Purchasing final expense insurance early in life can save you money, even though companies rarely target young adults in their 20s and 30s. If you wait too long, you may face challenges – insurance companies typically won’t offer coverage to people over 85, and health problems that develop with age can make policies more expensive or harder to get.
The Rising Costs of Final Expenses
The financial reality of final expenses has changed dramatically over the years. According to the U.S. Bureau of Labor Statistics, funeral costs in the United States increased by 227.1% from 1986 to 2017.
In 2024, cremation rate was projected at 61.9%, with burial at 33.2%, while cremation rates are projected to increase significantly by 2045, reaching 82.1%.
Average funeral costs in 2025 are expected to be around $8,000 to $12,000.
These statistics underscore the importance of securing coverage at a young age when prices can be locked in at lower rates.
Pay for 20 years, Secure Coverage for Life
While different plans for final expense coverage exist, Senior Life offers an ideal plan for young individuals that combines low premiums with great long-life benefits.
The 20 Pay Plan is a whole life plan where the policyholder pays for 20 years. It protects those who qualified in their 20s, 30s, or 40s for up to $20,000 in coverage.
What’s the benefit of this plan?
After fulfilling the plan requirements, the policyholder makes no further payments after those 20 years, but the plan remains in force until they pass or reach age 100.
Why it is good for young adults?
When you buy final expense insurance while young, you can get substantial coverage for low monthly payments. Once you’ve completed your payment requirements, your coverage is guaranteed for life. This protects you from having to purchase insurance later when you’re older, when the same coverage would cost much more.
Being proactive about final expense planning ensures your loved ones won’t face financial burdens after your passing. It’s also a smart financial decision, allowing you to secure better rates and save money in the long run.
Contact a Senior Life agent for a free quote to see if you qualify for this plan!
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