Final expense (burial) insurance is a small whole-life policy — usually $10,000–$15,000 — meant to cover a funeral and final bills, with no medical exam and easy approval for seniors. For $10,000 at age 70, expect about $53–$84/month. Transamerica is the best overall, Mutual of Omaha for service, and Aetna for older applicants.
Best burial insurance companies
| Company | $10k at 70 (F / M) | Best for |
|---|---|---|
| Transamerica | ~$53 / $70 | Overall |
| Mutual of Omaha | ~$53 / $75 | Customer experience |
| Americo | ~$53 / $71 | Smokers |
| Aetna | ~$58 / $73 | Older applicants |
| Lincoln Heritage | ~$58 / $77 | Funeral support |
Source: MoneyGeek, 2026, average monthly rates for a $10,000 policy at age 70, non-smoker. Rates rise sharply after 70 — buying earlier lowers lifetime cost.
Also commonly compared for burial coverage: Colonial Penn (the “by the unit” plans you see on TV), Gerber Life, AARP/New York Life and Foresters Financial. Because prices for the same small policy are close, a couple of quotes usually surfaces a better deal than the first ad you click.
What a funeral actually costs
It helps to size your policy against real numbers rather than a round figure. According to funeral-industry data, a traditional funeral with a viewing and burial runs roughly $8,000–$9,000, while cremation with a service is closer to $6,000–$7,000. Add a headstone, flowers, or a few outstanding medical bills and you’re near $10,000–$12,000. That’s exactly why the standard $10,000–$15,000 policy exists — it’s built to match what a funeral really costs, not an arbitrary amount.
The three kinds of final-expense policies
The label “final expense” hides three very different products, and the gap between them is money and waiting time:
Level benefit
- Full payout from day one
- A few health questions, no exam
- Cheapest — if your health lets you qualify
Graded / guaranteed issue
- Guaranteed issue asks no health questions at all
- But a 2–3 year waiting period before full payout
- Costs more — a last resort if you can’t qualify otherwise
If you’re in reasonable health, aim for a level-benefit policy — it pays out immediately and costs less. Guaranteed issue is for people who’ve been turned down elsewhere.
How much coverage do you need?
Policies range from $1,000 to $50,000, but a $10,000–$15,000 benefit covers the median funeral for most families. If you also want to leave money for small debts or final medical bills, size up a little — but there’s rarely a reason to over-buy. The goal is to cover the funeral, not to build an estate. For bigger goals like leaving an inheritance, a regular whole life or term policy is the better tool.
What it costs by age
| Your age | $10,000 policy, approx. monthly |
|---|---|
| 50 | ~$30–$45 |
| 60 | ~$40–$60 |
| 70 | ~$53–$84 |
| 80 | ~$110–$160 |
Estimates, non-smoker. Smokers typically pay noticeably more, and the jump after 70 is why buying earlier saves money over the life of the policy.
How to choose
Match it to you
- Lowest price overall → Transamerica
- Best service → Mutual of Omaha
- Smoker → Americo (no tobacco surcharge on some products)
- Older applicant → Aetna (up to age 89)
Watch out for
- “Guaranteed acceptance” with a 2–3 year waiting period
- Buying far more coverage than a funeral costs
- Waiting too long — premiums jump after 70
- Skipping a second quote
Real examples
If you’re 65 and in decent health: apply for a level-benefit policy first. Answering a few health questions can get you immediate coverage for around $45 a month — far better than a guaranteed-issue plan that makes your family wait two years.
If you’ve been declined before: a guaranteed-issue policy from Mutual of Omaha or Colonial Penn will take you, no questions asked. Just understand the waiting period, and keep the amount modest.
If your real goal is leaving money to grandkids, not a funeral: final expense is the wrong tool — the amounts are too small and the cost-per-dollar too high. Look at a proper whole or term policy instead.
The bottom line
Buy the goal, not a big round number. A $10,000–$15,000 policy covers a funeral, and Transamerica or Mutual of Omaha are the names to start with. If you’re healthy, avoid guaranteed-acceptance plans with waiting periods — you can likely get immediate coverage for less.
I’ll say the same thing I’d tell my own family: buy the goal, not a big round number. If the point is to not leave your family a funeral bill, a $10,000–$15,000 policy does exactly that, and Transamerica or Mutual of Omaha are the names I’d start with.
What I’d watch out for is two things — paying for far more coverage than a funeral costs, and “guaranteed acceptance” policies with a two-year waiting period when you’re healthy enough to qualify for a cheaper one that pays out immediately. And buy early if you can; the price jumps hard after 70.
FAQs
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How much does it cost?
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Do I need a medical exam?
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Sources: MoneyGeek (2026 final expense / burial insurance rates); National Funeral Directors Association (funeral cost data); Insurance Information Institute.