Average Costs of Burial Insurance in 2023

How Much Does Burial Insurance Cost?

On average, burial insurance costs $25 to $75 monthly; however, this amount will vary by both provider and the person covered by the policy.

Sample Burial Insurance Quotes

How Burial Insurance Companies Determine Pricing

Monthly burial insurance premiums range in costs based on a number of criteria. Most commonly, these include gender, age, health, tobacco use, and the coverage (or benefit) amount of your policy.

Gender

Females in the United States tend to live about five years longer than males. As a result, burial insurance premiums for men can be 40 percent higher than those for women.

Age

As you might expect, premium rates for final expense insurance increase with age. While burial insurance is specifically designed for seniors, most providers only offer coverage to individuals between ages 50 and 85. There are a few carriers that don’t require a minimum age, and a handful that, like Aetna, offer coverage to seniors over 85.

Health

Your health influences your availability and cost of coverage more than any other factor. If you have a serious health condition (i.e., heart failure or cancer), you are more likely to be denied coverage, and the policies you are approved for can often be quite expensive. Fortunately for those who aren’t in prime health, many burial insurance policies are guaranteed acceptance, meaning they do not require a health exam or medical history. These plans, while usually a bit more expensive, typically save those with major health issues more money in the long run.

Tobacco Usage

Smoking and other tobacco use will certainly influence the cost of your burial insurance policy, making your monthly premiums much higher than they would be otherwise. Fortunately, it does not usually disqualify you for coverage altogether. Some insurance will also take your frequency of tobacco use into consideration.

Coverage Amount

Your geographic location impacts the prices of almost everything –– funerals and memorials included. It's important to have an up-to-date estimate of funeral and other end-of-life expenses in your area when purchasing burial insurance, so you can select the appropriate benefit amount. Keep in mind that the more coverage you buy, the more expensive your monthly rate will be.

Typical End-of-Life Expenses

On average the cost of a funeral in the United States exceeds $9,000. Other end-of-life expenses add up, too. Below is an itemized list of expenses most often associated with funerals.

Funeral Costs

• Metal casket ($2,500)
• Cemetery plot ($2,300)
• Cremation ($2,300)
• Funeral home services ($2,300)
• Vault ($1,572)
• Grave opening and closing ($1,000)
• Headstone ($1,000)
• Embalming ($775)
• Urn ($295)
• Viewing ($450)
• Transportation of body ($350)
• Bouquets for funeral and grave ($300)

Other Potential Costs

• Credit card debt
• Legal fees
• Unpaid medical bills
• Auto loans
• Remaining mortgage costs
• Other unsecured debt

To protect your loved ones financially, it’s essential that you think through all of the expenses we’ve mentioned as well as any other needs that may be specific to your family. That way you will have an accurate picture of the benefit amount you need.

How to Shop for Burial Insurance

When searching for burial insurance, you can either shop around directly with the providers or work with an independent agent who will research your options for you. If you decide to shop for a policy yourself, it's wise to organize your needs and preferences ahead of time. Determine your ideal coverage amount and waiting period as well as the monthly payment you can afford. Note any health issues or lifestyle choices, such as smoking, that may affect policy costs.

If you smoke or have a major health condition, search online for insurers that offer affordable coverage for tobacco users or those with your specific conditions. Then, fill out the quote forms on the providers' websites.

Compare the benefit amount, terms, and monthly premiums of each quote, then choose your provider. It's important to remember that quotations are normally only valid for about 30 days, so you'll want to make your decision and accept the quote from your selected provider within that one-month time frame.

To learn more about end-of-life planning and insurance options, be sure to check out our helpful guides:

• Best Life Insurance for Seniors
• Best Dental Insurance for Seniors
• Cheapest Life Insurance for Seniors
• Best Medicare Supplement Plans