In this article, you’ll see sample final expense insurance prices for ages 50-59, how your health impacts the cost, and the best companies for seniors over 50.
Costs Of Burial Insurance From Age 50 To 59
On average, a burial insurance policy over 50 will cost $14-$41 monthly for a $10,000 death benefit. As is the case with all forms of life insurance, your precise premium depends on your age, gender, coverage amount, health, and tobacco usage (if any).
Below is a whole life rate table with sample monthly final expense insurance premiums for ages 50-59.
| Age & Gender | $5,000 | $10,000 | $25,000 |
|---|---|---|---|
| Female age 50 | $14 | $24 | $55 |
| Female age 51 | $14 | $25 | $57 |
| Female age 52 | $15 | $26 | $59 |
| Female age 53 | $15 | $26 | $60 |
| Female age 54 | $15 | $27 | $62 |
| Female age 55 | $15 | $28 | $64 |
| Female age 56 | $16 | $29 | $66 |
| Female age 57 | $17 | $30 | $69 |
| Female age 58 | $17 | $31 | $71 |
| Female age 59 | $17 | $32 | $74 |
| Male age 50 | $16 | $31 | $71 |
| Male age 51 | $17 | $31 | $74 |
| Male age 52 | $18 | $32 | $75 |
| Male age 53 | $18 | $33 | $77 |
| Male age 54 | $19 | $34 | $81 |
| Male age 55 | $20 | $36 | $84 |
| Male age 56 | $20 | $37 | $88 |
| Male age 57 | $21 | $39 | $92 |
| Male age 58 | $22 | $40 | $96 |
| Male age 59 | $23 | $42 | $99 |
Best Burial Insurance Companies For Seniors Over Age 50-59
Below are three of the top final expense insurance companies to consider for seniors over 50.
Mutual of Omaha
Choice Mutual’s ratings are determined by our editorial team. The scoring formula considers consumer experience, policy cost, underwriting criteria, the insurer’s financial strength ratings, and complaint data.
AM Best’s Financial Strength Rating (FSR) is an independent opinion of an insurer’s financial strength and ability to meet its ongoing insurance policy and contract obligations. The scores range from A++ to D-.
The BBB rating is based on information BBB is able to obtain about the business, including complaints received from the public. BBB seeks and uses information directly from businesses and from public data sources. BBB assigns ratings from A+ (highest) to F (lowest). If a business has been accredited by the BBB, it means BBB has determined that the business meets accreditation standards, which include a commitment to make a good faith effort to resolve any consumer complaints.
The Complaint Index compares a company’s performance to other companies in the market. The National Complaint Index is always 1.00. That means a company with a complaint index of 2.00 is twice as high as expected in the market. Reported scores are for the most recently available year and for “Individual Life” products.
Mutual of Omaha Living Promise final expense insurance is typically the lowest-cost burial insurance in the nation. If you can qualify with Mutual of Omaha, you should take it.
To get even more details, read our Mutual of Omaha review
Aflac
Choice Mutual’s ratings are determined by our editorial team. The scoring formula considers consumer experience, policy cost, underwriting criteria, the insurer’s financial strength ratings, and complaint data.
AM Best’s Financial Strength Rating (FSR) is an independent opinion of an insurer’s financial strength and ability to meet its ongoing insurance policy and contract obligations. The scores range from A++ to D-.
The BBB rating is based on information BBB is able to obtain about the business, including complaints received from the public. BBB seeks and uses information directly from businesses and from public data sources. BBB assigns ratings from A+ (highest) to F (lowest). If a business has been accredited by the BBB, it means BBB has determined that the business meets accreditation standards, which include a commitment to make a good faith effort to resolve any consumer complaints.
The Complaint Index compares a company’s performance to other companies in the market. The National Complaint Index is always 1.00. That means a company with a complaint index of 2.00 is twice as high as expected in the market. Reported scores are for the most recently available year and for “Individual Life” products.
Aflac has very low rates for young adults and very favorable underwriting.
To get even more details, read our Aflac review
Transamerica
Choice Mutual’s ratings are determined by our editorial team. The scoring formula considers consumer experience, policy cost, underwriting criteria, the insurer’s financial strength ratings, and complaint data.
AM Best’s Financial Strength Rating (FSR) is an independent opinion of an insurer’s financial strength and ability to meet its ongoing insurance policy and contract obligations. The scores range from A++ to D-.
The BBB rating is based on information BBB is able to obtain about the business, including complaints received from the public. BBB seeks and uses information directly from businesses and from public data sources. BBB assigns ratings from A+ (highest) to F (lowest). If a business has been accredited by the BBB, it means BBB has determined that the business meets accreditation standards, which include a commitment to make a good faith effort to resolve any consumer complaints.
The Complaint Index compares a company’s performance to other companies in the market. The National Complaint Index is always 1.00. That means a company with a complaint index of 2.00 is twice as high as expected in the market. Reported scores are for the most recently available year and for “Individual Life” products.
Transamerica will allow you to buy very small amounts of coverage, which is perfect if you need insurance to pay for a cremation. Their underwriting is very lenient, which means seniors with health conditions will still obtain a no waiting period policy.
To get even more details, read our Transamerica review
How Does Burial Insurance Work?
Burial insurance is a simplified whole life insurance policy sold in small increments, typically $50,000 or less. It’s also often called funeral or final expense insurance.
These affordable plans are usually meant to pay for your end-of-life costs. When you die, the insurance provider will pay cash (tax-free) directly to your loved ones or funeral home. The money can be used for anything, including medical bills or financial debts.
Plus, your beneficiaries keep any money that is left over. Since burial policies are a type of whole life insurance, the coverage lasts forever. Additionally, the premiums never increase, the coverage won’t decrease, and they build cash value.
The requirements for burial insurance are minimal and qualification is simple. For example, there’s no medical exam and most applications are approved in less than ten minutes.
Some policies have health questions that determine your eligibility based on your prior health issues. At the same time, there are guaranteed acceptance policies that have no health questions. Plans with health questions, if approved, have no waiting period, which means you’re immediately insured for natural or accidental death.
Any policy with no health questions will always have a two-year waiting period. Death during the waiting period will cause the insurance company to refund your premiums plus a small amount of interest. To get a final expense policy with no waiting period, you must answer health questions.
Choice Mutual Can Help Seniors Over 50 Find The Best Policy
There isn’t one company that offers burial insurance for seniors that is the best for everyone. Every provider has different underwriting and costs. It’s best to compare multiple companies side by side to ensure you’re getting the best deal possible.
It’s also helpful to remember that most final expense insurance companies don’t sell their products online. In most cases, they require that you speak with an agency that is licensed to sell their products.
The policies you can buy online usually have a two-year waiting period and are high-cost. Choice Mutual is an independent agency that partners with over 20 final expense insurance companies. We aim to compare every company in your state to secure you a policy at the lowest price possible.
There is never a fee for our services, and your rate isn’t higher because you worked with a “middleman.” On the contrary, the price you pay with us will almost certainly be lower since all we do is find you the best deal.
You can call us at 1-800-644-2926, and one of our friendly salary-based agents will answer your questions and help you find the best plan. If you allow us to earn your business, you’ll quickly learn why we have thousands of five-star customer reviews.
