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Final Expense Insurance: What It Costs at 60, 70 and 80 — and When It's Worth It

White lilies in bloom against green leaves, with a sticky note reading “Who pays $8,300?”.
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A funeral with a viewing and burial had a median price of $8,300 in the latest industry study, and that's before the cemetery bill. Someone has to agree to pay within days, usually before an estate is even opened. Whoever signs the contract is on the hook. Small burial policies are sold to fill that gap. For some people they're a sensible buy. For others they're an expensive way to save.

See the seven steps before you buy

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By Margaret Linwood · Updated Sep 29, 2026 · Reviewed against FTC, NFDA, SSA, NAIC, FEMA

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An estate is responsible for funeral costs. But it can take months to open, and the funeral home usually wants its money, or a policy it can bill, before the service. The one-time Social Security death payment is $255. That amount hasn't changed since 1954.

Two things trip people up. The premium is locked once you buy, but the starting price climbs fast while you wait. And agents don't always say which kind of policy they're quoting, so plenty of people buy one off a TV ad or a mailer and never learn they could have qualified for a cheaper kind.

Simplified or guaranteed issue? See which

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What's already out there, besides a new policy

Before you price any coverage, it helps to know what already exists. It's less than most people expect, and some of what gets advertised isn't what it sounds like.

  1. The $255 payment. It goes once, to a surviving spouse or eligible child, and it has to be claimed within two years.
  2. A life policy someone already owns. Many funeral homes accept an assignment: the family signs part of the death benefit over to them, and they wait for the insurer to pay.
  3. Veterans and disasters. Veterans may qualify for VA burial benefits, and when a death is caused by a declared disaster, FEMA funeral help can reach $9,000. Beyond those two and the $255, there's no federal program that pays for funerals.
  4. Mailers that sound like a benefit. If a letter makes a policy sound like a public program for seniors, what you're holding is an insurance ad, whatever the envelope says.
  5. Prepaid funeral plans. You buy these from a funeral home, which ties you to that one provider. How well your money's protected depends a lot on the state, so before paying, ask what happens if you move, change your mind or the business shuts down.

On its own, none of that pays for a full funeral. So what does a policy cost at your age, and when does it beat a savings account? The article answers both, and shows how to tell the two main kinds apart.

See what a $10,000 policy costs by age

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