Final Expense Insurance
Your Family Handles Grief.
Not a $15,000 Funeral Bill.
Funerals cost $9,600–$23,000 — more in Baltimore and the D.C. suburbs. Final expense insurance is a small permanent life insurance policy designed to cover those costs so your family isn’t left with the bill. No medical exam. Approved same day. Policies starting under $30/month for qualified seniors.
(+vault req’d)
Baltimore Metro: $28K+
Qualified Seniors
Guaranteed Issue
Maryland Law
Maryland Funeral Costs Are Among the Highest in the Region
Most families are unprepared for the full cost. Between funeral services, the vault required by Maryland cemeteries, the burial plot, headstone, and outstanding medical bills — the total can easily reach $20,000 or more.
| Expense | Maryland Average | Baltimore Metro | MD Suburbs (DC) |
|---|---|---|---|
| Basic funeral service & viewing | $2,800–$3,500 | $3,200–$4,000 | $3,000–$4,200 |
| Casket | $2,400–$10,000 | $3,000–$12,000 | $2,800–$11,000 |
| Burial plot | $2,000–$4,000 | $2,500–$5,000 | $3,000–$6,000 |
| Vault Required by most MD cemeteries | $1,400–$2,500 | $1,800–$3,000 | $1,600–$2,800 |
| Headstone / grave marker | $1,000–$3,000 | $1,500–$4,000 | $1,200–$3,500 |
| Flowers, obituary, transport, misc. | $800–$2,000 | $1,000–$2,500 | $900–$2,200 |
| TOTAL RANGE | $9,600–$23,000 | $12,000–$28,000 | $11,000–$26,000 |
🔥 What About Cremation?
Cremation is generally less expensive than burial but still carries significant costs in Maryland. A direct cremation (no service) runs $1,200–$2,500. A cremation with a memorial service: $3,500–$8,000. If the family wants a traditional service followed by cremation, costs can reach $10,000–$15,000. Many families planning cremation still carry $10,000–$15,000 in final expense coverage for the service, reception, death certificates, outstanding medical bills, and any remaining debts. We have carriers offering policies specifically structured for cremation-planning seniors.
💡 Don’t forget the medical bills. The average Medicare beneficiary incurs $17,000–$26,000 in out-of-pocket medical costs in the last year of life, even with Medicare coverage. Final expense insurance can help cover these costs in addition to funeral expenses — giving your family a meaningful financial buffer during an already difficult time.
Three Types of Final Expense Insurance —
Which One Is Right for You?
Your health history determines which tier you qualify for. Our goal is always to get you into the least expensive tier that fits your actual health profile.
Best Value — Immediate Coverage
Level Benefit
Waiting Period
None
Health Questions
Yes (short)
Medical Exam
No
Cost
Lowest
Full death benefit payable from day one. No waiting period. Requires answering simplified health questions — no exam. Approved for applicants in generally good to fair health with controlled conditions.
Qualifies for: controlled diabetes, hypertension, past cancer (2+ yrs remission), COPD, most common conditions
Middle Tier — Waiting Period
Graded Benefit
Waiting Period
2–3 years
Health Questions
Fewer / easier
Medical Exam
No
Cost
Middle
During the first 2–3 years: if death is from natural causes, beneficiary receives premiums paid + 10% interest. After the waiting period: full benefit payable. Accidental death pays full benefit from day one at most carriers.
Qualifies for: more significant health history, recent hospitalizations, multiple conditions, some carriers for heart disease
Cannot Be Declined
Guaranteed Issue
Waiting Period
2 years
Health Questions
None
Medical Exam
No
Cost
Highest/dollar
100% guaranteed approval. No health questions, no medical exam, cannot be declined for any reason. Same 2-year graded waiting period as graded benefit policies. Ages 50–85. Best option for seniors with serious conditions that disqualify them from other tiers.
Qualifies for: active cancer, dialysis, oxygen use, recent heart attack/stroke, terminal illness, any condition
Our approach: We always try to qualify you for the best tier first. Many seniors assume they need guaranteed issue because of their health history — but often qualify for level benefit (no waiting period, lower cost). We pre-screen before applying to find the right carrier and tier for your specific conditions, protecting your MIB record in the process.
How Much Does Final Expense Insurance Cost in Maryland?
Approximate monthly premiums. Women typically pay 15–25% less. Smokers pay 40–100% more. Rates locked for life — never increase.
Level Benefit · Non-Smoker · Health Questions Only · No Medical Exam
| Age / Sex | $10,000 | $15,000 | $20,000 | $25,000 |
|---|---|---|---|---|
| Male, Age 55 | $32–$44 | $47–$64 | $62–$84 | $77–$104 |
| Female, Age 55 | $26–$36 | $38–$52 | $50–$68 | $62–$84 |
| Male, Age 60 | $38–$52 | $56–$76 | $74–$100 | $92–$124 |
| Female, Age 60 | $30–$42 | $44–$60 | $58–$78 | $72–$98 |
| Male, Age 65 | $52–$70 | $76–$104 | $100–$136 | $126–$170 |
| Female, Age 65 | $40–$56 | $60–$82 | $78–$108 | $98–$134 |
| Male, Age 70 | $72–$96 | $106–$142 | $140–$188 | $176–$234 |
| Male, Age 75 | $108–$144 | $160–$214 | $212–$282 | $264–$352 |
💡 Apply early, lock your rate. Unlike term life, final expense whole life premiums are locked at the age you apply and never increase — even as you age and your health changes. A 60-year-old who buys today locks in $38–$52/month for life. The same coverage at age 70 costs nearly twice as much. Waiting doesn’t save money — it costs more.
What the Colonial Penn Ads Don’t Tell You
📺 The “Unit” Pricing Problem
Colonial Penn’s guaranteed acceptance policy advertises “$9.95 per month” — but the catch is that $9.95 buys you one “unit” of coverage, and the death benefit per unit decreases significantly as you age. The $9.95 price buys you far less coverage than the ads imply.
| Age | Death benefit per $9.95/mo unit | Units needed for $10,000 | Total monthly cost for $10K |
|---|---|---|---|
| Age 55 | ~$1,060–$1,240 | 9–10 units | ~$89–$100/mo |
| Age 65 | ~$782–$1,010 | 10–13 units | ~$100–$129/mo |
| Age 75 | ~$448–$600 | 17–22 units | ~$169–$219/mo |
Comparison: A 65-year-old male spending $100–$129/month on Colonial Penn’s guaranteed issue gets $10,000 with a 2-year waiting period. The same Maryland senior may qualify for a simplified issue (graded benefit) policy with $15,000 of coverage for $76–$104/month — or a level benefit (no waiting period) policy for $52–$70/month for $10,000. Colonial Penn only offers guaranteed issue — if you can qualify for any health questions, you can almost certainly do better with a carrier we represent.
✅ Our Honest Take on Colonial Penn
Colonial Penn is a legitimate, financially stable insurance company. Their guaranteed acceptance product serves a purpose: covering seniors who genuinely cannot qualify for any other coverage due to serious health conditions. If you are in that situation, Colonial Penn (or similar guaranteed issue products) may be appropriate. But the vast majority of Maryland seniors — even those with manageable health conditions — can qualify for simplified or level benefit coverage at better value. We show you all options before you decide.
Maryland Protections for Final Expense Policyholders
📋 10-Day Free Look Period
Maryland law gives you 10 days after receiving your policy to review it and cancel for a full premium refund — no questions asked. If the policy doesn’t match what you were told, you can walk away with every dollar back. This protects you from high-pressure sales and misrepresentation.
🏛️ Maryland Guaranty Fund
The Maryland Life & Health Insurance Guaranty Corporation protects policyholders if their insurer becomes insolvent. Death benefits are protected up to $300,000. This state-level safety net means that even if a carrier fails, your policy’s face value is protected — as long as you’re a Maryland resident and the policy was issued by a licensed MD carrier.
🔒 Incontestability (2 Years)
After 2 years from policy issue, the carrier generally cannot contest the policy or deny claims based on misrepresentation in the original application (except outright fraud). This means that if you made a minor error on your health questions in good faith, the carrier cannot use it to deny a claim after 2 years.
📈 Level Premium Guarantee
Licensed Maryland carriers must honor the locked premium schedule stated in your policy. Unlike Medicare supplement or health insurance, your final expense premium is guaranteed never to increase — regardless of age, health changes, or claims. What you pay on day one is what you pay for life.
💰 Tax-Free Death Benefit
Life insurance death benefits are generally income-tax-free to beneficiaries under federal and Maryland law. Your family receives the full face amount without any tax withholding. The benefit doesn’t count as income for the beneficiary, is not subject to Maryland income tax, and typically avoids probate if a named beneficiary is designated.
🌱 Cash Value Growth
Final expense whole life policies accumulate cash value at a guaranteed rate over time. While the primary purpose is the death benefit, the cash value provides a living benefit — you can borrow against it or surrender it if needed. This distinguishes final expense whole life from term insurance, which builds no cash value.
All Life Insurance Options
Term Life
Lowest cost · Income replacement
Explore →Whole Life
Permanent · Cash value · Estate
Explore →Universal / IUL
Flexible · Market-linked growth
Explore →Mortgage Protection
Home · Living benefits
Explore →No-Exam Life
24-hr approval · Up to $3M+
Explore →Annuities
Guaranteed lifetime income
Explore →Related Guides
Ages 50–85 · Maryland Licensed · Same-Day Approval · No Medical Exam
Your Family Handles the Grief.
Not a $15,000 Bill.
We compare final expense carriers across all tiers — level benefit, graded benefit, and guaranteed issue — and match you to the best policy for your health profile and budget. Maryland-licensed. Independent. Free.
Or call: 301-569-2224 · Mon–Fri 9AM–6PM ETMD Life Insurance · Brookeville, MD 20833 · 301-569-2224 · info@mdlifeins.com · Licensed insurance producer in Maryland and multiple other states (NPN 3028543). Independent insurance brokerage — not captive to any single carrier. Premium ranges are approximate 2025 illustrative estimates and do not constitute a binding quote. Actual premiums and approval depend on age, sex, health classification, tobacco use, coverage amount, carrier, and final underwriting outcome. Maryland funeral cost data is illustrative; actual costs vary by county, funeral home, and service selection. Colonial Penn per-unit death benefit data is illustrative based on publicly available information and may vary. Guaranteed issue policies include a graded benefit period — review your policy contract for specific terms and conditions. Maryland Life & Health Insurance Guaranty Corporation protections are subject to statutory limits and conditions. This page does not constitute financial, legal, or tax advice. Legal · Privacy Policy · Accessibility