
|
| No-Waiting-Period CoverageNo Waiting Period |
20%
|
| Financial Strength |
20%
|
| NAIC Complaint Index |
20%
|
| Overall Maximum |
100%
|
Our ratings are tested with scoring model 1.1, a review formula that ensures consistency and accuracy in our assessments.
- $10K Policy Cost $40.77/month*
- New Applicant Ages 0-85
- Death Benefit Options $1,000-$50,000
- 2-Year Waiting Period No
Choice Mutual’s ratings are determined by a review formula that weights the following four factors to determine a score between 0 and 5:
| Factor | Score Value |
| Price of Coverage |
40%
|
| No-Waiting-Period CoverageNo Waiting Period |
20%
|
| Financial Strength |
20%
|
| NAIC Complaint Index |
20%
|
| Overall Maximum |
100%
|
Our ratings are tested with scoring model 1.1, a review formula that ensures consistency and accuracy in our assessments.
- $10K Policy Cost $47.60/month*
- New Applicant Ages 40-89
- Death Benefit Options $2,000-$50,000
- 2-Year Waiting Period No
Choice Mutual’s ratings are determined by a review formula that weights the following four factors to determine a score between 0 and 5:
| Factor | Score Value |
| Price of Coverage |
40%
|
| No-Waiting-Period CoverageNo Waiting Period |
20%
|
| Financial Strength |
20%
|
| NAIC Complaint Index |
20%
|
| Overall Maximum |
100%
|
Our ratings are tested with scoring model 1.1, a review formula that ensures consistency and accuracy in our assessments.
- $10K Policy Cost $57.40/month*
- New Applicant Ages 0-85
- Death Benefit Options $15/mo-$35,000
- 2-Year Waiting Period No
Choice Mutual’s ratings are determined by a review formula that weights the following four factors to determine a score between 0 and 5:
| Factor | Score Value |
| Price of Coverage |
40%
|
| No-Waiting-Period CoverageNo Waiting Period |
20%
|
| Financial Strength |
20%
|
| NAIC Complaint Index |
20%
|
| Overall Maximum |
100%
|
Our ratings are tested with scoring model 1.1, a review formula that ensures consistency and accuracy in our assessments.
- $10K Policy Cost $46.20/month*
- New Applicant Ages 18-80
- Death Benefit Options $3,000-$40,000
- 2-Year Waiting Period No
How Much Coverage Should Someone Under 50 Buy?
Inflation is a critical factor that young adults should consider when deciding how much burial insurance coverage they should buy. While $10,000 might be the average cost of a funeral today, that won’t be the case 20-40 years from now. Use this funeral cost inflation calculator to see how much a funeral will cost in the future.
Ideally, if you’re 18-50, you should buy $15,000–$50,000 to ensure you have enough coverage to pay for what a funeral will cost in your 70s-80s.
If you can’t afford as much coverage as you’d like that factors in inflation, buy what you can now. You can always pick up more insurance in the future when your budget allows for it.
Frequently Asked Questions
The minimum age for final expense insurance is 18, and the maximum is 90. It’s important to remember that each company has different life insurance age limits for their various products. Also, factors like your state and health history may or may not determine if you can acquire a new policy.
Aetna life insurance is usually the best burial insurance for young adults. They accept applicants as young as 40, even if you have high-risk medical conditions, and their prices are competitive.
Final expense insurance is well worth the money and is the best way to pay for your funeral expenses if you don’t have the cash to do so. However, a pre-paid burial would be a superior option if you can have enough money to outright pay for a funeral.
Final expense life insurance has no medical examination requirement. There are two types of plans; neither of them entails an exam. One type, simplified issue, requires you to complete a health questionnaire to qualify. Guaranteed issue plans are another option that offers guaranteed approval because you don’t have to answer health questions.
Choice Mutual often cites third-party websites to provide context and verification for specific claims made in our work. We only link to authoritative websites that provide accurate information. You can learn more about our editorial standards, which guide our mission of delivering factual and impartial content.
- Inflation. https://www.bls.gov/opub/ted/2017/the-rising-cost-of-dying-1986-2017.htm
