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.

 

Best for lowest rates

Mutual of Omaha

Founding Year: 1909
Choice Mutual Rating
5.0
A+
Superior

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.

Product
Details
Policy Type: Whole Life Insurance
New Applicant Age Range: 45-85
2-Year Waiting Period: No (subject to underwriting approval)
Coverage Amount Range: $2,000-$50,000
States Available: All States (except New York)
Product
Benefits
Premiums Stay the Same Forever: Yes
Builds Cash Value: Yes
Policy Duration: Lifetime
Accelerated Death Benefit: This free rider is automatically included. You can access the full death benefit while alive if the insured has a terminal illness or is under nursing home confinement.
Optional Riders: Accidental Death (2X the payout for accidental death)
Application
Details
Where to Apply: Agencies licensed to sell Mutual of Omaha products (you can't buy this plan directly from them)
Phone Number to Apply: 1-800-644-2926
Medical Exam Required: No
Guaranteed Acceptance: No
Application Approval Time: 10 Minutes to 2 Business Days
Common health conditions still eligible for no waiting period coverage:


Aneurysm
Arthritis
Asthma
Blindness
Blood clots > 2 years ago
Blood thinners
Cancer > 4 years ago
Circulatory surgery > 2 years ago
Crohn’s disease
Depression
Diabetes (type 2)
Diverticulitis
Epilepsy
Fibromyalgia
Grave’s disease
Heart attack > 2 years ago
Heart surgery > 2 years ago
Hepatitis A or B
High blood pressure
High cholesterol
Scleroderma
Seizures
Sleep apnea
Squamous/basal cell skin cancer
Stroke/TIA > 2 years ago
Tumors (non-cancerous)
To get even more details, read our Mutual of Omaha review

 

 

Best for young adults

Aflac

Founding Year: 1955
Choice Mutual Rating
4.5
A+
Superior

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.

Product
Details
Policy Type: Whole Life Insurance
New Applicant Age Range: 45-80
2-Year Waiting Period: No (subject to underwriting approval)
Coverage Amount Range: $2,000-$50,000
(varies by age)
States Available: All States (except New York)
Product
Benefits
Premiums Stay the Same Forever: Yes
Builds Cash Value: Yes
Policy Duration: Lifetime
Accelerated Death Benefit: This free rider is automatically included. You can access the full death benefit while alive if the insured has a terminal illness that is expected to cause death within 12 months.
Optional Riders: Accidental Death
(2X the payout for accidental death)
Application
Details
Where to Apply: Agencies licensed to sell Aflac products
(you can't buy this plan directly from them)
Phone Number to Apply: 1-800-644-2926
Medical Exam Required: No
Guaranteed Acceptance: No
Application Approval Time: 15 Minutes-3 Business Days
Common conditions still eligible for no waiting period coverage:


Afib
Aneurysm (if surgically repaired)
Arthritis
Asthma
Bipolar disorder
Blindness
Blood clots
Blood thinners
Cancer > 2 years ago
Chronic bronchitis
Circulatory surgery > 2 years ago
COPD
Crohn’s disease
Depression
Diabetes (type 1 or 2)
Diabetic coma > 2 years ago
Diverticulitis
Epilepsy
Fibromyalgia
Graves’ disease
Heart attack > 1 year ago
Heart surgery > 1 year ago
Hepatitis > 2 years ago
High blood pressure
High cholesterol
Insulin shock > 2 years ago
Lupus
Multiple sclerosis
Obesity
Over 85 life insurance
Pacemaker (installed > 1 year ago)
Parkinson’s disease
Sarcoidosis
Schizophrenia
Scleroderma
Seizures
Sleep apnea
Squamous/basal cell skin cancer
Stroke/TIA > 1 year ago
Tumors (noncancerous)

To get even more details, read our Aflac review

 

 

Best for low coverage amounts

Transamerica

Founding Year: 1904
Choice Mutual Rating
4.0
A
Excellent
A
Not Accredited

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.

Product
Details
Policy Type: Whole Life Insurance
New Applicant Age Range: 45-85
2-Year Waiting Period: No (subject to underwriting approval)
Coverage Amount Range: $1,000-$50,000 (varies by age)
States Available: All States
Product
Benefits
Premiums Stay the Same Forever: Yes
Builds Cash Value: Yes
Policy Duration: Lifetime
Accelerated Death Benefit: This free rider is automatically included. You can access the full death benefit while alive if the insured has a terminal illness that is expected to cause death within 12 months.
Optional Riders: Accidental Death (2X the payout for accidental death)
Application
Details
Where to Apply: Agencies licensed to sell Transamerica products (you can't buy this plan directly from them)
Phone Number to Apply: 1-800-644-2926
Medical Exam Required: No
Guaranteed Acceptance: No
Application Approval Time: 15 Minutes- 5 Business Days
Common conditions still eligible for no waiting period coverage:


Afib
Angina (chest pains)
Aneurysm (if surgically repaired)
Arthritis
Asthma
Bipolar disorder
Blindness
Blood clots
Blood thinners
Cancer > 4 years ago
Chronic bronchitis
Circulatory surgery > 1 year ago
COPD
Crohn’s disease
Depression
Diabetes (type 2)
Diverticulitis
Epilepsy
Fibromyalgia
Grave’s disease
Heart attack > 1 year ago
Heart surgery > 1 year ago
Hepatitis
High blood pressure
High cholesterol
Kidney disease
Lupus
Multiple sclerosis
Pacemaker (installed > 1 year ago)
Parkinson’s disease
Schizophrenia
Scleroderma
Seizures
Sleep apnea
Squamous/basal cell skin cancer
Stroke/TIA > 1 year ago
Tumors
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.