In this article, we’ll explain why young adults should get burial insurance, the best companies, show some sample quotes for various ages, and how much coverage you should buy.

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 (younger people tend to be healthier) and to lock 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 for final expenses for just $45 monthly. That same coverage would cost a 65-year-old 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 they are less common in younger people.

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?

The cost of final expense insurance for younger adults is $29-$54 per month for a $25,000 policy. The exact price varies depending on your actual age, gender, state of residence, tobacco habits, health, and how much coverage you choose.

Below are some whole life rates chart by age that outline some sample premiums for various age groups.

 

20-29 final expense rates

Gender & Type Of PlanDeath Benefit
(Monthly Premiums)
$10,000$15,000$20,000$25,000
Female No Waiting Period$14 - $16$19 - $21$24 - $27$29 - $32
Female Tobacco User & No Waiting Period$16 - $19$23 - $26$29 - $33$36 - $40
Male No Waiting Period$16 - $18$23 - $25$29 - $32$35 - $39
Male Tobacco No Waiting Period$21 - $25$30 - $35$38 - $45$46 - $55

30-39 final expense rates

Gender & Type Of PlanDeath Benefit
(Monthly Premiums)
$10,000$15,000$20,000$25,000
Female No Waiting Period$16 - $20$21 - $28$27 - $36$33 - $44
Female Tobacco User & No Waiting Period$19 - $26$27 - $37$34 - $48$41 - $59
Male No Waiting Period$19 - $24$26 - $33$33 - $43$40 - $52
Male Tobacco No Waiting Period$25 - $33$35 - $47$46 - $61$56 - $75

40-49 final expense rates

Gender & Type Of PlanDeath Benefit
(Monthly Premiums)
$10,000$15,000$20,000$25,000
Female No Waiting Period$21 - $24$29 - $34$37 - $44$45 - $55
Female Tobacco User & No Waiting Period$27 - $31$38 - $45$49 - $59$61 - $72
Male No Waiting Period$24 - $30$34 - $43$44 - $56$54 - $70
Male Tobacco No Waiting Period$34 - $39$48 - $56$62 - $74$77 - $92

50-59 final expense rates

Gender & Type Of PlanDeath Benefit
(Monthly Premiums)
$10,000$15,000$20,000$25,000
Female No Waiting Period$24 - $32$35 - $46$45 - $60$55 - $74
Female Tobacco User & No Waiting Period$31 - $44$46 - $64$60 - $84$74 - $104
Male No Waiting Period$31 - $42$44 - $61$57 - $80$71 - $99
Male Tobacco No Waiting Period$38 - $57$56 - $83$73 - $110$91 - $137

 

Best Final Expense Insurance Companies For Young Adults

Below are five companies that offer final expense insurance for young adults. There’s no way to choose just one as the best for everyone because they 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.

 

1 ) Mutual of Omaha

Founding Year: 1909
A+
Superior
BBB
A+
Accredited
Choice Mutual Rating
5.0

Choice Mutual’s ratings are determined by our editorial team. The scoring formula takes into account consumer experience, financial strength ratings and complaint data.

The Complaint Index compares a company’s performance to other companies in the market. The National Complaint Index is always 1.00. That means a company with a complaint index of 2.00 is twice as high as expected in the market. Reported scores are for the most recently available year and for “Individual Life” products.

Brochure Sample Policy Sample Application

Mutual of Omaha typically has the lowest rates compared to other companies. If you’re 45 or older, they would be a great option if you can qualify.

Product
Details
Policy Type: Whole Life Insurance
New Applicant Age Range: 45-85
2-Year Waiting Period: No (subject to underwriting approval)
Coverage Amount Range: $2,000-$50,000
States Available: All States (except New York)
Product
Benefits
Premiums Stay the Same Forever: Yes
Builds Cash Value: Yes
Policy Duration: Lifetime
Optional Riders: Accidental Death (2X the payout for accidental death)
Application
Details
Where to Apply: Agencies licensed to sell Mutual of Omaha products (you can't buy this plan directly from them)
Phone Number to Apply: 1-800-644-2926
Medical Exam Required: No
Guaranteed Acceptance: No
Application Approval Time: 10 Minutes to 2 Business Days
Common health conditions still eligible for no waiting period coverage:


Aneurysm
Arthritis
Asthma
Blindness
Blood clots > 2 years ago
Blood thinners
Cancer > 4 years ago
Circulatory surgery > 2 years ago
Crohn’s disease
Depression
Diabetes (type 2)
Diverticulitis
Epilepsy
Fibromyalgia
Grave’s disease
Heart attack > 2 years ago
Heart surgery > 2 years ago
Hepatitis A or B
High blood pressure
High cholesterol
Scleroderma
Seizures
Sleep apnea
Squamous/basal cell skin cancer
Stroke/TIA > 2 years ago
Tumors (non-cancerous)

 

2) Aetna

Founding Year: 1853
A
Excellent
BBB
A+
Not Accredited
Choice Mutual Rating
4.5

Choice Mutual’s ratings are determined by our editorial team. The scoring formula takes into account consumer experience, financial strength ratings and complaint data.

The Complaint Index compares a company’s performance to other companies in the market. The National Complaint Index is always 1.00. That means a company with a complaint index of 2.00 is twice as high as expected in the market. Reported scores are for the most recently available year and for “Individual Life” products.

Brochure Sample Policy Sample Application

Aetna life insurance is available to adults as young as 40 and accepts applicants with high-risk pre-existing conditions.

Product
Details
Policy Type: Whole Life Insurance
New Applicant Age Range: 40-89
2-Year Waiting Period: No (subject to underwriting approval)
Coverage Amount Range: $2,000-$50,000
(varies by age)
States Available: All States (except New York)
Product
Benefits
Premiums Stay the Same Forever: Yes
Builds Cash Value: Yes
Policy Duration: Lifetime
Optional Riders: Accidental Death
(2X the payout for accidental death)
Application
Details
Where to Apply: Agencies licensed to sell Aetna products
(you can't buy this plan directly from them)
Phone Number to Apply: 1-800-644-2926
Medical Exam Required: No
Guaranteed Acceptance: No
Application Approval Time: 15 Minutes-3 Business Days
Common conditions still eligible for no waiting period coverage:


Afib
Aneurysm (if surgically repaired)
Arthritis
Asthma
Bipolar disorder
Blindness
Blood clots
Blood thinners
Cancer > 2 years ago
Chronic bronchitis
Circulatory surgery > 2 years ago
COPD
Crohn’s disease
Depression
Diabetes (type 1 or 2)
Diabetic coma > 2 years ago
Diverticulitis
Epilepsy
Fibromyalgia
Graves’ disease
Heart attack > 1 year ago
Heart surgery > 1 year ago
Hepatitis > 2 years ago
High blood pressure
High cholesterol
Insulin shock > 2 years ago
Lupus
Multiple sclerosis
Obesity
Over 85 life insurance
Pacemaker (installed > 1 year ago)
Parkinson’s disease
Sarcoidosis
Schizophrenia
Scleroderma
Seizures
Sleep apnea
Squamous/basal cell skin cancer
Stroke/TIA > 1 year ago
Tumors (noncancerous)

 

3) Transamerica

Founding Year: 1904
A
Excellent
BBB
B
Not Accredited
Choice Mutual Rating
4.0

Choice Mutual’s ratings are determined by our editorial team. The scoring formula takes into account consumer experience, financial strength ratings and complaint data.

The Complaint Index compares a company’s performance to other companies in the market. The National Complaint Index is always 1.00. That means a company with a complaint index of 2.00 is twice as high as expected in the market. Reported scores are for the most recently available year and for “Individual Life” products.

Brochure Sample Policy Sample Application

Transamerica will issue a new policy to adults as young as 18, which is unique in the final expense insurance business. Most providers have a much higher minimum age (usually 40-50).

Their prices are fair, and folks with high-risk medical conditions can still secure coverage with no waiting period.

Product
Details
Policy Type: Whole Life Insurance
New Applicant Age Range: 45-85
2-Year Waiting Period: No (subject to underwriting approval)
Coverage Amount Range: $1,000-$50,000 (varies by age)
States Available: All States
Product
Benefits
Premiums Stay the Same Forever: Yes
Builds Cash Value: Yes
Policy Duration: Lifetime
Optional Riders: Accidental Death (2X the payout for accidental death)
Application
Details
Where to Apply: Agencies licensed to sell Transamerica products (you can't buy this plan directly from them)
Phone Number to Apply: 1-800-644-2926
Medical Exam Required: No
Guaranteed Acceptance: No
Application Approval Time: 15 Minutes- 5 Business Days
Common conditions still eligible for no waiting period coverage:


Afib
Angina (chest pains)
Aneurysm (if surgically repaired)
Arthritis
Asthma
Bipolar disorder
Blindness
Blood clots
Blood thinners
Cancer > 4 years ago
Chronic bronchitis
Circulatory surgery > 1 year ago
COPD
Crohn’s disease
Depression
Diabetes (type 2)
Diverticulitis
Epilepsy
Fibromyalgia
Grave’s disease
Heart attack > 1 year ago
Heart surgery > 1 year ago
Hepatitis
High blood pressure
High cholesterol
Kidney disease (no dialysis)
Lupus
Multiple sclerosis
Pacemaker (installed > 1 year ago)
Parkinson’s disease
Schizophrenia
Scleroderma
Seizures
Sleep apnea
Squamous/basal cell skin cancer
Stroke/TIA > 1 year ago
Tumors

 

4) Liberty Bankers Life

Founding Year: 1958
A-
Excellent
BBB
F
Not Accredited
Choice Mutual Rating
4.0

Choice Mutual’s ratings are determined by our editorial team. The scoring formula takes into account consumer experience, financial strength ratings and complaint data.

The Complaint Index compares a company’s performance to other companies in the market. The National Complaint Index is always 1.00. That means a company with a complaint index of 2.00 is twice as high as expected in the market. Reported scores are for the most recently available year and for “Individual Life” products.

Brochure Sample Application

Liberty Bankers Life is another company that accepts applicants as young as 18. You can still qualify for immediate coverage even if you have prior medical issues. Also, they usually approve applications within ten minutes.

Product
Details
Policy Type: Whole Life Insurance
New Applicant Age Range: 18-80
2-Year Waiting Period: No (subject to underwriting approval)
Coverage Amount Range: $3,000-$40,000
States Available: All States (except CT, MA, MN, NH, NY, RI)
Product
Benefits
Premiums Stay the Same Forever: Yes
Builds Cash Value: Yes
Policy Duration: Lifetime
Optional Riders: None
Application
Details
Where to Apply: Agencies licensed to sell Liberty Bankers Life (you can't buy this plan directly from them)
Phone Number to Apply: 1-800-644-2926
Medical Exam Required: No
Guaranteed Acceptance: No
Application Approval Time: < 10 Minutes
Common conditions still eligible for no waiting period coverage:


Afib
Aneurysm
Arthritis
Asthma Bipolar disorder
Blindness Blood clots
Blood thinners Cancer > 2 years ago
Chronic bronchitis
Circulatory surgery > 2 years ago
COPD
Crohn’s disease
Depression
Diabetes (type 1 or 2)
Diabetic coma
Diverticulitis
Epilepsy
Fibromyalgia
Grave’s disease
Heart attack > 2 years ago
Heart surgery > 2 years ago
Hepatitis > 2 years ago
High blood pressure
High cholesterol
Insulin shock > 2 years ago
Pacemaker (installed > 1 year ago)
Schizophrenia
Scleroderma
Seizures
Sleep apnea
Squamous/basal cell skin cancer
Stroke > 2 years ago
TIA mini stroke

 

5) Americo

Founding Year: 1909
A
Excellent
BBB
A-
Not Accredited
Choice Mutual Rating
4.5

Choice Mutual’s ratings are determined by our editorial team. The scoring formula takes into account consumer experience, financial strength ratings and complaint data.

The Complaint Index compares a company’s performance to other companies in the market. The National Complaint Index is always 1.00. That means a company with a complaint index of 2.00 is twice as high as expected in the market. Reported scores are for the most recently available year and for “Individual Life” products.

Brochure Sample Application

Americo isn’t as low priced as other companies, but they compensate for it with lenient underwriting. If you’re having difficulty securing coverage with no waiting period, Americo might be the answer.

Just know that tobacco users should not consider Americo under any circumstance.

Product
Details
Policy Type: Whole Life Insurance
New Applicant Age Range: 40-85
2-Year Waiting Period: No (subject to underwriting approval)
Coverage Amount Range: $5,000-$40,000
States Available: All States (except NY & VT)
Product
Benefits
Premiums Stay the Same Forever: Yes
Builds Cash Value: Yes
Policy Duration: Lifetime
Optional Riders: None
Application
Details
Where to Apply: Agencies licensed to sell Americo products (you can't buy this plan directly from them)
Phone Number to Apply: 1-800-644-2926
Medical Exam Required: No
Guaranteed Acceptance: No
Application Approval Time: < 5 Minutes
Common conditions still eligible for no waiting period coverage:


Afib
Aneurysm
Arthritis
Asthma
Bipolar disorder
Blindness
Blood clots
Blood thinners
Cancer > 2 years ago
Circulatory surgery > 1 year ago
Crohn’s disease
Depression
Diabetes (type 1 or 2)
Diabetic amputation > 2 years ago
Diverticulitis
Epilepsy
Fibromyalgia
Grave’s disease
Heart attack > 1 year ago
Heart surgery > 1 year ago
High blood pressure
High cholesterol
Insulin shock > 2 years ago
Lupus
Multiple sclerosis
Pacemaker (installed > 1 year ago)
Parkinson’s disease
Schizophrenia
Scleroderma
Seizures
Sickle cell anemia
Sleep apnea
Squamous/basal cell skin cancer
Stroke/TIA > 1 year ago
Tumors (non-cancerous)

 

How Much Final Expense Coverage Should Someone Under 50 Buy?

Inflation is a critical factor that young adults must 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 cost 20-40 years from now.

If you’re 18-50, you should buy $15,000$25,000 (or more if you can afford it) 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 considers 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.

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. Also, they typically approve applications within ten minutes.

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 afford to pay outright 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. On the other hand, guaranteed issue plans are another option that offers guaranteed approval because you don’t have to answer health questions.