2024 Funeral Insurance for Seniors

As the funeral cost continues to increase, it’s becoming more important to purchase funeral insurance for seniors to cover burial and final expenses. The average cost of a funeral, according to NFDA is $8,755! If you don’t already have a burial life insurance policy, this cost can be a burden adding to the grief of losing a loved one. Funeral insurance for seniors will help protect your family from unexpected costs associated with the funeral.

Many companies offer affordable funeral insurance for seniors of all ages. Around 95% of the people, we help qualify for funeral insurance coverage with no waiting period.

This article will explore how funeral insurance for seniors works, how to find the best funeral insurance company, what goes into the underwriting, and how you can apply.

FOR EASIER NAVIGATION:

• What Is Funeral Insurance For Seniors?
• Types Of Funeral Insurance For Seniors
• Advantages Of Funeral Insurance For Seniors
• What Does Funeral Insurance Cover?
• Cost Of Funeral Insurance For Seniors
• Who Provides The Best Funeral Insurance For Seniors?
• How To Find The Best Funeral Insurance For Seniors?
• What Kind Of Burial Policies And Final Expense Policies Should I Avoid?
• How Can Funeral Funds Help Me?
• Additional Questions & Answers On Funeral Insurance For Seniors

What Is Funeral Insurance For Seniors?

Funeral insurance is also called burial insurance and final expense life insurance for seniors.

These terms are commonly used to describe whole life insurance policies for people between the ages of 50 and 85. Paying for the funeral, burial, and other final expenses is the primary reason most people prefer to buy these policies.

FEATURES OF FUNERAL INSURANCE FOR SENIORS:

• Whole life or permanent insurance
• Monthly payments are fixed and guaranteed not to increase for any reason
• The death benefit cannot decrease
• The policy will not expire due to age or health condition
• Cash value accumulates on a tax-free basis.
• Death benefits range between $1,000 and $50,000

Types Of Funeral Insurance For Seniors

There are two types of burial insurance or funeral insurance for seniors:

Simplified issue life insurance (Level benefit) – the application process is simplified compared to traditional life insurance for seniors that requires a medical exam. Simplified issue policies ask basic health questions to better look at your overall health.

Potential questions life insurance companies would ask:

• Do you have a disability that needs a wheelchair or confinement to a nursing home?
• Have you been diagnosed with a severe illnesses like cancer in the last two years?
• Do you have heart disease?
• Have you had a stroke?
• Do you have kidney disease?
• Do you have HIV?
• Do you have any cognitive impairment?

Minor health issues like diabetes without insulin, high blood pressure, high cholesterol, and other health issues are not even considered for these types of policies; they treat these health issues as if they don’t even exist! They are not even considered an eligibility requirement!

They ask health questions to rule out higher-risk life insurance applicants, like those people with heart disease or cancer. Most health conditions will be approved for burial insurance with no waiting period because it’s a life insurance policy that starts immediately. More serious health issues will still be eligible for graded or guaranteed coverage policies.

Simplified issue life insurance is a great option for people over 55 years old who may have health problems that could make it difficult for them to get coverage through the normal life insurance underwriting process. Simplified issue final expense life insurance no exam could be a great option if you’re not in perfect health or have a  busy schedule that will not allow you to have a medical exam.

Guaranteed issue life insurance (Graded benefit) – this type of policy is designed specifically for seniors who may have difficulty gaining approval because of health issues. This is the most common type of burial insurance for elderly parents. The guaranteed issue final expense life insurance no exam does not require an applicant to undergo a medical exam or answer health questions for approval. Applicants with life-shortening pre-existing conditions can still be approved.

Insurance companies take higher risks in offering guaranteed issue policies. That is why they typically impose a two-year waiting period before they pay the full death benefit (although accidental death is covered from the first day). If you were to die during the waiting period, your beneficiary would only receive the return on premiums plus interest.

Advantages Of Funeral Insurance For Seniors

If you are asking yourself is it worth getting funeral insurance? Here are the advantages of funeral insurance for seniors.

No medical exam  – Funeral insurance for seniors does not require you to undergo a medical exam. These policies can be completed on a simplified basis. You only have to answer some health questions, and the guaranteed issue policy doesn’t even have any health questions.

No health questions policies available – if you have health issues and don’t want a medical exam and questions asked, there is a funeral insurance option for you – it is called a guaranteed issue policy. Everyone is guaranteed to be approved regardless of health issues. The only drawback is the price and the two-year waiting period.

Relaxed underwriting – since there is no medical exam and you only have to answer a few health questions, it is uncommon for applicants not to qualify. Guaranteed issue policies even accept all applicants without underwriting.

Fast approval – final expense life insurance for senior applicants does not have a medical exam, so there is quick approval of the application. Your application can be approved in minutes to a few business days.

Permanent coverage – burial insurance plans are whole life policies locked in for life. The coverage cannot expire because of increasing age or worsening health conditions. The premiums remain level and cannot increase for the policy’s life. The death benefit is locked in and cannot decrease for any reason.

Cash value – funeral insurance is whole life insurance that accumulates cash value over time. You can use the cash value to pay the premiums or borrow from the policy when you have emergencies.

Small face value options – you can buy as little or as much coverage as you need. The face amount you can buy ranges from $1,000 to $50,000 in coverage.

Fast claims payout – since funeral insurance is designed to pay for the funeral and other final expenses, payouts are done quickly (unlike traditional insurance, which may take months to payout). Once the proper paperwork is submitted, you can wait for your claim to be paid within a few days to a week.

Portable – senior final expense life insurance plan is not “locked-in” with any funeral parlor. The insurance company pays in cash, and your beneficiary will receive a tax-free check equivalent to your policy’s face amount; your loved ones have the flexibility to have your funeral service wherever they choose.

Many carriers to choose from – there are many insurance companies offering burial insurance for seniors in the market today. Everyone has a unique underwriting, so you will surely find one that will accept your health issues. All you have to do is fill out the quote form on this page to start your search.

What Does Funeral Insurance Cover?

When you purchase funeral insurance, your beneficiaries can use the payout to pay the following costs:

• Funeral service fees
• Embalming
• Cremation
• Funeral facilities
• Funeral staff fees
• Casket/Urn
• Vault
• Headstone
• Digging and filling the grave
• Funeral hearse
• Flowers
• Burial plot

Assess the cost of everything you need for the funeral to determine how much insurance coverage you need. You can also check our burial insurance calculator article to get a better idea.

Also, consider other costs such as medical bills, credit card debts, and any outstanding debts. Considering all these things will make it easy to calculate how much insurance coverage you should get. If you are unsure how much you need, call Funeral Funds, and we can help you determine the right coverage amount for your needs.

Cost Of Funeral Insurance For Seniors

The cost of funeral insurance for seniors will ultimately depend on the type of policy you choose, either a simplified issue or guaranteed issue.

The face amount, the insurance provider, gender, age, and health condition during the applications all work together to determine your monthly or annual premium.

Most companies offer little savings on premiums if you pay annually, but you can pay monthly, quarterly, or semi-annually.

Here is an example of what you can expect to pay.

• A female in her 60’s can expect 10K of coverage for approximately $33 a month. She could also get $20K for $63 a month
• A male in his 70’s can get $15K for $109 a month. He could even get $20K for $145 a month.
• Those in their 80’s can expect to pay $133 per month for $10K of coverage, $197 for 15K, and $263 for $20K of coverage.

These are monthly premium averages, and your rates may be less.

The funeral life insurance for seniors depends on many factors; thus, providing a fixed rate without any age or health information can be difficult. However, if you want to obtain free insurance quotes from all the different final expense insurance carriers, you can fill up the quotes form on this page to know the exact current rate for this year’s market.

Who Provides The Best Funeral Insurance For Seniors?

There are different insurance companies in the market offering funeral insurance for seniors. We compiled a list of insurance companies that provide affordable burial insurance for seniors.

Trinity Life Insurance (A+)

First Year in Business: 2004

Age Limits: 50-85

Face Amount Options: $2,500 – $25,000

Trinity Life Insurance Company offers their Golden Eagle final expense plan with first-day coverage for people 50-85 years old.

They have has flexible underwriting, and most health conditions qualify for first-day coverage. They also have an easy same-day application and phone approval process (Trinity Life & Family Benefit Life use the same application questions).

AARP/New York Life (A++ – Superior)

First Year in Business: 1845

Age Limits: 50-80

Face amount options: $2,500-$25,000

AARP Life insurance sold through New York Life has one of the best financial ratings from A.M. Best. AARP easy acceptance life insurance is a guaranteed issue policy (more expensive) where you cannot be rejected regardless of your health condition. The death benefit range from $2,500 to $25,000, and you need to be 50 to 80 years old to qualify

CAUTION – New York life or AARP burial insurance is easy to apply for, but the pricing increases as you get older. Many people have to cancel their policies because they get too expensive as they age (when they need this coverage the most). Burial insurance for seniors AARP has high prices, increasing over time. Contact us for better pricing and coverage options.

Mutual of Omaha (A+ -Superior)

First Year in Business: 1909

Age Limits: 45-85

Face amount options: $2,000-$40,000

Mutual of Omaha provides some of the lowest rates on funeral insurance for seniors, particularly those over 80 years old. If you don’t have cancer, heart ailments, or major chronic diseases, there’s a good chance you will qualify for their plans. If you get approved, Mutual of Omaha burial insurance offers immediate coverage with no waiting period.

TransAmerica (A+ – Superior)

First Year in Business: 1904

Age Limits: 45-85

Face amount options: $1,000-$50,000

TransAmerica offers two plans with immediate coverage. Both their Preferred and Standard plans come with no waiting period. TransAmerica has a competitive price for most ages. The Immediate Solution plan has no medical exams or health questions asked. It offers no waiting period to people with COPD, emphysema, or kidney disease.

AIG (A – Excellent)

First Year in Business: 1919

Age Limits: 50-85

Face amount options: $5,000-$25,000

AIG has some of the lowest rates for guaranteed issue life insurance today. AIG burial insurance is a guaranteed issue life insurance for people between 50 and 85 years old. AIG final expense insurance is issued by American General Life in all states except New York. The maximum death benefit is $25,000. Chronic illness riders and Terminal illness riders are included in the plan at no extra cost.

Foresters (A – Excellent)

First Year in Business: 1874

Age Limits: 50-85

Face amount options: $2,000-$35,000

Foresters offer simplified issue funeral insurance policies. Their Plan Right whole life policy has reasonable rates. The policy is priced well, making it one of the most affordable burial insurance in the market today. The death benefit ranges from $2,000 to $35,000; you can purchase it up to age 80.

Gerber (A – Excellent)

First Year in Business: 1967

Age Limits: 50-85

Face amount options: $5,000 – $25,000

Gerber Life only offers a guaranteed issue whole-life policy designed for people with health issues who want to secure affordable insurance coverage. Gerber offers some of the most affordable prices for guaranteed issue life insurance. The plan has a two-year graded benefit, but if the insured dies from accidental death, the full face amount will be paid even during the waiting period.

Assurity (A – Excellent)

First Year in Business: 1890

Age Limits: 0-80

Face amount options: $5,000-$50,000

Assurity offers a simplified issue policy with level benefit and a guaranteed issue with graded benefit. LifeScape is a simplified issue policy with immediate coverage from day 1. It does not require a medical exam, but you must answer some health questions. Assurity offers immediate coverage to people with COPD and emphysema.

Americo ( A – Excellent)

First Year in Business: 1909

Age Limits: 50-85

Face amount options: $2,000-$30,000

Americo offers different whole life insurance products, such as funeral insurance. The policies are simplified and only require basic health questions to qualify. Their funeral insurance policies offer guaranteed level premiums, and coverage cannot be canceled due to advancing age or health issues. Americo offers a low-cost burial insurance policy with no waiting period.

How To Find The Best Funeral Insurance For Seniors?

The best way to find the right funeral insurance company if you’re looking for burial insurance for seniors over 70 and burial insurance for seniors over 80 is to compare quotes from different funeral insurance companies to see who offers the best price and the one that suits your needs.

When you’re ready to purchase final expense life insurance, no exam, you will need the aid of an independent broker like Funeral Funds to do the shopping for you. We work with the top-rated funeral insurance company in the nation, and we will help you compare policies and prices. You can be assured that you will get the policy you want within your budget.

If you have any questions regarding funeral insurance or want to know more about life insurance for seniors, call us at (888)862-9456.

What Kind Of Burial Policies And Final Expense Policies Should I Avoid?

TV AND MAGAZINE ADVERTISEMENTS – Most burial policies or final expense policies you see advertised on television or in magazines are sold as “the no-brainer way” to shop for this protection.

In reality, most of these policies rely on you having NO BRAIN to purchase them.

Everyone is eligible for immediate coverage and better pricing allowed by these heavily advertised policies that cost an arm and leg.

To make a long story short, it is better to shop for burial policies with a specialist in burial insurance, like FuneralFunds.com, than to sign up with a company that spends ba-zillions of dollars each month advertising on television and in magazines.

Increasing Price Policies

Those TV and magazine final expense policies may increase in price every five years or have a two-year waiting period before your benefits kick in! What in tarnation!?!

These policies aren’t all they’re cracked up to be, and you often end up at the short end of the stick by purchasing burial insurance this way.

These tricky television magazine snake oil salesmen lure you in with an attractive rate, only to have the cost of your insurance increase every five years until you cannot afford the premiums, then you must cancel your policy.

What happens after you cancel the policy?

You’ll die and have wasted all that money because you bought a policy that increases in price as you get older. These policies are not an option for those looking for burial insurance for seniors over 60 because they just don’t cut the mustard for most folks!

Avoid policies that increase in price yearly or end at a certain age. You don’t want your family to get hung out to dry when they need this coverage the most.

Why choose Funeral Funds for my burial policy?

Most life insurance agents are fine, respectable people.

There are, however, the classic “snake oil” life insurance agents who will sell you the easiest and most expensive policy possible.

The guaranteed issue folks claim you don’t even need to talk to an agent (but you will need to wait two years for your coverage to begin…even if you’re healthy). Answering a few health questions will often get you immediate coverage and MUCH better rates.

 Avoid these people at all costs!

The rest of the life insurance agents, who are fine respectable people, they are most often generalists.

They deal with all kinds of life insurance policies.

They are Jack of all trades and Masters of none.

They are nice people but are not the logical choice if you want the best pricing and a burial insurance policy with no waiting period.

We work with 20+ final expense companies, so we can get you qualified for the best-priced plan to get folks like you immediate coverage when possible.

We must admit that, for the average burial insurance final expense insurance shopper, all the companies and options will often leave you more confused than a woodpecker in a concrete forest.

How Can Funeral Funds Help Me?

In reality, inexperienced and less knowledgeable insurance agents will cost you loads of money by selling you overpriced burial and final expense policies.

An affordable burial or final expense policy doesn’t have to cost an arm and a leg.

Our job at Funeral Funds is to be the most knowledgeable burial insurance expert available. By doing so, we can knock it out of the park and get you the most accurate burial insurance quotes from the best final expense insurance companies.

Once we know more about your age and health history, we can accurately give you burial insurance quotes from the final expense companies that best fit you.

It is always in your best interest to work with an independent brokerage like Funeral Funds.

With access to all the best final expense insurance companies, we will help you understand your best options, given your current age, health, and financial situation.

Additional Questions & Answers On Funeral Insurance For Seniors

Is funeral insurance a good thing?

For some seniors, funeral insurance can be a good way to cover the costs of their final expenses.

Can I get funeral insurance at age 60?

Yes, you can get funeral insurance at age 60.

What is the best way to get funeral insurance?

The best way to get funeral insurance is to work with an independent life insurance agent. An agent can help you compare policies and find the best deal for your needs.

What is the average cost of funeral insurance?

The average cost of funeral insurance varies depending on your age, gender, location, coverage amount, and your general health.

What is the best funeral insurance for seniors over 60?

The best funeral insurance for seniors over 60 is a policy that provides coverage for your final expenses. It is important to compare policies and find the one that best meets your needs.

What are some of the benefits of having funeral insurance?

Some of the benefits of having funeral insurance include peace of mind, knowing that your loved ones will not have to bear the financial burden of your final expenses, and having the funds available to cover the costs of your funeral.

Can I get funeral insurance at age 70?

Yes, you can get funeral insurance at age 70.

What is the average cost of funeral insurance for seniors over 70?

The average cost of funeral insurance for seniors over 70 is higher than for those under 70, because life expectancy decreases as you get older.

Can you pay monthly for a funeral plan?

Yes, you can pay monthly for a funeral plan.

What is the best way to pay for funeral insurance?

The best way to pay for funeral insurance is by arranging a monthly payment through your checking or savings account.

What do I need to know about funeral insurance?

When considering funeral insurance, it is important to understand the different types of policies available and the coverage they provide. A whole life insurance policy is one type of funeral insurance that can be purchased. This type of policy covers the insured person for their entire life, no matter how long they live.

What’s the difference between funeral insurance and term life insurance?

Funeral insurance is a type of whole life insurance specifically designed to cover your funeral costs. Term life insurance, on the other hand, is temporary life insurance that covers you for a set period of time, usually 10, 20, or 30 years.

How much does funeral insurance cost per month?

The cost of funeral insurance per month varies depending on the age and health of the insured person, as well as the type of policy purchased.

Can I cancel my funeral insurance policy?

Yes, you can cancel your funeral insurance policy at any time.

What is the minimum amount of coverage for funeral insurance?

The minimum amount of coverage for funeral insurance is typical $2,500.

What is the maximum amount of coverage for funeral insurance?

The maximum amount of coverage for funeral insurance varies by the insurer but is typically between $25,000 and $50,000.

Is funeral insurance worth it?

Yes, funeral insurance can be a good way to cover the costs of your final expenses. It is important to compare policies and find the one that best meets your needs.

Can an 80 year old get funeral insurance?

Yes, an 80-year-old can get funeral insurance.

What is the best funeral insurance for an 80 year old?

The best funeral insurance for an 80-year-old is a policy that provides coverage for your final expenses. It is important to compare policies and find the one that best meets your needs.

How does funeral insurance work?

Funeral insurance works by paying a death benefit to your named beneficiary when you die. The beneficiary can use the money to cover the costs of your funeral and other final expenses.

What are some things to consider when buying funeral insurance?

When buying funeral insurance, you should consider your age, health, coverage amount, and beneficiaries.

What is the best age to buy funeral insurance?

The best age to buy funeral insurance is typically between 50 and 70.

Can I get funeral insurance on my mother without her knowing?

No, you cannot get funeral insurance on your mother without her knowing. She must give her consent before you can get her funeral insurance.

What is the purpose of funeral insurance?

The purpose of funeral insurance is to provide peace of mind, knowing that your loved ones will not have to bear the financial burden of your final expenses and having the funds available to cover the costs of your funeral.

Can I get funeral insurance on a family member?

Yes, you can get funeral insurance on a family member if you show insurable interest and consent.

Do I need to have a medical exam to get funeral insurance?

No, you do not need a medical exam to get funeral insurance.

Can my son take out a funeral insurance policy on me?

Yes, your son can take out a funeral insurance policy on you if he is the beneficiary and has an insurable interest.

What is the difference between funeral insurance and life insurance?

The main difference between a funeral and life insurance is that funeral insurance has a small coverage option compared with traditional life insurance.

Can I put funeral insurance on my mother?

Yes, you can put funeral insurance on your mother if she gives her consent.

Is funeral insurance worth it for an 80 year old?

Yes, funeral insurance is worth it for an 80-year-old because it can help cover the costs of their final expenses.

How do I pay for my own funeral?

The best way to pay for your funeral is to purchase a funeral insurance policy. This will ensure that the funds are available to cover your funeral costs when you die.

Does funeral insurance have cash value?

Yes, funeral insurance has a cash value.

What is the cash value of funeral insurance?

The cash value of funeral insurance varies by policy. typically, it ranges from a few hundred dollars to a few thousand dollars.

When does the cash value of funeral insurance start?

The cash value of funeral insurance starts accruing as soon as the policy is issued.

Can I borrow money against the cash value of funeral insurance?

Yes, you can borrow money against the cash value of funeral insurance.

What is the interest rate on a loan against the cash value of funeral insurance?

The interest rate on a loan against the cash value of funeral insurance varies by lender. Typically, it is between 5 and 10 percent.

Can I cancel my funeral insurance policy?

Yes, you can cancel your funeral insurance policy at any time.

Do I have to pay back the cash value of my funeral insurance policy if I cancel?

No, you do not have to pay back the cash value of your funeral insurance.

Can I borrow money from my funeral insurance policy?

Yes, you can borrow money from your funeral insurance policy.

What is the interest rate on a loan from my funeral insurance policy?

The interest rate on a loan from your funeral insurance policy varies by lender. Typically, it is between 5 and 10 percent.

What is the grace period for funeral insurance?

The grace period for funeral insurance is typically 30 days. If you miss a payment, you have 30 days to make it before your policy lapses.

What happens if I miss a payment on my funeral insurance policy?

If you miss a payment on your funeral insurance policy, your policy will lapse, and you will no longer be covered.

Does funeral insurance have cash value?

Yes, funeral insurance has a cash value.

How many funeral insurance policies can you have on one person?

You can have multiple funeral insurance policies on one person.

What is the limit on how many funeral insurance policies you can have on one person?

There is no limit on how many funeral insurance policies you can have on one person.

Are funeral insurance payouts taxed?

No, funeral insurance payouts are not taxed.