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, making it easier to qualify and less expensive.
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.
- $10K Policy Cost$41.01/month*
- New Applicant Ages45-85
- Death Benefit Options$2,000-$50,000
- 2-Year Waiting PeriodNo
- $10K Policy Cost$43.99/month*
- New Applicant Ages45-80
- Death Benefit Options$2,000-$50,000
- 2-Year Waiting PeriodNo
- $10K Policy Cost$40.77/month*
- New Applicant Ages0-85
- Death Benefit Options$1,000-$50,000
- 2-Year Waiting PeriodNo
- $10K Policy Cost$47.60/month*
- New Applicant Ages40-89
- Death Benefit Options$2K-$25K
- 2-Year Waiting PeriodNo
- $10K Policy Cost$57.40/month*
- New Applicant Ages0-85
- Death Benefit Options$15/mo-$35,000
- 2-Year Waiting PeriodNo
- $10K Policy Cost$48.00/month*
- New Applicant Ages18-80
- Death Benefit Options$3,000-$40,000
- 2-Year Waiting PeriodNo
How Much Coverage Should Someone Under 50 Buy?
Inflation is a crucial factor that young adults should consider when determining the amount of burial insurance coverage they should purchase. 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 its 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.
Our Insurance Review Methodology
Every company we review has an overall score that illustrates how well it stands out in the market relative to its competitors. These scores are not subjective. Instead, we utilize a defined 5-star scoring system that applies a weighted average of particular factors, all of which are outlined below and on our review methodology page.
Coverage
Strength
Complaint Index
We measure the price of a company’s most popular they promote relative to its competitors. The closeness of their cost to other companies determines the final score. Read a full breakdown of the price of coverage factor on our review methodology page.
Coverage
Coverage
Strength
Complaint Index
This factor assesses whether a company offers immediate coverage and, if so, how difficult it is to qualify for it. Read a full breakdown of the no waiting period coverage factor on our review methodology page.
Strength
Coverage
Strength
Complaint Index
A company’s financial strength is based on its rating with A.M. Best. Read a full breakdown of the financial strength factor on our review methodology page.
Complaint Index
Coverage
Strength
Complaint Index
The National Association of Insurance Commissioners’ complaint index measures an insurer’s frequency of consumer complaints compared to the rest of the market. The score the insurer receives is based on how it stacks up to the median score of other insurers. Read a full breakdown of the NAIC complaint index factor on our review methodology page.
Why trust Choice Mutual?
When we review products, our findings are unbiased and free of any influence from partnerships or methods of compensation. All findings, good or bad, are solely the derivative of our objective analysis of any given product or company.
As noted on our review methodology page, our researchers evaluate the financial stability of the insurer, policy costs, product limitations, state availability, customer satisfaction, waiting periods (if applicable), and other relevant factors. We aggregate all this cumulative data to develop objective overall scores based on pre-defined weighted factors.
In addition, a qualified expert who is well-qualified to speak on the matter will provide opinion-based feedback about the company or product being reviewed.
For over a decade, Choice Mutual has been an insurance agency specializing in final expense life insurance. Our expertise in this type of insurance is well-documented in numerous authoritative publications, some of which are listed below:
Choice Mutual’s mission is to provide consumers with unbiased expert commentary and explanations of the topics being discussed. We want our readers to be armed with information and tools that cannot be found anywhere else on the internet, so they can truly make an informed decision.
All content on this website is written by Anthony Martin, who is a licensed life insurance agent with over a decade of expertise in this industry and has been quoted as an expert source hundreds of times by many reputable news outlets.
Per our editorial guidelines, we have never, and will never, use artificial intelligence to create our content. Every word printed on this website is produced and curated 100% by human beings who have firsthand experience with the subject matter.
- Nationally licensed life insurance agent with over 16 years of experience.
- Personal annual production that puts him in the top .001% out of all life insurance agents in the nation.
Anthony Martin is a nationally licensed insurance expert with over 16 years of experience and has personally served over 10,000 clients with their life insurance needs. He frequently authors entrepreneurial and life insurance content for Forbes, Inc.com, Newsweek, Kiplinger, and Entreprenuer.com. Anthony has been consulted as an expert life insurance source for dozens of high-profile websites such as Forbes, Bankrate, Reuters, Fox Business, CNBC, Investopedia, Insurance.com, Yahoo Finance, and many more.
- Nationally licensed life insurance agent with over 20 years of experience
- Best selling Amazon author.
Jeff Root is a nationally licensed life insurance expert with over 20 years of experience. He has personally helped over 3000 clients with their life insurance needs. Jeff is a best-selling Amazon author and the managing partner of a highly successful insurance brokerage that manages over 2,500 licensed insurance agents across the USA. He has been a featured life insurance source for prestigious websites such as Forbes, Bloomberg, MarketWatch, Nerdwallet, and many more.
- Nationally licensed life insurance agent with over 15 years of experience
- Best selling Amazon author of five insurance sales books.
David Duford is a nationally licensed insurance expert with over 15 years of experience. He has personally helped more than 15,000 clients buy life insurance. David has been featured as an expert source for highly authoritative publications such as A.M. Best and Insurancenewsnet. He also runs one of the largest Youtube channels to help aspiring insurance agents serve their clients better.
- Nationally licensed life insurance agent with over 20 years of experience
- Best selling Amazon author.
Jeff Root is a nationally licensed life insurance expert with over 20 years of experience. He has personally helped over 3000 clients with their life insurance needs. Jeff is a best-selling Amazon author and the managing partner of a highly successful insurance brokerage that manages over 2,500 licensed insurance agents across the USA. He has been a featured life insurance source for prestigious websites such as Forbes, Bloomberg, MarketWatch, Nerdwallet, and many more.
- Nationally licensed life insurance agent with over 15 years of experience
- Best selling Amazon author of five insurance sales books.
David Duford is a nationally licensed insurance expert with over 15 years of experience. He has personally helped more than 15,000 clients buy life insurance. David has been featured as an expert source for highly authoritative publications such as A.M. Best and Insurancenewsnet. He also runs one of the largest Youtube channels to help aspiring insurance agents serve their clients better.
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.
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Inflation. https://www.bls.gov/opub/ted/2017/the-rising-cost-of-dying-1986-2017.htm
