Looking into burial insurance for seniors is not a pleasant topic. However, as a universal truth, everyone of us will someday have to face and deal with our own mortality.
The vital key… we must do it while we still can.
I realize some visitors here may be looking into coverage for a family member as well. There is content here for all who need the answers to buying Burial Insurance.
Planning for the end of life is something we all must budget for. It is not “cheap” to leave this world anyway you look at it.
As such, it is important that we take action to make sure family and personal obligations are covered while we can.
We certainly do not want our passing to cause financial harm to our loved ones when we are gone.
Leaving a grieving family in a mountain of debt is the last thing most seniors we work with want to do.
Right now we are living in some tough times. The world is going thru some challenges clearly making life more financially stressful for everyday folks.
The take home here…
It is more important than ever to have financial order in place for our loved ones. End of life expenses can be potentially devastating for those we leave behind. There will be no better time than now to take care of business as burial insurance only gets more costly to purchase as you age.
With that said, affordable Burial Insurance to the rescue!!
So What Is Burial Insurance?
Well, affordable burial insurance for seniors is actually a no exam, whole life policy offered by many different insurance companies. It is a permanent policy that is generally smaller in nature, typically between $2000-$50,000. It is designed to pay out benefits quickly to your loved ones so your end of life expenses.
One item to note…
Burial Insurance for seniors is built as a permanent plan, typically with whole life insurance. No medical exam is commonplace. The whole process is quite “painless” and very fast. Avoid “term” policies claiming to be burial insurance. It’s not. Term life insurance policies marketed to seniors like this expire. Wrong type of life insurance.
Accommodating For Less Than Perfect Health As A Senior
To offer burial insurance coverage for the varying levels of health with seniors, life insurance companies have developed 3 different programs. You can think of them as benefit levels or “tiers.”
- Level Benefits – The full death benefit or “face amount” of the burial insurance will be in force the day the actual application is approved and the first payment authorized by you. This is typically called “Simplified Issue” whole life insurance.
- Graded Benefit – The first couple years, the death benefit is reduced in the policy to offset additional risk of the insureds perceived health risk. Important note: The “grading” varies from company to company.
- Guaranteed Acceptance (Guaranteed Issue) – With this whole life policy, there is a 2 or 3 year waiting period until full benefits are available. If natural death of the insured occurs during the first 2 or 3 years of policy issue, all premiums will be returned plus interest which is typically 10%.
Graded life insurance is designed for elderly people who cannot obtain, immediate, full benefits simply because of very rocky health. These policies are similar to Guaranteed Issue coverage but have a few basic health questions which can help you obtain better benefits. In other words, you can obtain partial benefits during the first couple years that are not available with a Guaranteed Acceptance policy.
In many cases we are able to place those who would otherwise fall into a high risk, Guaranteed Acceptance policy and get them better, graded coverage.
A standard “graded” policy often has better benefits and/or lower premiums than a Guaranteed Acceptance whole life policy.
As a life insurance consumer, you should be consulting with a seasoned professional who works with all the top carriers to see what is going to be in your best interest.
If you have no medical conditions beyond controlled high blood pressure and cholesterol, there is no reason to think beyond level benefit, senior burial insurance. Check the burial insurance quoting tool on this page where you can select your coverage and/or even start the approval process. If your on your computer, it should be on your right. On a cell phone, it should be at the bottom. Fill it out and you’re on your way.
For the most part, we recommend a conversation to sort you needs and any special risks out.
Most seniors have more than controlled high blood pressure but that does not mean you still can’t get the best rates from a top burial insurance carrier and policy. We just need to sort out the issues and point you in the direction of the carrier(s) who are “OK” with that situation.
Simple as that.
The Different Types Of Burial Insurance Policies
The vast majority of burial life insurance is going to be based on whole life insurance at its core.
Whole life insurance is the “Cadillac” of simple, no exam burial insurance for seniors.
Once the insurance policy is issued, the cost of ownership does not change, regardless of your health.
And…
The death benefit amount never decreases.
There are 2 sub types of whole life insurance that make up the vast majority of burial policies sold around the country.
At our office, we see about 85% of seniors applying for and being accepted on “simplified issue, whole life insurance.”
What does that mean for you?
- No Medical Exam
- Health Questions designed For Those In Less Than Perfect Health
- Full, Immediate, level benefit life insurance inside of minutes to a couple weeks
- Fast payout to your beneficiary
- Affordable and rock solid dependable for the rest of the insureds life
For those seniors who are evaluated by a seasoned independent agent or broker to be medically uninsurable…there is always “Guaranteed Acceptance Life Insurance” if needed.
No worries, there are options for you to purchase unless you have have reached 90+ years.
Can I Get Burial Insurance With No Waiting Period?
Most seniors will be able to obtain a burial policy with no waiting period. This type of whole life insurance is designed for an average seniors health profile. While some insurance companies are more liberal than others for various health conditions, age and gender, we find about 85% of the people we work with obtain no waiting period in their life insurance period. The exceptions are cases of Dementia, Alzhemiers, internal cancer beyond Stage 1, terminal illness etc. The other 15% general qualify for a graded or guaranteed issue whole life policy. As a general rule, you will also save money in process by applying for life insurance with no waiting period.
Something to kind in mind, if an insurer does not ask any health questions on their application, you will have a waiting period of 2 or 3 years.
Do I really need this coverage?
It is darn expensive to leave this world. A full funeral alone can easily run $10,000. Sure, cremation is much less, but still thousands of dollars after all is accounted for.
Next, ask yourself if there is going to enough money leftover for your spouse or other loved ones to maintain their current lifestyle or are there other family members you wish to leave a legacy for?
Maybe you do have money in the bank to easily pay those costs. In that case, you could prepay your funeral and burial costs at the funeral home.
For many people we speak with, their resources are pretty tight, often on a fixed income. Paying for a full funeral and burial would be very hard on their family financially. Some don’t have any savings at all.
Affordable burial insurance for seniors is available for people 50-85 from several life insurers. A select couple carriers will accept seniors in decent health beyond age 85.
Each company will charge a different premium for the same amount of coverage.
Ideally, you should have a professional guide you. It is easy to get ripped off by some real big names. Even names you see on TV.
Determine amount of life insurance you need. Get an accurate quote.
With an independent agent/broker, you will cut to the chase and find the best policy for you. Burial Insurance can be very affordable prior to age 80. At age 80+ we recommend considering self insuring as well. It becomes very expensive at this point and the value of the protection has diminished. Prepayment at the funeral home would be a second option.
Remember, burial insurance is designed for seniors. It is expected that you have probably have health issues.
No worries.
Qualification requires no medical exam.
Who Can Purchase Typical Burial Policies
Typically, anyone 50-85 is the standard, but in some cases as early as 40. There are limited insurance companies that issue burial insurance policies below age 50, but there are a few companies to look at.
Can I Buy Burial Insurance For My Parents?
A common question comes from children of elderly parents who are helping make funeral arrangements for their aging parent(s).
Yes, you can buy life insurance on your parents.
To buy life insurance on someone, you must first have what is called “insurable interest.” No, you can’t apply for a policy on the neighbor down the street because your friends and there is no “insurable interest.”
With that said…
Children may take coverage out on their parent(s) and become the owner and/or be beneficiary of the policy, but the parent(s) must consent to the coverage.
The proposed insured will be called to conduct a quick phone interview in this case to verify obtain consent and clarify understanding that someone is taking out burial insurance on them.
Parents will also be required to give either an electronic (over the internet) or voice (phone) signature attesting to their agreement. This is for their own protection and takes just a few minutes to complete.
What If I Need a Larger Burial Insurance Policy?
If a burial policy up to $50,000 is not adequate, for best affordability we would recommend also taking a look at at a Guaranteed Universal Life Policy (GUL) or a standard, whole life insurance policy GUL like whole life is also a form of permanent life insurance. Your third choice would be simply applying for another burial insurance policy with an alternate carrier. This may be a better solution depending upon your overall needs and goals.
Why look at Guaranteed Universal Life if exceeding $50,000. Well, it is more affordable than a larger whole life policy.
Then why not for smaller policies? First, no company offers small GUL policies. Second, they are harder to qualify for than a burial policy.
You cannot buy a guaranteed universal life policy below 50K as of now, sorry.
GUL is commonly more used for estate planning and offers much higher face amounts (death benefits) than simplified issue burial insurance. The premiums are considerably lower for policies this size and the coverage can be guaranteed to age 121.
No exam coverage is also available for these larger policies, subject to your age and amount of the policy.
Remember, burial life insurance should only be based on permanent life insurance to prevent outliving the protection.
For seniors, a burial plan should include an appropriate type of life insurance that ensures the needs of your love ones are met regardless of how long you live.
A Special Risk Note…
Again, beware of low quality term life insurance products being called burial insurance. A number of these policies are very poorly written and expire at age 75 or 80. That does not protect the family if it is expired does it? Companies like New York Life/AARP and Globe Life offer term policies that go up in price every five years. Not recommended to those who have a need for term life insurance.
So Do I Really Need a Burial Policy?
Whole life burial insurance is a very affordable type of coverage, but it isn’t for everyone.
It just may not make sense for you to go that route. That is ok.
Some people are just better off self insuring if they have deeper pockets and have all the financial reserves in place to cover their burial costs, medical bills, outstanding debt and the like.
With that said…
Having end of life protection is a very good way of ensuring your family has what it needs financially to carry on without you especially while they are mourning their loss.
Buying a burial policy can work well for those who want and/or need permanent coverage and prefer to put their final expense burden on the insurance company rather than their loved ones. In a simplified issue whole life policy, this can make a lot of monetary sense.
Burial Insurance Cost And Quotes
Below are a couple tables showing a few companies that offer insurance coverage to cover the cost of funeral and burial expenses. While your specific age may not be quoted, it will give you a general idea how much insurance may cost.
For improved accuracy and up to date pricing, may I again suggest you use our Burial Insurance Quote Tool on this page which will give you free quotes for both “simplified issue” (85% of seniors) and “graded benefit or guaranteed acceptance life insurance” (15% of seniors).
Be sure to use “Excellent Rates” if your are a 85% candidate or “Decent or Poor Health” if you are a 15% candidate. The rate classes are found the under “Health Class” menu on the instant quote tool.
When you are ready for a policy, we do recommend you give us a call. We will walk you thru everything to make sure you get the best deal for your family.
Simplified Issue Whole Life Quote Comparison
| AGE | Male $10,000 | Female $10,000 | Male $20,000 | Female $20,000 |
|---|---|---|---|---|
| 65 | $55.76 | $41.01 | $108.31 | $78.82 |
| 66 | $59.35 | $43.44 | $115.49 | $83.68 |
| 67 | $62.93 | $45.86 | $122.66 | $88.52 |
| 68 | $66.53 | $48.29 | $129.85 | $93.38 |
| 69 | $70.11 | $50.81 | $137.02 | $98.42 |
| 70 | $73.70 | $53.24 | $144.20 | $103.28 |
| 71 | $78.36 | $56.63 | $153.51 | $110.06 |
| 72 | $82.92 | $60.12 | $162.64 | $117.04 |
| 73 | $88.01 | $63.93 | $172.82 | $124.65 |
| 74 | $93.16 | $67.78 | $183.11 | $132.36 |
| 75 | $99.53 | $72.41 | $195.85 | $141.62 |
| 76 | $106.87 | $78.25 | $210.54 | $153.29 |
| 77 | $113.64 | $83.51 | $224.08 | $163.81 |
| 78 | $119.86 | $88.44 | $236.51 | $173.67 |
| 79 | $126.23 | $93.41 | $249.25 | $183.62 |
| 80 | $132.65 | $98.43 | $262.11 | $193.66 |
| 81 | $143.00 | $106.21 | $282.79 | $209.22 |
| 82 | $153.54 | $113.96 | $303.88 | $224.71 |
| 83 | $163.41 | $121.31 | $323.62 | $239.41 |
| 84 | $173.28 | $128.55 | $343.36 | $253.90 |
| 85 | $183.15 | $135.90 | $363.10 | $268.60 |
| 86 | $220.83 | $174.17 | N/A | N/A |
| 87 | $242.50 | $186.67 | N/A | N/A |
| 88 | $264.17 | $198.33 | N/A | N/A |
| 89 | $285.83 | $210.83 | N/A | N/A |
Guaranteed Acceptance Whole Life Quote Comparison
| Age | MetLife Insurance | Gerber | Mutual of Omaha |
|---|---|---|---|
| 50 | $42.50 | $28.14 | $24.67 |
| 55 | $48.50 | $35.84 | $28.40 |
| 60 | $57.50 | $46.48 | $32.87 |
| 65 | $69.50 | $55.46 | $41.01 |
| 70 | $88.50 | $68.75 | $53.24 |
| 75 | $118.50 | $90.29 | $72.41 |
Finding Burial Insurance for Seniors Over Age 70
Picking the right seniors burial policy over 70 is a bit different than someone 20 years younger.
Why?
Typically we see some significant health issues that hamper a senior 70+ resulting in less options than they had just a few years ago primarily due to the declining health. With that said, we generally recommend Family Benefit Life/Trinity Life, Aflac or Foresters Financial. This is really going to depend on your specific age and overall health. Use the Burial Insurance Quote tool on this page for the pricing specific to you. Use “Excellent” under the health drop down menu.
Just an FYI, Aflac does not subscribe to this tool so you will not see their rates. Sorry. Nothing we can do about that. Give us a call for an Aflac quote if you are curious. Glad to provide their rates.
Now, why do we suggest these carriers to seniors over 70? One, they are available in almost all states. Second, these are very competitively priced carriers in your age range and offer good service to our clientele. Third, their underwriting and application processes are very good (relaxed) for a senior. You don’t have to be in great health for your age to get a good policy and a locked lifetime price as shown.
Are these always the cheapest carriers? No. Some carriers may be a bit cheaper, but are difficult to apply for and/or require very good health to be approved for their policy.
The 3 keys to your actual price: your age, gender and overall health.
Make a note to yourself. Policies that don’t ask any health history questions are called “guaranteed acceptance.” They are considerably more expensive and have lower benefits. This is without exception.
Burial Insurance For Seniors Over 80
For seniors looking for burial insurance over 80, the options start to become narrow. Most insurance companies offering burial insurance will not offer policies to a new applicant as of age 81. However, there are a few who will. Yes, these are lifetime burial insurance policies and no rate increases. We find that Aetna, Mutual of Omaha and Family Benefit/Trinity Life offer the best value in terms of affordability, policy benefits and service for seniors over 80. You can find their pricing in the instant burial insurance quote tool on this page. Since most seniors qualify for burial insurance under the “Excellent” health class we’d suggest you select that to get your quotes.
Now, the tool will show other no exam whole life insurance available to seniors over 80. Those may or may not be good alternatives for you. A phone consultation with us is recommended.
Yes there are some health questions for these top carriers and plans but no doctors, needles or nurses to qualify. This is part of obtaining a top notch and most affordable burial insurance policy
Now, sometimes we suggest an alternate carrier that does not publish their rates in this tool or just different than the 3 companies we’ve suggested to you in this section. Often that is due to a very complicated health history or a particular chronic condition. Our goal is to get you the best coverage you qualify for.
Not sure about any of this? We’re always glad to help. Feel free to give us a call, 269-230-3464.
Burial Insurance for Seniors – The Wrap Up
If you are interested in specific companies we most often place seniors with, check out part of our article on the best burial insurance companies.
Burial Insurance is a niche product designed to meet the family planning needs of people in or approaching their golden years. Burial insurance for seniors is designed to be easy to apply and qualify for.
A true burial policy is built on whole life insurance. You are in full control of whom the benefits are paid to. Its design also includes tax free benefits to a properly named beneficiary(s) of the policy.
A burial insurance policy may build up cash value as a living benefit, however, we do not recommend taking loans against this policy. Often times, these are relatively small policies that don’t leave a lot of “fat” to allow for loans that may go unpaid and deplete the death benefit below expected funeral and burial costs. This of course could leave your family without the resources it needs to cover your end of life expenses.
At Special Risk Life, we’ve have a business relationship with dozens of the finest life insurance companies. Many of them do offer burial/final expense insurance. Many carriers also do not offer burial insurance for seniors at all.
Carriers that do offer the type of policies we are talking about, well… one is not necessarily better than the other. I’m sure certain names are more familiar to you, but “the best” really depends on you age and overall health (for the lowest pricing). There are many fine companies out there. Your independent life insurance agent/broker can guide you to what is best for you and your loved ones.
I will put up a red flag here.
Be very careful who you are placing your business with. Some of the big names out there are pushing “high profit” burial insurance for seniors. Lots of trusting consumers have been taken advantage because of poor representation of the actual policy that was sold to them.
Lots of misinformation and questionable marketing tactics have flooded the senior market. This includes the unnecessary use of expensive guaranteed acceptance and bottom tier term life insurance which goes up in price every 5 years…until it expires worthless on you at age 80.
The solution??
Find a good independent agent/broker who will listen to your life insurance goals, discuss your overall health and then suggest the right product and carrier matched to your particular needs.
It costs you nothing to have a middle man/woman shopping for you and suggesting what is in your best interest.
If you do not like who you are speaking to, find someone else. You have a lot to gain by having a good advocate without the downside.
Are you looking for affordable burial insurance?
None of us are going to get any younger. The sooner you lock in your financial protection on a quality burial insurance policy designed for a fixed income senior, the more savings you will have in the long run.
As you contemplate you next step, keep in mind that a change in health will make it more challenging to qualify for the best rates.
While we have laid out a some serious food for thought here, you may feel you still have some unanswered questions. Feel free to continue browsing our site, leave a comment below or better yet, simply give us a call at 269-230-3464.
We’re here to help and can get your questions or concerns addressed.
Special Risk Life is a veteran independent life insurance agency that specializes in guiding people with even the toughest health conditions thru the life insurance process. We are very passionate about helping people get the financial protection they want while delivering affordable coverage people can absolutely count on.
