Why age matters on a final expense policy
Final expense insurance is a smaller whole life policy meant for funeral costs and final bills. Your age when the policy starts is one of the main things an insurer uses to set the premium, along with your health, tobacco use and the face amount. Because premiums are usually level, the age you buy at shapes what you pay for the life of the policy.
Plans are often available from age 50 to 85, and some insurers start at 40 or 45. The exact range depends on the insurer and the plan type, so check the ages for each plan you compare.
Buying earlier versus waiting
There is no perfect age to buy. Starting in your 50s or early 60s usually means a premium based on a younger age. Waiting can make sense if money is tight right now, but premiums for the same face amount are usually higher at older ages, and health can change in the meantime.
Health often matters as much as the calendar. Many insurers ask about conditions treated in the last 2 to 5 years, recent hospital stays, medications and oxygen use. A change in health can move someone from a level benefit plan to a graded one, so the right time is often while your answers still fit the plan you want.
Talk to a licensed agent: (949) 807-3995
What each plan type looks like at any age
Whatever your age, your health answers steer you to a plan type. Plans with health questions and no medical exam, often called level benefit or simplified issue, usually pay the full face amount from the first day when you qualify. For some health histories, an insurer may only offer a graded or modified plan, where a natural-cause death in the first two or three years pays a smaller amount. Accidents are usually covered in full from the start.
A guaranteed issue plan asks no health questions within its eligible ages. It usually pays a limited benefit for a natural-cause death in the first two years, and it tends to offer smaller face amounts at higher premiums.
Choosing an amount for your stage of life
The largest face amount an insurer will write can shrink as you get older, so the range you see in your 50s may be wider than the one you see in your 80s. Plans often run from a few thousand dollars up to about $50,000. If you are matching the amount to a funeral, the National Funeral Directors Association's 2023 General Price List Study is a fair guide: $8,300 was the national median for viewing and burial and $6,280 for viewing and cremation, and neither includes cemetery, plot, monument or marker costs.
- Earlier in life, a larger amount may be easier to fit into the budget
- Later in life, a smaller amount sized to the funeral may make more sense
- At any age, choose a premium you can keep paying for life
Getting quotes from South Carolina
On the call, the agent confirms your date of birth first, since it decides which plans you can apply for, then asks about tobacco use and the insurers' health questions. Quotes from several insurers are compared for your age, so you can see how the price changes with the face amount. You can apply by phone if a plan fits. The quote is free and there is no obligation.
South Carolina residents can reach Eterna's licensed agents every day, 9am to 9pm Eastern time, to compare plans from several insurers. Plans, prices and availability vary by state, insurer, age and health. To check an agent's license or ask an insurance question, visit the South Carolina Department of Insurance at https://doi.sc.gov/.
