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How to Save Money on Final Expense Insurance

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Have you been considering getting a final expense insurance policy?

Maybe you’ve seen the cost of final expense insurance and want to know ways you can save money?

No matter the reason, Final Expense Direct can help!

In this article, we’re going to tell you how you can save money on final expense insurance and get the most for you and your loved ones.

Top Ways to Save Money on Final Expense Insurance

For over 30 years, Final Expense Direct has been helping families get the most value out of their whole life and final expense insurance policies.

Based on our experience, there are 4 things to consider and understand when looking to save money on a final expense policy:

  • How final expense policies are priced
  • Different types of final expense policies
  • What to look for in a final expense policy
  • Picking the final expense insurance company that best fits your needs

Once you understand these 4, saving money on final expense insurance becomes much easier.

How Are Final Expense Policies Priced? 

The price you pay for final expense insurance depends on 3 things:

  • Age
  • Gender
  • Your health

The younger and healthier you are, the less you pay in final expense insurance.

On the other hand, the older and more semi-serious to serious health conditions you have, the more you pay in monthly premiums for your final expense insurance policy. Simply put, poor health equals more risk for the insurance company.

Based on the pricing criteria, the best and easiest way to save on final expense insurance is to enroll as soon as possible.

This way, as you age, your premiums will not increase and over time, you save more money.

The second-best way to save on final expense insurance is to improve your health status!

Our best recommendation is to find the policy you qualify for before you apply and then check with your doctor to see if there are any lifestyle changes or habits you can change to move into a different policy category.

Different Types of Final Expense Insurance Policies?

Now that you understand how final expense insurance is priced, let’s look at the types of policies you may qualify for so you can get a better idea as to what category you’re in:

Traditional/Immediate Benefit Final Expense Insurance

Like most final expense insurance policies, this type of coverage requires no medical exam and approval is immediate.

If you’re in great health and purchase your policy at that time, you’ll likely qualify for this type of final expense insurance.

The big difference between this type of policy and other final expense insurance plans is this policy will give you the full death benefit immediately. There is no waiting period.

The prices with this form of insurance are already very affordable so there are only two ways to save money:

  • Price comparison between insurance companies
  • Purchase your policy as early as possible

Price comparison between insurance companies

While there are general price ranges for each policy type, every insurance company will offer a different price.

At Final Expense Direct, we help you find the lowest cost policy from the top insurance companies based on your current age, health, and gender. We represent all of the top insurance companies, so our agents are able to do the shopping for you.

 Purchase Your Policy as Early as Possible

One of the biggest factors that will help you save money with final expense insurance is purchasing your policy at a younger age.

Premiums increase each year, until you purchase your policy- at which time your rate is locked in for life.

Your rates never change with whole life final expense insurance.

If you have purchased a term policy for your final expense plan, please understand that your premiums will increase as you age (similar to Globe Life and AARP’s term products, where the premiums increase every 5 years). However, at Final Expense Direct we focus on helping seniors secure whole life policies so you can be comfortable with the monthly premiums for life, and it will be there when you need it most.

Basically, if you purchase your policy while you’re younger and in good health, you’ll save money over time.

On the other hand, the longer you wait, the more your policy will cost when you do purchase it.

Graded/Modified Benefit Final Expense Insurance

Graded/Modified benefit final expense policies cost a little bit more than the Immediate Benefit because it is typically reserved for those with semi-serious health conditions.

This type of policy has a two-year waiting period before a benefit can be received.

With a Graded/Modified benefit, your loved ones get a percentage of the death benefit during the first two years after you purchase your policy. If death occurs after the first two years, the full benefit is paid.

Because of the structure and cost of this policy, you have some options available to help you save money.

Here are our 3 recommendations that can help you save money on Graded/Modified benefit insurance:

  • Choose a lower death benefit
  • Research final expense insurance providers
  • Purchase your policy as early as possible

Choose a Lower Death Benefit

If you qualify for a Graded/Modified death benefit and you have shopped other carriers to determine that there is not a better price available and the premium is higher than you’re comfortable paying, then a tough decision has to be made regarding buying a smaller policy than what you originally felt you needed.

At the time of your passing, a small policy of $2,000 to $4,000 will still go a long way to relieve the financial burden on your family, as opposed to no policy at all.

Research Final Expense Insurance Providers

Different companies have different prices and coverage benefits.

As mentioned above, we take the stress off of our policy holders by doing the research and shopping for you.

Yes, you could call and get a quote from 20 different insurance companies, but are you knowledgeable about final expense insurance plans enough to be sure that you’re choosing the right plan for your needs and your budget?

Bottom line: It is very possible that you may purchase the wrong type of policy that ultimately costs you more money in the long-run.

This is why it’s so important to have an experienced licensed insurance professional that understands your needs and the strengths and weaknesses of the different insurance companies, so that they’re able match you with the best plan at the best price for you as an individual.

If you want to find the best policy for you, give us a call and we will be happy to help!

Purchase Your Policy as Early as Possible

Your best and easiest option for saving money on final expense insurance is to enroll as early possible, while you’re younger and in better health.

Enrolling early may not save you money in the short term, but in the long term, you will save money.

Guaranteed Issue Final Expense Insurance

The last type of final expense insurance that providers offer is Guaranteed Issue.

This is reserved for those that are in poor health or have been rejected from other types of insurance and has the highest monthly premiums of all the final expense policies.

So how can you save money on Guaranteed Issue?

Similar to traditional benefit, there are two ways to save money with this type of policy:

  • Price comparison
  • Purchase your policy as early as possible

If you compare prices from several companies and purchase as early as possible, you can save more money on your policy.

If you need help finding which policy you qualify for and which one will save you the most money, you can contact us, and we will be happy to help!

Is Guaranteed Issue the Same as Simplified Issue?

One of the most common questions we get asked is about the difference between guaranteed issue and simplified issue.

The main difference is the amount of coverage.

Remember, a guaranteed issue policy is meant to cover your final expenses and provide funds for a funeral.

A simplified issue on the other hand will generally have higher death benefits but you can be denied coverage and the premiums are typically more expensive.

What to Look for in a Final Expense Policy

Many people can overpay for final expense insurance simply because they don’t know what to look for!

Some policies have added features such as living benefits which can improve the value and what you pay for so you end up paying less when you look at the value that’s provided.

In general, there are 3 things to consider when choosing a final expense insurance policy:

  • Your health
  • Your goal
  • Type of plan
  • Budget

Your Health

As mentioned above, some companies will give you a better price for certain health conditions than others.

For example, some companies are okay with mild diabetes while other companies aren’t.

For this reason, it’s important to work with an agency that represents all of the top companies so that they’re able to shop for the best plan at the best price for your specific needs.

Your Goal

How much money do you want to leave your loved ones when you pass away?

This is the amount of financial burden you will take off of their shoulders at the time of your passing.

Most people just want to make sure their loved ones have enough to cover their funeral. If you’re wondering how much funerals cost, we have a guide that breaks down funeral prices by state.

Plan Type

As mentioned before, the type of plan you have depends on what you qualify for based on age, needs, health status, and gender.

Your Budget

We recommend taking a look at your finances and weighing the importance of final expense insurance and choosing a budget that fits both your needs and lifestyle.

Picking the Right Final Expense Insurance Company

Now that you know your numbers and what you are looking for, it’s time to pick the right final expense insurance company for you!

At Final Expense Direct, we work with all of the top companies, so you are able to find the best plan at the best price for your needs.

Here are some of the top final expense insurance companies to consider:

Mutual of Omaha


Like most final expense providers, Mutual of Omaha will cover you with no medical exam.

Mutual of Omaha offers two types of final expense insurance, guaranteed issue and Mutual of Omaha’s Living Promise policy.

The guaranteed issue policy is available for seniors aged 45 to 85 and will provide coverage from $2,000 to $25,000.

With Mutual of Omaha’s Living Promise policy, you can get coverage up to $40,000.

The Mutual of Omaha’s Living Promise policy also comes with an accelerated death benefit rider at no extra cost.

Click here for a quote

Baltimore Life


Baltimore Life is one of the oldest insurance companies (founded in 1882).

They offer a full line of insurance products though their most popular product is their 150k in whole life coverage.

This coverage gives you the ability to customize your policy riders.

It comes with:

  • An accelerated death benefit
  • An accidental death benefit
  • Waiver of Premium for Disability
  • Non-Occupational Disability Income
  • Guaranteed Insurability

Pioneer American


If you’re local to Texas like we are, you may like Pioneer American!

Pioneer American offers very generous guidelines that allow seniors to get approved for affordable rates compared to competitors such as AARP or Colonial Penn.

With Pioneer American, you can get coverage for up to $40,000.

This is exceptional considering most final expense companies cap out their coverage at $25,000.

How do you think an extra $15,000 would affect your beneficiaries?

Have Questions? We Can Help!

If you’re curious as to how final expense works, or need help applying, our team can help you!

Click here to use our price comparison tool, schedule a more phone call with our team, or give us a call now!

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