Burial insurance for seniors is an affordable, stress-free way to ensure your funeral costs never become a burden to surviving loved ones.

Despite past health conditions, senior citizens can still secure low-cost coverage that likely has no waiting period.

This article will show you prices, the best companies, sample applications, how to get immediate coverage and more.

What Is Burial Insurance For Seniors?

Senior burial insurance is a no medical exam required whole life insurance plan with lenient underwriting. The payout from the policy will cover the costs associated with a funeral.

The lax underwriting means that senior citizens with health issues can still qualify despite prior health conditions.

Coverage amounts usually range between $2,000-$40,000, and premiums are generally $50-$150 monthly depending on gender, age & the amount of coverage bought.

It’s helpful to remember that “burial insurance” is just a marketing term coined decades ago.

Burial insurance is also commonly referred to as “funeral insurance,” “final expense insurance for seniors,” “cremation insurance policy,” or end-of-life insurance.”

Regardless of the label used, a whole life burial policy for a senior is very straightforward.

  • Monthly payments never increase
  • Death benefits cannot decrease
  • Lifetime coverage that never expires
  • Builds cash value for future growth

Your beneficiaries will receive a tax-free check equal to your death benefit upon your death.

Then your family members will have the money to pay for your memorial service and everything else related to your funeral.

Technically they can spend the money any way they want. There are zero restrictions whatsoever on how the money is spent.

So if there happens to be money not spent on the funeral, it stays with your beneficiaries to use as they see fit.

 

Cost of Final Expense Insurance For Seniors

The cost of funeral insurance for seniors will vary based on your health, age, gender, state of residence, and the amount of coverage you buy.

That said, expect to pay anywhere to $50-$150 per month for a policy in the $10,000-$15,000 range.

But to give you a more accurate idea of what to expect, we’ve provided some senior funeral insurance quotes below.

AgeFemale
$10,000
No Waiting Period
(Monthly Rates)
Female
$10,000
Guaranteed Acceptance
(Monthly Rates)
Male
$10,000
No Waiting Period
(Monthly Rates)
Male
$10,000
Guaranteed Acceptance
(Monthly Rates)
45$22$28$27$33
50$24$30$30$36
55$27$38$35$45
60$32$42$43$55
65$41$51$54$66
70$51$69$70$89
75$71$98$99$121
80$98$140$139$166
85$135$170$192$230
89$275N/A$358N/A

 

How To Find The Best Burial Insurance For Elderly People

No matter what product you’re buying, it’s no secret that you should compare offers from multiple companies before you commit to one.

The same is true when looking for affordable burial insurance for seniors.

Browse websites like Choice Mutual that allow you to compare quotes from multiple providers. That will give you a good sense of what coverage will likely cost you.

In the end, if you want a life insurance policy with no waiting period at the lowest price possible, you will need to speak with an agent.

It’s helpful to remember that most insurance companies that sell coverage directly to the consumer (no agent involvement) impose a two-year waiting period before you’re insured.

Generally speaking, only licensed agents can offer you a plan with a level death benefit that fully covers you 100% the day you make your first payment.

But don’t speak with just any agent. Here are the criteria you should look for when selecting an agency to work with:

  • Independence: Be sure to work with an independent agency that has access to at least ten insurance companies. They will compare offers from multiple providers to match you with the best one. It’s highly advisable to avoid “captive” insurance companies. Those are companies that have only one insurance company they can offer you. State Farm is one such example. If you ever talk to a State Farm agent, they cannot offer you any other insurance company. So be sure to work with a broker who can choose from dozens of insurers to find the best one for you.
  • Reputation: Check their online reputation to ensure past customers were satisfied with their service. A bad online reputation usually indicates lousy insurance products and poor customer service.
  • Expertise: It’s hard to be a jack of all trades in the insurance business. Be sure to find one that specializes in funeral insurance for seniors. That way, you know you’re dealing with an expert rather than a novice.

Remember, there is no free burial insurance for seniors. Avoid any agency or company that advertises in such a misleading way.

In short, find a reputable agency, and let them go to work for you.

 

Be wary of term insurance for final expense coverage

Be very leery of buying a term life insurance policy to cover final expenses. At the latest, a term life plan will generally expire around age 80.

If you outlive a term policy, the coverage ends, and the insurer keeps your money. Then you’d be 80+ and have no insurance money to pay the funeral home when you pass away.

A prominent example of a term life offering for burial coverage is AARP’s final expense insurance. Their primary policy is a term plan that completely expires once you turn 80.

Globe Life Insurance is another term life insurance plan that ends in your 80s.

Both AARP and Globe have the same marketing tactic. They dazzle seniors with their lower-cost term life insurance, hoping they’ll be attracted to the lower prices (which they usually are).

Term life insurance is always less expensive than whole life because it expires. They are banking on seniors never stopping to think about why their insurance is cheaper.

Sadly, many older adults fall for that trick. Then on their 80th birthday, they learn the truth because they get a letter telling them that they are uninsured.

 

Which Companies Have The Best Burial Insurance For Seniors?

There are dozens of final expense life insurance companies for seniors. And while there is no way to select just one for each person, we narrowed it down to the top five.

If you’re a senior and need burial insurance coverage, check out these five companies because your best policy is probably with one of them.

 

1) Mutual of Omaha

Founding Year: 1909
A.M. Best
A+
Superior
BBB
A+
99-100

 

Mutual of Omaha offers some of the least expensive burial insurance for seniors. Their level benefit plan has no waiting period if you’re approved.

You will probably qualify for their final expenses insurance unless you have had recent heart attacks, strokes, cancer, or significant chronic illnesses/diseases.

On a side note, Mutual of Omaha also offers very inexpensive whole life insurance for babies if that interests you.

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
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
Common conditions still eligible for no waiting period coverage:

 

2) Aetna

Founding Year: 1853
A.M. Best
A
Excellent
BBB
A+
98-100
Brochure Sample Policy Sample Application

 

Aetna is probably the company for you if you need life insurance for a senior over age 80. Shockingly, they will accept new applicants as old as 89.

They offer no waiting period coverage to seniors with serious health issues such as COPD, diabetes, Parkinson’s, multiple sclerosis, atrial fibrillation, to name a few.

Another cool feature with Aetna is their very lax rules regarding beneficiaries. For example, they will allow you to name a friend or funeral home as the beneficiaries. Not all final expense carriers will allow that.

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)
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: 5 Minutes-3 Business Days
Common conditions still eligible for no waiting period coverage:

 

3) Royal Neighbors of America

Founding Year: 1895
A.M. Best
A
Excellent
BBB
A+
98-100
Brochure Sample Policy Sample Application

 

Royal Neighbors of America isn’t a name you’ll see on TV, but that doesn’t mean they aren’t trustworthy or financially sound. Just look at how long they’ve been in business and their financial ratings.

Seniors with diabetes, past heart issues, past instances with cancer, and many other high-risk health issues can still qualify for their level benefit insurance.

In addition, their prices are in line with most other final expense companies, so you can trust that you’re paying a fair price with them.

Product
Details
Policy Type: Whole Life Insurance
New Applicant Age Range: 50-80
2-Year Waiting Period: No (subject to underwriting approval)
Coverage Amount Range: $7,000-$30,000
States Available: All States
(except AK, AL, HI, LA, MA, NH, NY)
Product
Benefits
Premiums Stay the Same Forever: Yes
Builds Cash Value: Yes
Policy Duration: Lifetime
Optional Riders: None
Application
Details
Where to Apply: Agencies licensed to sell Royal Neighbors 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
Common conditions still eligible for no waiting period coverage:

 

4) American Amicable

Founding Year: 1910
A.M. Best
A
Excellent
BBB
A+
97-100
Brochure Sample Policy Sample Application

 

If you’ve ever watched HGTV’s Fixer Upper, set in Waco, Texas, you may have spotted a tall building with an “ALICO” sign. That’s the home office of American-Amicable.

In some situations, they have the best funeral insurance for seniors. For example, folks with mental health issues such as anxiety, depression, bipolar disorder, or schizophrenia can get rock-bottom rates and no waiting period coverage.

Their tobacco rates are among the lowest in the nation. Also, pipe and cigar users can actually get a non-tobacco rating. That could save you as much as 40% on your monthly premium!

Product
Details
Policy Type: Whole Life Insurance
New Applicant Age Range: 50-80
2-Year Waiting Period: No (subject to underwriting approval)
Coverage Amount Range: $2,500-$35,000 (varies by age)
States Available: All States (except CT, ME, MT, NH, NY, VT)
Product
Benefits
Premiums Stay the Same Forever: Yes
Builds Cash Value: Yes
Policy Duration: Lifetime
Optional Riders: None
Application
Details
Where to Apply: Agencies licensed to sell American Amicable 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
Common conditions still eligible for no waiting period coverage:

 

5) Transamerica

Founding Year: 1904
A.M. Best
A
Excellent
BBB
B
84-100
Brochure Sample Policy Sample Application

 

Transamerica’s final expense insurance combines low premiums with lax underwriting. Transamerica is a carrier you should consider if you need a policy without a waiting period.

For example, they will approve someone for immediate coverage if they have COPD, Parkinson’s, angina (chest pains), diabetic neuropathy, just to name a few.

If you’re healthy, their rates are some of the lowest you can find on the market.

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:

 

How To Get Funeral Insurance For Seniors With No Waiting Period

Believe it or not, there are dozens of final expense insurance companies that offer coverage with no waiting period.

The most important thing to understand is that you must qualify for immediate coverage.

All you must do is apply with a company that requires you to answer health questions. You won’t have to take an exam, but you must answer health questions.

If they approve you, your policy will cover you the day you make your first payment.

Please understand that no health questions life insurance with no waiting period isn’t real. No such policy exists.

All no-health-questions final expense policies have a mandatory waiting period of two to three years.

Here’s the good news. Most people, despite past health conditions, can qualify for immediate coverage.

Don’t mistakenly assume that you will have a waiting period due to your past ailments. That is simply not true for most applicants.

If you want a plan that covers you right away, call us at 1-800-644-2926. We have over 15 different insurance companies that we partner with.

If immediate coverage is possible for you, we’ll find it.

 

Sample Senior Policies & Applications

The table below shows the actual applications and sample policies (some carriers don’t provide sample policies) for each company.

Remember, you can’t fill these applications out and send them in.

All these insurance companies (except Gerber & AIG) will not allow you to apply without speaking with an agent. To formally apply, you have to work with an agency such as Choice Mutual.

Insurance CompanyApplicationPolicy
Mutual of OmahaSample ApplicationSample Policy
AetnaSample ApplicationSample Policy
Royal Neighbors of AmericaSample ApplicationSample Policy
Foresters FinancialSample ApplicationSample Policy
TransamericaSample ApplicationSample Policy
Prosperity LifeSample ApplicationSample Policy
AIGSample ApplicationSample Policy
AmericoSample ApplicationN/A
Liberty Bankers LifeSample ApplicationN/A
Gerber LifeSample ApplicationSample Policy
American AmicableSample ApplicationSample Policy
Baltimore LifeSample ApplicationN/A
 

 

Coverage For Elderly Parents

In short, yes, you can buy funeral expense insurance for your parents. It’s quite prevalent for children to purchase life insurance for a parent or grandparents.

Here’s what you need to know.

  • They must agree to the policy being issued. You cannot buy life insurance for an adult without their knowledge and consent.
  • If you want immediate coverage for them, they’ll need to answer health questions. It’s recommended that you gather some details about their past and current health issues before speaking with an agent. With their health information, your agent can determine which company (if any) will approve them for a no waiting period plan.

Just know that you don’t need your parents on the phone when we initially speak with you. We can give you quotes, answer your questions and familiarize you with the application process.

Then when you’re ready to apply formally, we’ll coordinate a time to connect with you and your parents.

 

FAQs About Funeral Life insurance For Seniors

 

Who qualifies for burial insurance for seniors?

Everyone who is 45-85 can at the very least obtain a guaranteed acceptance policy. However, it’s important to note that all guaranteed issue policies have a two-year waiting period. If you die during the waiting period, the insurer only refunds your premiums plus interest. Seniors should opt to apply for coverage that has a health questionnaire. If approved, the policy will likely be cheaper and not have a waiting period. There are still options for people outside of 45-85, but you’ll have to medical qualify for the coverage.

What does a burial policy cover?

Burial insurance is life insurance so that the net result will be a quick cash payout to your beneficiary(s). The money from the payout allows them to cover the costs associated with burial, cremation, memorial service, and funeral home services, adding up to thousands of dollars.

Is there an age limit for funeral insurance plans?

All insurance companies have a minimum and maximum age for new applicants. Typically, the minimum age is around 45 or 50. Typically, 85 is the oldest most burial insurance companies will accept a new applicant. However, there are a few options for people between 86 and 90, but not many.

Do burial insurance companies charge hidden fees?

There are absolutely no hidden fees when you buy final expense insurance. Also, there are no down payments when you submit your application. Your monthly payment is the only money you’ll ever pay.

Can I buy burial insurance for my mother or father?

Yes, you can purchase burial insurance for one of your parents. You can even get burial insurance for your grandparents. However, they will need to be involved in the application process.

Will the beneficiaries have to deal with taxes?

No. Since final expense insurance is life insurance, it will pay out a tax-free cash benefit. Your beneficiaries can use the money as they see fit (and keep any leftover money). They will never incur a tax burden because of the policy payout.

What are the health requirements for burial insurance and final expense plans?

Every insurance company accepts and rejects different health conditions. Generally, as long as you don’t have a terminal illness or recent severe issue, you should be able to qualify. Exams are never required. Answering health questions is all you must do to be eligible for a no waiting period policy.

What is cash value?

Cash value in a life insurance policy is like a behind-the-scenes savings account that accumulates value over time. Every time you make a payment, a portion of your payment goes towards the insurance cost. At the same time, a much smaller amount goes into a behind-the-scenes savings account called the cash value. You may elect to borrow from the cash value that has accumulated.

How does a policy loan work?

As noted in the question above, seniors’ whole life burial policy will accrue cash value over time. You are entitled to borrow from these accrued funds. The money you borrow is considered a loan against the policy when you do so. The insurance company will charge interest on the loan. Every company has different interest rates, but most are within a 5%-10% range.

Here’s the thing to understand about loans

Any outstanding loans on your policy will reduce your death benefit accordingly. If you have a loan out on your policy, it will reduce the death benefit by the total amount of the outstanding loan.

Here is a helpful tip about life insurance policy loans.

You must work towards paying back your loan if you ever take one. Remember, interest will always accrue, which increases the total value of your loan. If you never pay it back, the loan will forever grow, which reduces your death benefit. The last thing you would want is for your family not to be left with enough money to pay your final expenses because you never took care of an outstanding loan.

What is the contestability period?

This provision is present in every life insurance contract, no matter what type of life insurance you buy or which company issues the policy. There are no exceptions to this rule.

The provision entitles the insurance company to investigate any death claim during the contestability period. The contestability period is usually two years. However, in some states, it’s only one year. Furthermore, some states disallow insurers to contest claims when replacing a life insurance policy.

The insurer will gather your doctor records to verify that you did not misrepresent your health at the application time. They are just trying to make sure that you didn’t withhold information about your health that would have prevented your insurability in the first place.

Should an insurer find information that would have caused them not to issue the policy initially, they will rescind it. When this happens, they will not pay the death claim. Instead, they will merely return all the premiums you paid into the policy. It’s also worth noting that the agent who sold you the policy will have to pay back all their commissions.

If they contest a claim and do not find health information that contradicts your answers on the application, they must pay the claim, and they will.

How long do contestable claims take to get paid?

It depends on a few factors. First, the insurance company will request medical records from your physician(s). Second, once they receive all the required information, they are required by law to decide on the claim within 30 days.

Here’s the thing

Contestable claims can take 30 days. Then again, they can take six months. The determining factor is how long it takes for the insured’s physician(s) to deliver the insured medical records to the insurer. As long as there are outstanding records, the insurance company cannot process the claim.

We always urge beneficiaries to call each doctor daily. The goal is to encourage the physicians to return the records to the insurer so they can process the claim. In addition, when one of our clients passes away during the contestability period, we also call to apply pressure on the doctor’s office.

Ultimately, the quicker the medical records are received, the faster the insurance company can pay the claim.

When are you too old to buy life insurance?

After you turn 91, there are no more life insurance options. You can get coverage from age 86 to 90, but the options are minimal and vary by state. If you’re above 90, you should explore a pre-paid plan directly with a local funeral home. Also, called “pre-need” insurance, a pre-paid is probably your only option above 90. It’s likely going to be very expensive, and they may just require you to pay them in cash upfront.