Final Expense Policy Face Value Limits by Age(What You Need to Know)

Some top tier final expense carriers will offer between $2,000 – $50,000 final expense policy face value limits for ages 45 – 85 years old. Now yes different burial insurance carriers will have different age caps for their maximum amounts of coverage. In addition to this your health also can affect how much maximum coverage a funeral insurance carrier will offer you. We are going to break this down in this article to give you a better understanding of the final expense policy face value limits by age.

How Age Affects Final Expense Face Value Limits

The younger you are the higher a maximum policy amount a final expense carrier will offer you. As we mentioned in the beginning of this article some carriers will offer amounts between $2,000 – $50,000 to applicants ages 45 – 85.

That being said other burial insurance carriers will offer coverage amounts between $2,000 – $50,000 to applicants 50 – 75. It is all about choosing the right company that fits you and your health profile.

If you are over 80 for example and apply with a company offering the $50,000 maximum up to age 85. You could still get turned down due to health.

This is why working with an independent broker like us is so valuable as our agents would pivot to a different company to see if they can offer you that same face amount and accept your health conditions.

Carriers do this because risk increases with age. The older you get the more likely you are to develop health problems and getting closer to meeting the man upstairs. As a precaution life insurance companies offering final expense lower the face amounts.

It allows them to avoid huge payouts for applicants that do not necessarily need that much coverage. Average funeral costs range between $7,000 – $12,000 which means realistically you only need between $15,000 – $25,000 to cover the funeral.

This is why many companies have their final expense policy face value limits by age maxed out at $25,000 even for Graded or Modified policies.

Burial insurance is made for practical end of life costs. This would be like funerals, cremations, and miscellaneous expenses such as medical, credit and other debts. Typically life insurance companies offering final expense know these costs usually do not exceed $25,000.

Typical Face Value Limits Breakdown By Age Brackets

Below you will see the typical age brackets and face amounts offered by many funeral insurance carriers. This obviously does not reflect every single carrier as there are nuances but generally this is what to expect.

Ages 50 – 85

• Maximum face amounts available (usually up to $35,000 – $50,000)
• Best premiums & easy qualification for level death benefit.

Ages 76 – 85

• Limits start to go down typically capped at $20,000 – $25,000

Ages 86 & Over

• Many top tier carriers cap their level death benefit policies at $10,000 – $25,000. Can also shift older applicants to graded or guaranteed issue products.

Level vs. Graded/Modified vs. Guaranteed Issue Plans: Differences with Age & Health

• Level Death Benefit: Full day one coverage. Subject to age-bracket minimums(determined by carrier), available to older applicants if health qualifies.
• Graded/Modified Death Benefit: If health does not qualify for level at an older age, coverage pays out gradually(example: 30% face value first year, 70% face value second year, 100% after) has lower face value caps.
• Guaranteed Issue: No health questions & guaranteed approval, typically has a 2 year waiting period with a Return of Premium(ROP) with capped face values between $10,000 – $25,000.

Can You Buy More Than One Final Expense Policy to Get Around Face Value Limits?

You can get multiple final expense policies to exceed the final expense policy face value limits by age. This is the beauty of working with an independent broker like us. If you are in good health especially, our agents can take you to one company for $15,000 maximum, get you approved and then another company for another approval.

This means you could get $15,000 maximum face amount with one company and another $20,000 face amount with another. Totaling a grand total of $35,000 in coverage. Now as we said before underwriting and health requirements play a major factor.

Just because one company approves you for their maximum does not mean the other will. Life insurance companies offering final expense look at health history in different ways. This is why working with our agents trained for these exact scenarios can help you.

Once you speak with one of our agents and they assess your health they will present their policy stacking strategy. We are highly trained in the underwriting niches of our carriers. Our agents take your basic answers to our preliminary health questions and prescriptions then make their recommendation.

How to Secure the Best Rate & Coverage Before Your Birthday

Work with ParamountQuote today! If you are about to turn age 85 or 75 use our quote form to the right of this page immediately. Once we receive your request we will reach out to help you find the best coverage maximum for you. In addition to this our agents will present the best policy stacking strategy based on your needs and health.