Why Your Final Expense Rate Will Never Be Lower Than Today
There are a lot of decisions in life that get better with time. Buying final expense insurance is not one of them. Your rate will never be lower than it is today, and every month you wait means higher premiums for the rest of your life.
How Insurance Companies Set Rates
Insurance carriers calculate your premium primarily based on your age at the time of application. They use actuarial tables that assign a risk level to every age — and that risk goes up every single year. A 60-year-old will always pay less than a 61-year-old for the same coverage, all else being equal.
Once you're approved and your policy is active, your rate is locked in permanently. It will never increase, even as you age. But you can only lock in today's rate if you apply today.
The Cost of Waiting
Let's say you're 62 years old and considering a $15,000 final expense policy. You might pay around $40 per month if you apply today. If you wait just two years until you're 64, the same coverage might cost $48 per month.
That $8 per month difference doesn't sound like much, but over 20 years it adds up to $1,920 in extra premiums — money you'll pay simply because you waited 24 months.
Health Can Change Quickly
Age isn't the only factor. Your health today may be different from your health next year. A new diagnosis, a hospitalization, or a change in medication could bump you from a simplified issue policy (lower cost, immediate coverage) to a guaranteed issue policy (higher cost, waiting period) — or make coverage more expensive overall.
Locking in coverage while you're healthy enough for the best rates is one of the smartest financial moves you can make.
Today's Rate Is Tomorrow's Discount
Lock in the lowest premium available to you. Check your eligibility right now.
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