On average, a final expense policy costs $50-$100 monthly for a $10,000 face amount. But your price might be lower or higher. Remember that prices are based on your exact age, gender, health, if you use tobacco, and how much coverage you desire.

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.

Many final expense insurance policies can be underwritten without the designated insured submitting to a medical exam. These no-exam policies contain higher rates for the insurance, but are still less expensive to buy than regular life insurance because of the low face value of the policy.

The beneficiary can use the death benefit for anything; it is up to them to decide how to use it. 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.

However, according to the Life Insurance Settlement Association. That means if your policy has a $100,000 benefit, you might receive $20,000 from selling it. Life settlement companies base their offers on many of the same factors life insurance companies use to determine your premiums.

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

One of the major disadvantages of hospice care is the emotional toll it can take on family members and loved ones. For many, the decision to enter hospice care can be emotionally draining and difficult, as it signifies that a loved one's life is coming to an end.

Most policy amounts are under $50,000, but the average policy is taken out for $10,000 – $20,000. The exact benefit amount will vary depending on your health and what you're looking to protect. If you qualify for a modified plan, your coverage amount may be less than a traditional final expense policy.

The beneficiaries of a final expense life insurance policy can use the policy's payout to pay for a funeral service, casket or cremation, medical bills, nursing home bills, an obituary, flowers, and more. However, the death benefit can be used for any purpose whatsoever.

Key Takeaways. A $500,000 life insurance policy costs an average of $29 monthly for a 10-year term and $44 for a 20-year term.

The average monthly cost of a $500,000 term life insurance policy with a 10-year term is $12 per month, or $144 per year, for a 30-year-old, healthy non-smoker.

Coverage amounts can range from a few thousand dollars up to $35,000, in some cases. Final expense insurance is easy to qualify for, with no medical exam required.