The idea behind a level premium
With most final expense policies, the premium is set when the policy starts and stays the same from then on. It doesn't rise at a birthday or after a new diagnosis. That makes it easier to plan, because the amount you agree to at the start is the amount you keep paying.
The other side is that your age and health on the day you apply shape that premium. Someone who applies at 62 usually pays less for the same face amount than someone who applies at 75, and health answers matter too. Exact prices depend on the insurer.
Coverage that lasts as long as you pay
Final expense insurance is whole life insurance in a smaller size. It isn't a policy that ends after 10 or 20 years. Coverage doesn't expire as long as premiums are paid, so the benefit is there whenever it is needed.
When the insured person dies, the insurer pays the face amount to the named beneficiary, who decides how to use it. Face amounts often range from a few thousand dollars up to about $50,000, depending on the insurer, age and state, which keeps the focus on a funeral and final bills rather than long-term income.
Because the premium is fixed, it helps to settle on a face amount you will still be glad to have years from now. As a guide, the National Funeral Directors Association's 2023 General Price List Study reported national medians of $8,300 for a funeral with viewing and burial and $6,280 for one with viewing and cremation, before cemetery, plot, monument or marker costs.
Talk to a licensed agent: (949) 807-3995
Health answers and the first two years
Most plans skip the medical exam. Many insurers ask a short list of yes or no health questions and check prescription history. Depending on your answers, you may be offered one of these plan types.
- Level benefit: priced on your answers, and usually the full benefit from day one if you qualify.
- Graded or modified: a smaller payout if natural death happens within the first two or three years.
- Guaranteed issue: accepted within eligible ages without health questions, but limited in the first two years.
- If death is accidental, graded plans usually pay the full benefit even in the early years.
Comparing plans from Colorado
Eterna is an independent insurance agency, not an insurer. Its licensed agents help Colorado residents compare plans from several insurers, and the policy is issued by whichever insurer you choose. Plans, prices and availability vary by state, insurer, age and health.
On the call, the agent asks your age, tobacco use, the face amount you want and the health questions. Because premiums are usually locked in at the start, the agent can line up each insurer's premium for the same amount so you can compare them fairly. You can apply by phone if you like what you see. The quote is free and you are not obligated to buy.
Calls are taken Monday to Friday, 7am to 7pm Mountain time. If you would like to check an agent's license first, you can do that with the Colorado Division of Insurance at https://doi.colorado.gov/, which licenses agents, regulates insurers and takes consumer questions and complaints.
