Best Final Expense Insurance for Young Adults & Costs
Posted in Burial Insurance last updated on November 17, 2023If you are looking for final expense insurance for young adults to either protect yourself or your siblings this is a very smart decision and yes burial insurance for young adults is readily available.
Life is full of the unexpected and having life insurance for burial when that time comes will save you or your family from any kind of financial burden that can come from funeral expenses. This is why buying life insurance as soon as possible is so crucial to a family’s well being.
The terms burial insurance or cremation insurance all stand for the same thing final expense whole life insurance coverage. In this article, we will cover everything you need to know about final expense insurance for young adults so you can make an informed decision.
Table of contents
- Why is Life Insurance Important for Young Adults?
- Burial Insurance for Young Adults Benefits
- Final Expense Insurance for Young Adults Sample Life Insurance Quotes Ages 19 – 49
- Is Life Insurance Necessary for Young Adults?
- Funeral Insurance for Young Adults Avoid Preneed Plans
- What is the Best Life Insurance for Young Adults?
- Steps to Purchase Final Expense Insurance for Young Adults
- Conclusion
Why is Life Insurance Important for Young Adults?
Life insurance is important for young adults because to put it simply we never know when we are going to die. If you are a young adult you will leave behind burial expenses the same as anyone else this is why having final expense insurance for young adults is crucial.
On the other hand, if you are a young adult with a family and mortgage you will want life insurance to serve as your replacement of income to pay off that mortgage if you die unexpectedly.
There are essentially 2 different types of life insurance a person can purchase.
Permanent Life Insurance
Final Expense Whole Life Insurance
This is broken up into several different types.
The first would be final expense insurance which is a permanent life insurance policy designed to provide a quick death benefit coverage amount to the named beneficiary on the policy of between $2,000 – $50,000 in coverage to pay for final expenses of the insured such as a burial, debts, or any other expense’s.
Final expense insurance are simplified plans meaning there is no medical exams required.
Universal Life Insurance
These policies are designed to build cash value as you contribute more into the policy along with your monthly premium.
This is what many people refer to as “bank on yourself” type of coverage and this can be used for burial but it is not designed specifically for that purpose.
The premiums are significantly higher compared to final expense insurance for young adults. It acts as a personal finance vehicle this is why it is not burial insurance.
Termporary Insurance
Term Life Insurance
Term coverage is designed to last only for a specified period of time typically 10 – 30 years depending on the policy.
The coverage amounts range from $50,000 – $1,000,000 or more, it is intended for protecting a mortgage in case the breadwinner dies and serves as income replacement.
Now, these policies are not meant to be long-term permanent policies that is why the premiums will increase over time as the policy renews which results in it becoming unaffordable.
Term policies are fully underwritten meaning they do require a medical exam and it takes 4 – 6 weeks to be approved by the life insurance company.
Burial Insurance for Young Adults Benefits
We have a table below listing the extensive benefits of final expense insurance for young adults.
| Benefit | Description |
|---|---|
| Level Premiums | Burial insurance Premiums never increase for the life of the policy |
| Level Death Benefit | Burial Insurance Death benefit never decreases for the life of the policy |
| Coverage Never Expires | Policy never expires as long as premiums are paid |
| Cash Value | Premiums paid into the policy build an additional savings to the policy’s face amount that can be borrowed against |
| Tax-Free Death Benefit | The Death Benefit to your beneficiary is 100% tax free |
| Peace of Mind | Burial, funeral and cremation expenses are all covered which gives you peace of mind |
| No Medical Exams | No medical exams required to qualify. You only answer health questions. |
| Financial Security | Burial Insurance provides the money to pay your funeral costs so your family does not have the financial burden placed on them to pay burial expenses. |
| Easy Underwriting | Burial Insurance is easy to qualify for. Even seniors with moderate health conditions can get a low premium. |
| Instant Decision | Burial Insurance uses instant decision during the application process. This means when you apply you will receive a decision of approval or denial right after the application is submitted. |
Final Expense Insurance for Young Adults Sample Life Insurance Quotes Ages 19 – 49
Here are sample burial insurance quotes for young adults we have used our quoting tools to provide sample final expense insurance rates for young adults between ages 19 – 49.
This will give you a comprehensive idea of how much funeral insurance for young adults will cost every month. This is permanent whole-life insurance that will build cash value over time.
This means not only does your whole life insurance policy stay in effect until you die and the rate never increases but you will have additional cash build up in your policy.
| Age | $10,000 Male Non Smoker | $10,000 Male Smoker | $10,000 Female Non Smoker | $10,000 Female Smoker |
|---|---|---|---|---|
| 19 | $12.87 | $16.59 | $12.03 | $13.74 |
| 20 | $13.19 | $17.02 | $12.13 | $15.40 |
| 21 | $13.50 | $17.46 | $12.74 | $17.02 |
| 22 | $14.17 | $18.18 | $13.06 | $17.05 |
| 23 | $14.54 | $18.51 | $13.77 | $17.08 |
| 24 | $15.43 | $19.19 | $15.16 | $17.10 |
| 25 | $15.95 | $20.00 | $15.28 | $17.39 |
| 26 | $16.28 | $20.83 | $15.40 | $17.69 |
| 27 | $16.61 | $21.75 | $15.51 | $17.95 |
| 28 | $16.92 | $22.15 | $15.61 | $18.22 |
| 29 | $17.25 | $22.54 | $15.73 | $18.48 |
| 30 | $17.57 | $23.07 | $16.09 | $19.06 |
| 31 | $17.97 | $23.60 | $16.45 | $19.66 |
| 32 | $19.84 | $24.25 | $16.79 | $20.21 |
| 33 | $20.34 | $25.00 | $17.12 | $20.75 |
| 34 | $20.93 | $25.83 | $17.45 | $21.28 |
| 35 | $21.53 | $26.59 | $17.99 | $21.89 |
| 36 | $22.14 | $27.37 | $18.54 | $22.50 |
| 37 | $22.84 | $28.18 | $19.06 | $23.08 |
| 38 | $23.54 | $29.08 | $19.55 | $23.62 |
| 39 | $24.34 | $29.87 | $20.05 | $24.18 |
| 40 | $23.13 | $30.66 | $20.70 | $24.98 |
| 41 | $23.62 | $31.43 | $19.75 | $25.80 |
| 42 | $24.11 | $32.21 | $19.93 | $26.57 |
| 43 | $24.64 | $32.93 | $20.10 | $27.30 |
| 44 | $25.18 | $33.41 | $20.38 | $28.03 |
| 45 | $25.79 | $34.00 | $20.88 | $28.80 |
| 46 | $26.43 | $34.57 | $21.43 | $29.55 |
| 47 | $27.10 | $35.17 | $22.01 | $28.06 |
| 48 | $27.71 | $35.58 | $22.33 | $28.56 |
| 49 | $27.35 | $38.27 | $21.78 | $29.22 |
Those are sample life insurance quotes for a $10,000 whole life insurance policy.
Is Life Insurance Necessary for Young Adults?
Yes, life insurance is necessary for young adults everyone should have coverage if you live with your parents and pass away they will have to pay for your funeral this means you have an insurable interest in them or if you have a young family.
Above all the younger you begin purchasing life insurance for yourself the more affordable the premiums will be and if you purchase final expense insurance for young adults the premium will never go up for the life of the policy.
This means if you get a policy for $20 a month it will never increase even when you reach 80, 70, or 60.
The time is now to get whole life insurance and get your rate locked in the sooner the better.
Funeral Insurance for Young Adults Avoid Preneed Plans
Avoid preneed insurance these are basically financial plans you can get from a local funeral that allows you to essentially pre-pay for your funeral or they will partner with a life insurance company and provide actual insurance.
That being said they only offer a limited selection of life insurance meaning you will most likely end up overpaying since the options are so limited.
This is why you need to work with an independent life insurance broker like us so our agents can shop the market between 15 different life insurance companies which offer you the best rate.
What is the Best Life Insurance for Young Adults?
The best life insurance for young adults depends on your specific needs. So we will break it down for you below.
These are our top recommended brands for each different type of life insurance.
Final Expense Insurance for Young Adults our Top Recommended Company
- Final Expense Insurance for Young Adults – Liberty Bankers Life Insurance Company
- Universal Life – North American
- Term Life – TransAmerica
Steps to Purchase Final Expense Insurance for Young Adults
It is a quick and simple process to purchase a policy with our agency.
- Step 1 – Fill out the quote form to your right
- Step 2 – Our agent will contact you
- Step 3 – Our agent will ask you health questions & Coverage Needs
- Step 4 – Our agent will make a plan recommendation
- Step 5 – Agent will enroll you into the policy via E – Signature or Voice Signature
At that point, an instant decision of approval or denial is reached by the carrier. That’s it you can have coverage in as little as 30 minutes.
Conclusion
Getting final expense insurance for young adults is the best move you can make when you are young because the rates are extremely affordable, you should definitely be able to qualify because you or your loved one will have little to no health conditions stopping you from getting the coverage.
Funerals leave families with a big financial burden and it is not just the elder members of the family that need this type of coverage to save their loved ones from a financial burden. Everyone should have life insurance for the unexpected when that day comes.