The average cost of a funeral has increased. Expect to need $8,000 to $10,000 or more. Making a plan now to cover these end-of-life costs and protect your family can give you significant peace of mind.

But on average, premiums for final expense insurance range from $30 to $70 per month, according to Lincoln Heritage Funeral Advantage.

A final expense policy can offer peace of mind and ease the financial burden on your family while they're grieving. And since it usually doesn't require a medical exam, it's a good option if you have a pre-existing condition that prevents you from getting a traditional term or whole life policy.

The Best Burial Insurance Companies of 2023

casket A casket often is the single most expensive item you'll buy if you plan a "traditional" full-service funeral. Caskets vary widely in style and price and are sold primarily for their visual appeal.

Since it's a whole life policy, final expense insurance builds cash value over time. It grows tax-deferred, and you can access it while still alive. You can borrow against it or use the cash value to pay premiums instead of paying them out-of-pocket.

A $10,000 whole life policy typically costs $50-$100 per month. Understand that the cost of final expense whole life insurance depends on your exact age, health, tobacco habits (if any), gender, and state of residence.

AARP is the best life insurance company offering the best final expense and burial policies overall, followed by Mutual of Omaha, Globe Life, State Farm, and Transamerica.

Final expense insurance Pros: A medical exam isn't typically required, making it more accessible to seniors with pre-existing health conditions. Cons: Coverage is capped at low amounts and typically isn't available to applicants younger than 45 or 50. Most policies also have a waiting period.

Mutual of Omaha Cheapest Final Expense Insurance Companies Mutual of Omaha offers the most affordable guaranteed acceptance policies. Their policies' premiums can range from $32 to $160 each month.

The best burial insurance in October 2023

A low-cost funeral option for many families is either a direct burial or cremation. These options mean that the deceased is buried or cremated immediately, with no embalming. Because of the nature of these funerals, no visitation is possible.