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 policy typically between $2,000-$40,000 in coverage.

The payout from the policy will cover the cost of a funeral, outstanding medical bills, or credit card debts.

The underwriting is very lenient, so senior citizens with health issues can still qualify despite prior health conditions.

You don’t have to be in good health to qualify.

There are two basic underwriting options.

Simplified issue policies offer full first-day coverage but require you to answer health questions.

Then there are guaranteed issue options that don’t ask health questions.

The main drawback of guaranteed issue policies is the mandatory two-year waiting period.

Tip:
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.

It’s permanent coverage that has a fixed cost for life. Also, the death benefits will never decrease, and cash value accrues over time.

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, headstone, casket, and anything 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 from $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
Female
$10,000
Guaranteed Acceptance
Male
$10,000
No Waiting Period
Male
$10,000
Guaranteed Acceptance
All prices shown are monthly premiums.
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) usually 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 insurance agent or company that advertises in such a misleading way.

An honest independent agent is your surest path to finding the best life insurance for seniors.

 

Be wary of term insurance for final expense coverage

Buying a term life insurance policy to cover end-of-life expenses is risky.

Tip:
Term insurance is a type of policy that will terminate at some point. If you outlive a term policy, the coverage ends, and the insurer keeps your money.

At the latest, a term life plan will generally expire around age 80.

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

Globe Life Insurance is another option that expires 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 insurance always has more expensive premium payments than whole life because it expires.

They are banking on policyholders never stopping to consider why the insurance is cheaper.

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

If you need a life insurance plan to cover the cost of cremation or burial, you should opt for the peace of mind that permanent life insurance offers.

Term insurance will likely lead to a financial burden for your loved ones.

So be very wary of AARP life insurance for seniors for these reasons.

 

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 burial insurance policy is probably with one of them.

 

1) Mutual of Omaha

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

 

Living Promise whole life insurance from Mutual of Omaha is one of the least expensive burial insurance policies for seniors.

Their level benefit plan has no waiting period if you’re approved.

You will probably qualify for a Mutual of Omaha burial insurance policy unless you’ve had a recent heart attack, stroke, cancer, or significant chronic illnesses.

On a side note, they also offer inexpensive life insurance coverage 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 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)

 

2) Aetna

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

 

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

They offer immediate coverage to seniors with serious health issues such as COPD, diabetes, Parkinson’s, multiple sclerosis, and atrial fibrillation, to name a few.

Another positive feature of Aetna is its 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:


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)

 

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 senior life 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:


Afib
Aneurysm
Arthritis
Asthma
Bipolar disorder
Blindness
Blood clots
Blood thinners
Cancer > 2 years ago
Circulatory surgery > 2 years ago
Crohn’s disease
Depression
Diabetes (type 1 or 2)
Diabetic neuropathy
Diverticulitis
Fibromyalgia
Grave’s disease
Heart attack > 2 years ago
Heart surgery > 2 years ago
Hepatitis > 2 years ago
High blood pressure
High cholesterol
Home health care
Multiple instances of cancer
Pacemaker (installed > 2 years ago)
Retinopathy
Schizophrenia
Scleroderma
Severely overweight
Sleep apnea
Tia mini-strokes
Tumors

 

4) American Amicable

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

 

There are many cases where American Amicable has the best funeral insurance for seniors.

For example, people with mental health issues such as anxiety, depression, bipolar disorder, or schizophrenia can get rock-bottom rates and no waiting period coverage.

Their smoker 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: 50-85
2-Year Waiting Period: No (subject to underwriting approval)
Coverage Amount Range: $2,500-$50,000 (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:


Afib
Aneurysm > 3 years ago
Arthritis
Asthma
Bipolar disorder
Blindness
Blood clots
Blood thinners
Cancer > 3 years ago
Circulatory surgery > 3 years ago
Crohn’s disease
Depression
Diabetes (type 2)
Diverticulitis
Fibromyalgia
Grave’s disease
Heart attack > 3 years ago
Heart surgery > 3 years ago
Hepatitis > 3 years ago
High blood pressure
High cholesterol
Pacemaker (installed > 3 years ago)
Schizophrenia
Scleroderma
Sickle cell anemia
Sleep apnea
Squamous/basal cell skin cancer
Stroke/TIA > 3 years ago
Tumors (non-cancerous)

 

5) Transamerica

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

 

Transamerica’s burial insurance policy combines low premiums with lax underwriting. They are an excellent carrier to 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), or diabetic neuropathy, just to name a few.

They are one of the best life insurance companies if you deal with pre-existing high-risk conditions.

Plus, if you’re in good health, their prices 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:


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

 

How To Get Funeral Insurance For Seniors With No Waiting Period

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

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

You must 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.

For example, AIG’s guaranteed issue coverage has a waiting period.

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.

 

Coverage For Elderly Parents

In short, 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.
  • They’ll need to answer health questions if you want immediate coverage for them. You should 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 an immediate coverage plan.

Just know that you don’t need your parents on the phone when we initially speak with you. We can give you life insurance 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

 

At the very least, everyone who is 45-85 can 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 medically qualify for the coverage.

Burial insurance is life insurance so 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.

When comparing a burial policy vs life insurance, it’s helpful to remember that burial insurance is a type of life insurance. To be more specific, burial insurance is a particular type of whole life policy with small coverage options and a fast claim payout.

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.

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.

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.

No. Since final expense insurance is whole 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.

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.

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.

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, increasing your loan’s total value. The loan will grow if you never pay it back, reducing 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.

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.

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.

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 will likely be very expensive, and they may just require you to pay them in cash upfront.