5 Ways to Lower Final Expense Insurance Costs

Final expense insurance is designed to cover end-of-life costs like funerals, medical bills, and debts, sparing loved ones from financial stress. However, premiums can add up. Here are five ways to reduce these costs:

1. Compare Policies: Shop around for quotes from multiple insurers. Rates vary by company, so exploring options can help you save.
2. Adjust Coverage: Assess your actual needs. Opting for a lower coverage amount can result in smaller premiums.
3. Use Discounts and Rate Locks: Non-tobacco rates, automatic payment discounts, and bundling options can cut costs. Locking in rates early ensures they won’t increase over time.
4. No Medical Exam Policies: Skip medical tests by choosing simplified or guaranteed issue policies, which are quicker to apply for and offer fixed premiums.
5. Leverage Free Tools and Experts: Consult independent agents or use free planning resources to find affordable options tailored to your situation.

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1. Compare Multiple Policy Options

Taking the time to shop around for insurance can significantly lower your monthly premiums. Why? Because every insurer uses its own underwriting guidelines and pricing models. If you settle for a less competitive provider, you might end up paying more than necessary.

Starting your search early is a smart move. Premiums tend to increase as you age, and some insurers are more accommodating when it comes to common health conditions like diabetes or heart issues. While some companies might offer favorable rates for these conditions, others could charge more or impose waiting periods.

Luckily, comparing policies has never been easier. Instead of reaching out to multiple agents one by one, you can now get quotes from over 15 top-rated insurers in a single application process. This streamlined method not only saves time but also ensures you have access to a wide range of options. Plus, it helps you see that there’s more to consider than just the monthly premium.

When evaluating policies, don’t focus solely on the premium cost. Take a closer look at the overall benefits. Does the policy include extras like accidental death coverage? Can you increase your coverage later without additional medical exams? Some plans even offer discounts for paying annually, which could save you money in the long run.

Keep in mind that insurance companies frequently update their rates and introduce new products. Getting fresh quotes helps you stay on top of the latest options and pricing.

Coverage flexibility is another key factor. For example, My-Burial.com provides standard coverage amounts of $5,000, $10,000, and $25,000, but other companies may offer different limits. This variety allows you to find a policy that fits your budget and needs without paying for coverage you don’t need.

2. Adjust Coverage Amount to Match Needs

Finding the right coverage can help you save on premiums while ensuring your needs are met. Many people either overestimate or underestimate their coverage, which can lead to paying more than necessary or leaving gaps in protection.

Start by calculating what you'll need to cover final expenses. This includes funeral costs, medical bills, outstanding debts, and smaller items like flowers or obituary notices. Having a clear idea of these expenses will help you avoid overpaying for coverage you don’t need.

Choosing lower coverage typically reduces premiums. If your final expenses are relatively modest, a mid-range policy might strike the perfect balance - offering adequate protection without straining your budget.

Your family’s financial situation also plays a key role. If your spouse or loved ones are financially secure, you may not need maximum coverage. On the other hand, if they rely on your income or support, a higher coverage amount could make sense. Local variations in costs, such as funeral expenses, should also be factored in. Researching funeral home prices in your area can give you a realistic picture of what to expect.

My-Burial.com offers coverage options at $5,000, $10,000, and $25,000, giving you the flexibility to align your policy with your actual needs. For many, a mid-level plan offers a practical solution by balancing sufficient coverage with affordable premiums.

Once you’ve selected a plan, it’s important to revisit it regularly. Life circumstances change - debts get paid off, family situations evolve, and inflation might affect funeral costs. Reviewing your policy annually ensures it stays aligned with your needs. While you don’t need to account for maximum costs today, adjusting your coverage over time can help keep premiums affordable without compromising on protection.

3. Use Available Discounts and Rate Locks

Taking advantage of discounts and rate locks can help bring down the cost of final expense insurance. While discounts in this type of insurance aren’t as widespread as in other areas, there are still a few options worth exploring that can lead to noticeable savings. Let’s dive into some of these opportunities, such as non-tobacco rates, automatic payment discounts, and bundling options.

One of the most impactful discounts is the non-tobacco rate. If you don’t use tobacco products, you’re eligible for significantly lower premiums. Smokers, on the other hand, often face rates that are about 30% higher than those for non-tobacco users. Make sure to indicate your non-tobacco status when applying for coverage to take advantage of this discount.

Another way to save is through automatic payments. Some insurers offer discounts of up to 8% for policyholders who enroll in automatic payment plans for their Guaranteed Life Insurance policies. Additionally, bundling your insurance policies - such as combining your final expense insurance with auto or home insurance - can lead to even greater savings. Many providers offer bundling discounts that can reduce your overall insurance costs.

Beyond discounts, rate locks provide a way to secure long-term financial stability. A rate lock ensures that your premium remains fixed for life, as long as you make your payments on time. This means your rates won’t increase as you age or if your health changes.

It’s also worth noting that locking in coverage at a younger age can result in lower premiums. For example, purchasing a policy at age 65 is typically more affordable than waiting until age 70. Once locked in, these lower rates remain constant for life.

Providers like My-Burial.com offer policies with lifetime rate guarantees across all coverage levels - whether you choose $5,000, $10,000, or $25,000. This guarantee ensures your premiums stay predictable, making it easier to plan your budget without worrying about unexpected increases.

Don’t hesitate to ask about available discounts, as insurance providers might not always bring them up during the application process. A simple question could lead to meaningful savings.

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4. Choose No Medical Exam Policies

No medical exam policies offer a simple way to secure final expense insurance without the hassle of undergoing medical tests. This type of coverage is especially appealing for seniors or individuals with health concerns, as it removes potential barriers and speeds up the process.

The application process is quick and convenient. You can complete it over the phone or online in just a few minutes, skipping doctor visits and waiting for test results. As Jonathon R. Ferreira from Oliveira Funeral Homes explains:

"The application can often be completed over the phone or online in just a few minutes. You will be asked a series of 'yes' or 'no' health questions."

Thanks to this streamlined process, approvals often happen in less than 24 hours, and the paper policy typically arrives in the mail within two weeks. For those with more severe health conditions, guaranteed issue policies are an option. These policies don’t require any health questions and generally provide automatic qualification for applicants aged 50 to 85. According to Corebridge Direct:

"Coverage under Guaranteed Issue Whole Life insurance can typically be finalized within 48 hours of initial application."

This approach not only saves time but also eliminates the risk of premium increases tied to medical test results.

If you're looking to avoid the financial surprises that health evaluations can bring, no medical exam policies are a practical choice. My-Burial.com, for instance, offers coverage options of $5,000, $10,000, and $25,000. These policies feature locked-in rates for life, making them an affordable and predictable part of your financial planning for end-of-life expenses.

5. Use Free Planning Tools and Expert Help

Taking advantage of free planning tools and expert advice can make a big difference in how much you pay for final expense insurance. These resources empower you to make smarter choices, often leading to more affordable premiums and a policy that fits your specific needs.

Licensed agents are a great starting point, offering free, customized quotes. As Lincoln Heritage Life Insurance Company explains:

"The best way to figure out which policy is right for you is to speak with a licensed agent who can provide you with a free quote that meets your specific needs."

Independent agents bring even more flexibility to the table since they work with multiple insurance providers. Oliveira Funeral Homes highlights their value:

"An independent agent can be a valuable resource, as they represent multiple carriers. They can shop the market on your behalf to find the company that will offer you the best rate for your specific situation, saving you time and potentially a lot of money."

In addition to agents, retirement planners can integrate final expense insurance into your broader financial strategy. They help ensure your premiums align with your budget and actual needs, avoiding unnecessary expenses.

Free resources also play a role in cutting costs. For example, the Funeral Advantage program from Lincoln Heritage Life Insurance Company, in partnership with the Funeral Consumer Guardian Society® (FCGS), has shown real savings. In 2025, families using this program saved an average of $1,800 on traditional funerals and $600 on cremations by comparing prices on funeral essentials.

These programs often include practical tools like final wishes forms and state-specific funeral cost guides. Documenting your preferences ahead of time can prevent your loved ones from overspending during emotionally challenging moments. Meeting with multiple professionals in person is another way to ensure you're getting the best deal. Jim Brau, a finance professor at Brigham Young University Marriott School of Business, advises:

"Perhaps meet with several insurance agents face-to-face to do as much due diligence as possible prior to committing."

Conclusion

Planning wisely for final expense insurance does more than just protect your wallet - it helps ensure peace of mind for you and your loved ones. The five strategies we've discussed offer a straightforward guide to saving money while still getting the coverage your family can rely on.

By comparing multiple policy options, you can avoid overpaying. Adjusting your coverage to fit your actual needs ensures you're not paying for more than necessary while still maintaining adequate protection.

Taking advantage of discounts and rate locks can help you secure current savings and shield yourself from future price hikes. And don’t overlook free planning tools and expert advice - they can uncover opportunities to save even more and fine-tune your coverage.

The most important step? Taking action. Instead of settling for the first quote, explore your options. For instance, My-Burial.com simplifies the process with quick comparisons, a 24-hour approval process, and flexible coverage amounts of $5,000, $10,000, or $25,000 - making it easier to find a plan that fits your budget and priorities.

Final expense insurance should ease your worries, not add to them. By following these strategies and leveraging the right resources, you can lock in affordable, dependable coverage that works for you. Start your research today to enjoy long-term savings and peace of mind.

FAQs

How do I figure out the right coverage amount for my final expense insurance?

To determine the right coverage amount, start by calculating the expenses you want your policy to handle. This often includes funeral and burial costs, which can differ based on your choices. For instance, in the U.S., the average funeral with a burial costs about $8,300, while cremation typically costs around $6,280.

You should also factor in other possible end-of-life expenses, like unpaid medical bills or any outstanding debts. By adding these figures together, you can estimate the coverage needed to ease the financial burden on your loved ones.

What are the pros and cons of choosing a no medical exam policy for final expense insurance?

A no medical exam policy, also known as a simplified issue policy, lets you bypass the medical exam process by answering a handful of health-related questions instead. This option can save time and effort, making it especially appealing for seniors or individuals with health issues.

That said, these policies usually come with higher premiums compared to plans requiring a medical exam. Coverage limits may also be lower, and approval still depends on the answers provided in the health questionnaire. Balancing the ease of application with the potential cost is key to deciding if this type of policy aligns with your needs.

What types of discounts can help lower the cost of final expense insurance?

When you're talking to your insurance provider about final expense insurance, don’t forget to ask about discounts that might lower your premiums. For instance, you could save by opting to pay your premium annually instead of monthly, leading to fewer processing fees. Other potential savings might come from bundling multiple policies with the same insurer or demonstrating a commitment to healthy living.

Some insurers also provide better rates for non-smokers or individuals without major pre-existing health conditions. It’s worth exploring all the savings options that fit your circumstances - you might be surprised at how much you can reduce your costs.