How Does the Price Quotations Work for Final Expense Plans     

The final expense plan is categorized as a whole life insurance policy with a small death benefit. Unlike other policies, a final expense plan is quickly approved by the carrier. However, many people are confused about the price quotations and the way these policies work. 

How Do Price Quotations Work?

According to insurance experts, age and tobacco habits are two main factors that determine the quotes of the final expense insurance plan. 

Since women are known to have a high life expectancy rate, they have a lower premium than men of the same age. Here are some details about price quotations.

Female Insurance Plan Quotations 

A female aged 45 with no tobacco habit will have to pay a premium of $22.61 per month for a $10,000 Living Promise Plan with no waiting period. The guaranteed issue with a 2-year wait period will have a monthly insurance premium of $27. If the coverage of the policy increases (is $20,000), the monthly premium also increases. 

In that case, a female aged 45 with no tobacco habits will have to pay a $42.01 monthly premium which is almost double the premium of $10 000, Living Promise Plan. The $20,000 Guaranteed Issue with a 2-year wait will cost $53 per month. 

Male Insurance Plan Quotations

According to experts like Gary Cubeta from Insurance for final expenses, men are required to pay comparatively higher premiums, and you can verify this information on trusted sites like

A male aged 45 years who has opted for a $10,000 Living Promise Plan with No waiting period is required to pay a monthly premium of $27.11. Despite being of the same age, a male has to pay more for the insurance plan. If the man has taken a $20,000 policy, the insurance premium jumps to $51.01. As the age of the person increases, the insurance premium increases

At the age of 85, a female with no-tobacco habits has to pay a monthly premium of $135.90 for a $10,000 policy, while a male has to pay a monthly premium of $192.74. 

The final expense is designed with seniors in mind, and these insurance plans are right for the elderly who do not want their loved ones to pay for the funeral out of their pocket. 

Another factor that affects the quotation of the final expense insurance plan is the policy’s features. Here is a list of features that you can find in final expense insurance. 

  • No medical exam is required. Only a few health-related questions are asked. The underwriter asks these questions to determine the risk level. 
  • Cash Value – an insured person can take a policy loan
  • Fixed premiums 
  • Whole life insurance. This insurance plan never expires until you continue paying the premiums. 
  • Accidental death disbursement, child riders are some of the features offered in a final expense insurance policy.

To sum up, the primary purpose of final expense insurance is you don’t have to worry about anything after your death. The insurance plan provides adequate funds for burial and other proceedings and ensures your loved one does not have to shoulder the burden of your last rites. 

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