In this article, you’ll learn how burial insurance plans work, how to qualify, the best companies for seniors over 70, the cost, and how to get coverage with no waiting period.
How Does Senior Burial Insurance Work?
Burial insurance for seniors is a small whole life insurance policy meant to cover the cost of a cremation, burial, or other end-of-life expenses.
They don’t require a medical exam, and you can typically purchase up to $50,000 in coverage with most insurance providers.
Since it’s a whole life policy, it comes with a guarantee that the premiums, death benefit, and policy will never change or expire.
The payout from a final expense life insurance policy is usually very fast.
Generally, the insurer will pay the death benefit in the form of a tax-free cash payment within 48 hours of claim approval.
You can name a loved one(s) as your beneficiary or a funeral home. The money your beneficiaries receive can be used for funeral costs, medical bills, debts, or anything else. Also, any leftover money is theirs to keep.
There are two types of burial insurance plans for seniors:
- Simplified issue: This option requires no medical exam, but you must complete a health questionnaire. If approved, there is no waiting period, meaning you’re fully covered for natural or accidental death when you make your first premium payment.
- Guaranteed acceptance: Also known as “guaranteed issue,” this option does not require you to answer health questions or undergo a medical exam. You’re guaranteed approval, hence the name. The primary drawback with this option is the waiting period. All plans with no health questions have a two-year waiting period. If you die during this time, the insurer will refund your premiums plus interest (typically 10%). No company in the USA offers a policy with no health questions and no waiting period.
Best Final Expense Insurance For Seniors Over 70
Below are six of the top final expense insurance companies for seniors in the nation. Depending on your health, your best plan will likely be with one of these providers.
1 ) Mutual of Omaha
Choice Mutual’s ratings are determined by our editorial team. The scoring formula takes into account consumer experience, financial strength ratings and complaint data.
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 burial insurance is generally the most affordable final expense insurance for seniors over 70.
They call their policy “Living Promise.” Mutual of Omaha offers up to $50,000 in coverage and accepts many common health conditions that seniors have. For example, you’ll still qualify if you have diabetes or high blood pressure. Mutual of Omaha’s rates are typically the lowest relative to other providers.
| 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-$40,000 | |
| States Available: All States (except New York) | |
| Product Benefits | Premiums Stay the Same Forever: Yes |
| Builds Cash Value: Yes | |
| Policy Duration: Lifetime | |
| Terminal Illness Rider: If you are diagnosed with a terminal illness and given 12 months or less to live, you can access up to 50% of your death benefit. There is no cost for this rider. | |
| Nursing Home Confinement Rider: You can receive up to 50% of your death benefit if you are confined to a nursing home for 90 consecutive days. There is no cost for this rider. | |
| 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 3 Business Days |
2) Aetna
Choice Mutual’s ratings are determined by our editorial team. The scoring formula takes into account consumer experience, financial strength ratings and complaint data.
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.
Aetna life insurance is unique because it accepts applicants as old as 89. Most companies won’t offer new coverage above 85. Their prices are competitive (especially for seniors over 80), and they take many health impairments that other companies won’t accept.
Check out the full Aetna final expense insurance review for even more information.
| Product Details | Policy Type: Whole Life Insurance |
| New Applicant Age Range: 40-89 | |
| 2-Year Waiting Period: No (subject to underwriting approval) | |
| Coverage Amount Range: $2,000-$50,000 (varies by age) |
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| States Available: All States (except New York) | |
| Product Benefits | Premiums Stay the Same Forever: Yes |
| Builds Cash Value: Yes | |
| Policy Duration: Lifetime | |
| Optional Riders: Accidental Death (2X the payout for accidental death) |
|
| Application Details | Where to Apply: Agencies licensed to sell Aetna 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) |
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3) Aflac
Choice Mutual’s ratings are determined by our editorial team. The scoring formula takes into account consumer experience, financial strength ratings and complaint data.
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’s final expense insurance has fair prices for seniors in their 70s, and they offer no waiting period coverage even if you have serious health issues.
| 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 | |
| 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) |
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4) Transamerica
Choice Mutual’s ratings are determined by our editorial team. The scoring formula takes into account consumer experience, financial strength ratings and complaint data.
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’s final expense insurance is one of the lowest-priced options for ages 70-79. Their application renders approvals quickly, and seniors with dire health conditions can still potentially qualify for full first-day coverage (no waiting period).
| 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 | |
| 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 (no dialysis) 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 |
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5) Baltimore Life
Choice Mutual’s ratings are determined by our editorial team. The scoring formula takes into account consumer experience, financial strength ratings and complaint data.
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.
Baltimore Life is not the least expensive option for seniors in their 70’s. However, the underwriting is where they stand out.
They are exceptionally rare because they will approve seniors for no waiting period coverage for a wide variety of health conditions that other providers outright decline or will offer a two-year waiting period.
For example, they will approve someone for immediate coverage if they have COPD, kidney disease, a heart attack or stroke one year ago, and so much more. Plus, they accept applicants as old as 89.
| Product Details | Policy Type: Whole Life Insurance |
| New Applicant Age Range: 45-89 | |
| 2-Year Waiting Period: No (subject to underwriting approval) | |
| Coverage Amount Range: $2,500-$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 | |
| Optional Riders: Accidental Death (2X the payout for accidental death) | |
| Application Details | Where to Apply: Agencies licensed to sell Baltimore Life 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: 5Minutes- 10 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 > 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 (no dialysis) Lupus Pacemaker (installed > 1 year ago) Scleroderma Seizures Sleep apnea Squamous/basal cell skin cancer Stroke/TIA > 1 year ago Tumors |
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6) AAA
Choice Mutual’s ratings are determined by our editorial team. The scoring formula takes into account consumer experience, financial strength ratings and complaint data.
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.
AAA’s guaranteed issue coverage is generally the lowest-priced option if you need a policy with no health questions. Guaranteed acceptance policies only refund your premiums plus interest if you die during the first two years.
Uniquely, AAA will refund 130% of premiums during the two-year waiting period. All other life insurance companies will only refund roughly 110% of premiums.
AAA’s low prices and much higher interest rates make them a clear-cut winner if you need a guaranteed acceptance life insurance policy.
| Product Details | Policy Type: Whole Life Insurance |
| New Applicant Age Range: 45-85 | |
| 2-Year Waiting Period: Yes | |
| Coverage Amount Range: $5,000-$25,000 | |
| States Available: All States (except New York) | |
| Product Benefits | Premiums Stay the Same Forever: Yes |
| Builds Cash Value: Yes | |
| Policy Duration: Lifetime | |
| Application Details | Where to Apply: AAA Online Application |
| Phone Number to Apply: 1-888-523-1863 | |
| Medical Exam Required: No | |
| Guaranteed Acceptance: Yes | |
| Application Approval Time: Instantaneously |
The Cost Of Burial Insurance For Seniors Over 70
Depending on a few factors, seniors over 70 can expect to pay between $50-$130 monthly for a $10,000-$15,000 policy. The cost of final expense insurance is based on the following: age, gender, state of residence, health, tobacco usage (if any), and the coverage amount.
Below is a rate chart for whole life final expense insurance for seniors in their 70s. All prices shown are for non-tobacco users. If you smoke cigarettes, your premiums will be higher.
| Age | Female $10,000 | Male $10,000 | Female $20,000 | Male $20,000 |
|---|---|---|---|---|
| 70 | $53 | $70 | $102 | $136 |
| 71 | $56 | $75 | $109 | $147 |
| 72 | $58 | $81 | $114 | $158 |
| 73 | $86 | $86 | $124 | $169 |
| 74 | $68 | $92 | $132 | $180 |
| 75 | $72 | $97 | $142 | $191 |
| 76 | $78 | $107 | $153 | $209 |
| 77 | $84 | $113 | $164 | $222 |
| 78 | $88 | $119 | $174 | $235 |
| 79 | $93 | $126 | $184 | $249 |
How To Get Coverage With No Waiting Period
It’s imperative to understand that you must qualify for life insurance options with no waiting period.
In short, you have to apply for an underwritten policy, and you’re subsequently approved.
In other words, the application process must entail you answering health questions (a medical exam is not required).
Please note that all plans with no health questions and guaranteed approval have a two-year waiting period.
There are no companies in the USA that offer guaranteed approval and no waiting period.
Tips For Finding The Best Final Expense Life Insurance Over 70
If you want to buy life insurance for any reason, it’s critical that you compare offers from multiple insurers.
However, most people must realize that the best life insurance companies don’t sell their coverage directly. Instead, they sell their products through independent insurance agents.
Very few insurance providers sell their policies directly online or through the mail.
Independent agents freely represent multiple insurance companies on your behalf. That allows them to compare offers from various providers to pinpoint the best one for you.
Contrast this to “captive” insurance agents that only have one insurance company they can offer. For example, State Farm and TruStage are such captive companies because their agents cannot suggest any other insurer.
They have no recourse if you don’t like what policy a captive agent offers you. However, an independent agent isn’t beholden to one carrier.
An independent agent will match you with whichever insurance company makes you the best offer.
Independent agents don’t have fees or costs of any kind. Also, life insurance costs from independents aren’t higher. They’re usually lower since they find you the best deal.
Frequently Asked Questions
Mutual of Omaha is the best final expense insurance for seniors over 70 if you qualify for the level death benefit. Their prices are very low, and there is no waiting period. Aetna would be the next best option if you’re not eligible with Mutual of Omaha due to your health.
Typically, seniors in their 70s can expect to pay $40-$100 monthly for a $10,000 final expense policy. However, prices vary based on your exact age, gender, health, and how much coverage you want. For example, a 70-year-old female who doesn’t smoke will pay $78.26 monthly for a $15,000 policy. But at age 77, it would cost her $123.66 per month.
Life insurance absolutely pays out after 70 so long as you die while the policy is active. It does not matter what your age is. If you die while the policy is in force, it will pay out the prescribed death benefit.
Burial insurance is essential to financial planning if you have no other means to pay for your funeral costs. If you have enough cash to prepay for your burial, then a burial policy isn’t necessary. However, most seniors have little to no savings, which is why final expense insurance is so popular. A burial policy affords immediate peace of mind, knowing that your end-of-life expenses won’t become a financial burden for your family.
Burial insurance is essential to financial planning if you have no other means to pay for your funeral costs. If you have enough cash to prepay for your burial, then a burial policy isn’t necessary. However, most seniors have little to no savings, which is why final expense insurance is so popular. A burial policy affords immediate peace of mind, knowing that your end-of-life expenses won’t become a financial burden for your family.
Colonial Penn life insurance is a lousy choice for seniors of all ages. To speak plainly, the $9.95 plan is a gimmick. Yes, everyone pays $9.95 per month, but it buys an extremely low amount of coverage. For example, a 72-year-old male only gets $627 of life insurance for $9.95 (learn more about how much coverage for $9.95). Plus, Colonial Penn policies all have a two-year waiting period, which is something Jonathan Lawson fails to mention in the TV advertisements.
