Best Final Expense Insurance For Seniors

Here are the best information about Burial insurance for seniors over 80 public topics compiled and compiled by our team

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 with guaranteed issue policies is the mandatory two-year waiting period.

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 PeriodFemale $10,000 Guaranteed AcceptanceMale $10,000 No Waiting PeriodMale $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.

Be wary of term insurance for final expense coverage

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

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 your funeral expenses, 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.

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 policy is probably with one of them.

1) Mutual of Omaha

Living Promise whole life insurance from Mutual of Omaha is one 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 burial insurance policy unless you have had a recent heart attack, stroke, cancer, or significant chronic illnesses.

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

Product DetailsPolicy 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 BenefitsPremiums Stay the Same Forever: Yes Builds Cash Value: Yes Policy Duration: Lifetime Optional Riders: Accidental Death (2X the payout for accidental death) Application DetailsWhere 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

2) Aetna

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 DetailsPolicy 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 BenefitsPremiums Stay the Same Forever: Yes Builds Cash Value: Yes Policy Duration: Lifetime Optional Riders: Accidental Death (2X the payout for accidental death) Application DetailsWhere 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

3) Royal Neighbors of America

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 DetailsPolicy 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 BenefitsPremiums Stay the Same Forever: Yes Builds Cash Value: Yes Policy Duration: Lifetime Optional Riders: None Application DetailsWhere 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

4) American Amicable

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, people 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 DetailsPolicy 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 BenefitsPremiums Stay the Same Forever: Yes Builds Cash Value: Yes Policy Duration: Lifetime Optional Riders: None Application DetailsWhere 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

5) Transamerica

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 DetailsPolicy 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 BenefitsPremiums Stay the Same Forever: Yes Builds Cash Value: Yes Policy Duration: Lifetime Optional Riders: Accidental Death (2X the payout for accidental death) Application DetailsWhere 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

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.

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, 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 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

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