Final Expense Insurance

2021 Guide To Buying Life Insurance For Your Grandparents

If you’re contemplating insuring your grandparents to pay for their final expenses or other bills, you came to the right place.

In this article, we’ll show you what’s required, all your policy options, sample prices, how to apply, and much more.

Click a link below to jump to a topic that interests you most or continue reading.

What’s Covered In This Article


Can I Buy Life Insurance For My Grandparents?

Yes, you can buy life insurance for grandparents if they consent to the policy and sign the application.

Coverage from $2,000-$50,000 requires no explanation regarding why you want the insurance. However, if you want more than $50,000, you may need to demonstrate how their death would cause a financial hardship on you.


Policy Options

The term “life insurance” is very general. In fact, there are many different types of life insurance, and they all function differently.

You must understand how each policy type works to select which one is best for you, given your objective.

The most important question to ask yourself is, “what do I want the money to be used for?”. The answer to that question will tell you which type of grandparent’s life insurance you need.

For example, if you want life insurance on your grandmother to pay for her final expenses (which can easily exceed $10,000), buy a final expense policy.

However, if you want coverage to pay off the remaining balance of their mortgage, then a term policy would be ideal.

Just know, your agent will help you decide which policy type is best for you, so don’t stress about this issue. It’s your agent’s job to make the proper recommendations regarding issues like this.


Final expense insurance

New applicant age availability: 40-89 (depending on resident state & health)

Typical minimum face amount: $2,000

The term “final expense insurance” is actually just a marketing term. It’s also commonly referred to as “burial insurance” or “funeral insurance.”

At the end of the day, all these terms are simply referring to a small whole life insurance policy that has very liberal underwriting, so senior citizens with health issues will still qualify without having to take an exam.

Because these are whole life insurance plans, the fine print is minimal. Here’s what you need to know:

  • Premiums will never increase.
  • Coverage will never decrease.
  • The policy will never expire due to age.
  • Builds cash value that you may borrow from

The policy will pay out a tax-free cash benefit to the beneficiary, usually within 24-48 hours.

There are never any restrictions on how the money is used. If there happens to be money left over after you’ve paid for their end of life costs, that money stays with you.

How much does final expense insurance cost? Just use the quoting tool on this page. You’ll see instant quotes from multiple insurance companies in your state.

Or go here to see a table of general quotes on this page.

These burial life insurance plans are prevalent because funerals are quite expensive. On average, traditional funerals cost upwards of $10,000.


Term life insurance

New applicant age availability: 18-79

Typical minimum face amount: $50,000

A term life policy is a temporary life insurance plan that will terminate after a specific number of years.

Once your grandparents reach the expiration date, the coverage would end, and they would no longer be insured.

Most term life plans these days have fixed payments, but some do increase over time.

For example, companies like AARP and Globe Life market life insurance to seniors. Their offerings are usually term life insurance.

These temporary policies should only be purchased if you’re looking to cover a temporary liability.

For example, you’re taking out life insurance on a grandparent to pay off their mortgage or other debt. A term plan would be ideal (if you can get it).

For grandparents and term insurance, the biggest issue will be their age. If they’re under 70, it can be done if they’re in good health. Between 71-79, it can still be done, but it will be significantly harder.

If you’re trying to insure a grandparent over 80, term life insurance isn’t available. Just like life insurance for newborn babies, there is no term option.

After age 80, whole life is the only option.


Universal life insurance

New applicant age availability: 18-79

Typical minimum face amount: $50,000 

A universal life policy is technically considered a permanent policy (although they rarely last forever). It’s kind of like a hybrid of term and whole life.

There are many different kinds of universal life policies, and quite frankly, they can be complicated. They’re often sold as a means to supplement retirement or diversify your investment portfolio.

The main thing to understand is these plans rarely last forever. They’re often sold as permanent coverage that is less expensive than whole life.

While they are indeed less expensive than whole life (for the same amount of coverage), it’s generally an illusion because they very often crash and expire not long after the age of 75 or 80.

If you want life insurance on your grandfather or grandma, it’s highly recommended you avoid universal life.


Traditional whole life insurance

New applicant age availability: 18-79

Typical minimum face amount: $50,000

As noted in the section above about final expense insurance, whole life insurance is permanent life insurance with ironclad guarantees.

A whole life policy will never expire, rates can’t increase, and coverage can’t decrease.

If you have a permanent need and you’re seeking to cover more than just funeral costs for your grandparents, you should consider a traditional whole life policy.

They’ll need to be pretty healthy to qualify. If they aren’t in the best of health, you could always buy multiple final expense policies to achieve the total amount of desired coverage.


Grandparent Life Insurance Quotes

Below is a table of actual quotes. The prices shown are for burial insurance for your grandparents.

If you’re looking for another type of coverage for them, you’ll need to call us for a quote.

Please remember that all life insurance rates are based on the insured’s resident state, gender, tobacco usage, coverage amount, and health.

Lastly, you can have more or less than the coverage shown in these quotes.

45$22.61 $25.45$42.01$47.69
46 $23.02 $26.17$42.84$49.15
47$23.55 $27.02$43.89$50.84
48$24.18 $27.96$45.16$52.72
49$24.48 $28.52$45.76$53.85


No Waiting Period Coverage Explained

With final expense insurance, there are three different types of plans you can qualify for.

  • Full 2-3 year waiting period: During this time, the insurance company will only refund all premiums paid plus interest. They will not pay out for natural causes during the waiting period.
  • Partial waiting period: During this time, the insurance carrier will pay out a portion of the death benefit. It’s usually 30-40% from months 1-12 and 70-80% during months 13-24. After two years, the full amount is payable.
  • No waiting period: An immediate coverage plan will payout 100% of the death benefit starting on day 1 of the policy. The only exception will be suicide or if you lie about your health when you complete the application.

Here’s the most important thing to understand.

To get immediate or partial coverage, you must apply for a plan where you do answer health questions. You don’t have to take an exam, but you must complete a health questionnaire. Any policy with no health questions will always have a 2-3 waiting period (no exceptions).

Truthfully, most seniors can qualify for immediate or partial coverage with some company. Remember, final expense policies are designed to accept a lot of health risks.

It’s not like life insurance for a grandchild where they need to be in near-perfect health to qualify.

Also, there are many burial insurance companies to choose from, and they all accept and reject different health issues.

At the end of the day, if you want immediate coverage life insurance on your grandparents, you’ll need to speak with a Choice Mutual agent.

Only an agent can determine if carriers with underwriting will approve your grandparent for immediate coverage.

We have over 15 different insurance companies to choose from. If your grandparents can get immediate coverage, we’ll find it.


What Are The Best Life Insurance Companies For Grandparents Over Age 80?

The main thing to understand about life insurance is no one company is best for everyone.

Each person is different, and life insurance companies cannot excel at catering to every scenario.

Remember, life insurance companies compete with one another primarily via price and underwriting. While one company may do great at insuring [insert health condition], another may not.

That said, if you’re trying to procure a life insurance policy on grandparents over 80 to cover their end-of-life costs, your best option will likely be with one of these three companies.

Other companies insure seniors beyond age 80, but these three carriers are usually the best if they can qualify.


1) Mutual of Omaha

  • New Applicant Age Range: 45-85
  • Coverage Options: $2,000-$40,000
  • 2 Year Waiting Period: No (subject to underwriting approval)
  • Policy Type: Whole Life Final Expense

Mutual of Omaha is one of the oldest and most financially sound life insurers in the world.

Their product has fairly lenient underwriting that will accept a lot of health issues.

Also, their rates about the lowest you can find.

If your grandparents can qualify with Mutual, jump on it because you won’t find a better deal.


2) Aetna

  • New Applicant Age Range: 45-89
  • Coverage Options: $3,000-$35,000 (varies by age)
  • 2 Year Waiting Period: No (subject to underwriting approval)
  • Policy Type: Whole Life Final Expense

Aetna is a massive player in the health insurance space, but they also do life insurance too.

Technically, the insurance is provided by a subsidiary they own called American Continental Life.

Without question, a unique aspect of Aetna is that they offer coverage to people over 85.

If your grandparent is 86+, Aetna is your only option. Even if they’re younger than that, they’re still a great company with competitive premiums for funeral life insurance.


3) Royal Neighbors of America

  • New Applicant Age Range: 45-85
  • Coverage Options: $5,000-$25,000
  • 2 Year Waiting Period: No (subject to underwriting approval)
  • Policy Type: Whole Life Final Expense

RNA isn’t a company you’ll see advertising on TV, so their name likely isn’t familiar to you. But don’t let that fool you.

They’re an A-rated company that has been in business since 1895! Their policy is incredibly friendly to diabetics as well as a host of other health issues.

If your grandma or grandpa isn’t in the greatest health, Royal Neighbors will likely take them.

And if they are healthy, they are still great because their prices are right in line with most other final expense companies.


So which carrier should you go with?

The answer is it depends. As we said earlier, every person’s situation is unique. You’ll need to consult with an agent who can gather information about your grandparent’s health.

They can then determine all the various insurance companies that would approve them and recommend which one is best.

There is a lot of research you can do on your own. However, there is no way you alone can figure out which life insurance company is best for your grandparents.

Only an agent can do that. Whether you want a funeral policy for your parents or grandparents, you have to work with an agent if you want the best deal possible.

If you want, call us, and one of our friendly non-commissioned agents will guide you through everything. You won’t get any pressure or hassle.

They’ll answer your questions, make honest recommendations and assist you with the entire application if you want to apply.


How To Apply

When buying life insurance for parents for your grandparents, you first need to obtain their consent and willingness to participate in the application process.

From there, your next step would be to select which agency you’re going to work with. Obviously, we highly recommend Choice Mutual because we’re the most qualified to help you.

We have over 15 different companies to choose from, so we can surely find you the best deal.

However, if you do work with another agency, make sure they’re independent like us.

Regarding the application process, it will be done via one of these methods.


Voice signature

Your agent would gather all your information over the phone. Then they would complete a conference call with you, your grandparent(s), and the insurance company.

The insurance company will obtain some authorizations from you and the insured and ask them the health questions. Generally, voice signature companies will give you an immediate underwriting decision on that phone call.

They’ll have you and your grandparent sign the application with your voice. Basically, they’ll have you state your full name and today’s date as your signature.

If they’re approved, you’ll get a policy (and it will be mailed to you since you’re buying the coverage) within 2 weeks.

That’s the whole process with a voice signature.


Website signature (only available with Choice Mutual)

One of our agents will gather all your information and read your grandparent the health questions. 

Then you and your grandparent (you or someone else can help them with this) will go to this part of our website.

Your Choice Mutual agent will give you an application code. Once you put that code and login, you’ll be able to see the entire application.

After you review it for accuracy, all you’ll need to do is press a single button to apply an electronic signature. Both you and your grandparent will receive an application code to apply your own signatures.

After you do this, the application is signed and submitted to the insurance company. Then we wait for underwriting approval which typically takes 1-3 business days.

After it’s approved, you’ll get a policy with


Email signature

Your agent will gather all the information to fill out the application, including asking your grandparent the health questions.

You and your grandparent would get an email where you guys can sign the application by clicking a few buttons.

Then you’ll either get an immediate decision or one within a few business days.

Once they approve it, they’ll mail you the policy, which should arrive within two weeks.


Paper application

It may be necessary to have you and/or your grandparent sign a paper application in some rare situations. This is generally not necessary due to technology, but it is sometimes necessary.

Your agent would gather all the information to fill out the application. Then they would mail it out to you guys for you and the insured to sign.

Once you send it back, your agent will turn it in for processing. We would most likely get approval within a few business days.

After it’s approved, you’ll receive a policy in the mail within two weeks.


Frequently Asked Questions

Below are the most common questions clients ask us about buying a grandparent’s life insurance.

If you have a question that isn’t answered in this article, email us at info @, and we’ll post your question and the response with 48 business hours.

Can I buy life insurance for my grandparents?

Yes, you can buy life insurance on grandparents, and it’s no issue that you pay for the coverage as long as they’re involved in the application process. They must sign the application and agree to the coverage.


Will they have to take an exam?

Some life insurance policies require an exam, but most don’t. If you’re taking out life insurance on grandparents to cover their final expenses, there certainly won’t be an exam.


Do I need my grandparents’ consent to buy coverage if I’m the one paying for it?

Yes, they will need their consent to buy life insurance on them. Even if you have POA and are paying for the coverage, you’ll still need them to agree to have the policy issued.


Can I get life insurance for my grandmother?

Yes, you can buy life insurance for your grandmother. She will need to sign the application as the insured and agree to the coverage. As long as she is willing to do that, you can buy her life insurance.


Am I allowed to buy final expense insurance for my grandparents?

Be it a traditional life insurance policy or a final expense policy; you can buy it for your grandparents. You’ll need their consent, and they must sign the application.