The Complete Guide to Final Expense & Burial Insurance for Seniors

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

Burial Insurance Rates for Seniors 60-90

Rates for seniors vary based on age, sex, desired coverage amount, and whether or not you answer health questions. Policies usually offer between $5,000 and $20,000 in benefits to people ages 50 to 85 (learn more about life insurance over 50). Some companies offer their products to people who are over 85, and others have a maximum age limit for those to whom they offer plans. No matter their age, many consumers decide on about $10,000 worth of coverage so they can help cover their funeral costs. You can get an idea of what you’ll pay in premiums for a common $5,000 or $10,000 plan below.

*Note – The following rates do not reflect the rates of any particular insurer.*

Over 60

The average cost of burial insurance over 60 and under 65 ranges between $18 to $88. On average, women are cheaper to insure than men by about $5-$10 per month. The average cost for senior women ranges from $18 to $77, while the cost for senior men ranges from $23 to $88.

Over 65

The average cost of burial insurance over 65 and under 70 ranges between $22 to $93. In most cases, women are cheaper to insure than men. The average cost for senior women ranges from $22 to $77, while the cost for senior men ranges from $29 to $93.

Over 70

The average cost of final expense insurance over 70 and under 75 ranges between $28 to $116. In most cases, women are cheaper to insure than men. The average cost for senior women ranges from $28 to $85, while the cost for senior men ranges from $38 to $116.

Over 75

The average cost of burial insurance over 75 and under 80 ranges between $38 to $162. In most cases, women are cheaper to insure than men. The average cost for senior women ranges from $38 to $125, while the cost for senior men ranges from $51 to $162.

Over 80

The average cost of burial insurance over 80 and under 85 can range between $51 to $268. On average, women are cheaper to insure than men. The average cost for senior women ranges from $51 to $187, while the cost for senior men ranges from $68 to $268.

Over 85

The average cost of final expense insurance over 85 and under 90 can be as high as $300 or more. In most cases, women are cheaper to insure than men.

Over 90

It can be difficult finding an insurer willing to cover someone over the age of 90. If you are accepted, be prepared to pay a very high premium.

As these rates show, men pay higher premiums than women of the same age. Prices increase the older you are when you apply, and answering a few questions on your application proving you’re in good health can earn you a cheaper rate.

Planning for Funeral Insurance

Funeral insurance should be part of every senior’s end-of-life planning process. Final arrangements are expensive and can put a huge financial burden on your loved ones, and no one should have to endure this kind of strain when they’re grieving the loss of a beloved family member or friend. In order to make the process easier for your loved ones (learn more about what to do when a loved one dies), add funeral insurance planning to your to-do list when you’re making other end-of-life plans, including:

  • Creating or updating your will
  • Updating or adding beneficiaries to your financial accounts
  • Transferring ownership of property or assets, such as a home or vehicle
  • Updating or creating guardianship and other legal records, such as power of attorney (POA), medical directive, and trust documents

If your loved one is a parent, you can learn more about buying life insurance for parents.

Types of Burial & Funeral Insurance Coverage

There are two main types of burial insurance: standard and pre-need. Each can be an invaluable tool for your loved ones to pay for your funeral and all of its related costs, but they are unique in how they disperse funds.

Standard Funeral Insurance

Available as term or whole life insurance policies, beneficiaries of these plans receive funds upon the passing of their loved one once the life insurance claim has been approved. This person can use the money for all aspects of the deceased’s final arrangements, including the:

  • Memorial service
  • Wake
  • Funeral
  • Burial or cremation (learn how cremation works)
  • Casket or urn
  • Headstone

Because the beneficiary receives the benefits directly, they can work with any service providers they like, and aren’t locked into any contracts for using the funds with certain companies or individuals. They also have the option of using these funds to pay other debts owed by or expenses related to their loved one, such as:

  • Legal bills
  • Hospital, hospice, assisted living, or nursing home bills
  • Credit card bills
  • Outstanding balances for a home, car, or personal loan

Pre-need Plans

The benefits of a pre-need plan are typically paid directly to the funeral home where arrangements were made prior to death. This means that loved ones planning final arrangements must work with whichever funeral service provider their loved one chose before their passing.

One of the biggest upsides of a pre-need plan is that it allows people the ability to pay for services that may be cheaper now than they will be in the future.

Pros & Cons for Seniors

There are benefits and disadvantages for both standard and pre-need coverage. Weighing the pros and cons for each can help seniors decide which type of plan works best for them.

Standard Coverage

ProsConsFunds dispersed to beneficiaryLoved ones usually need to do more final arrangement planningEasier to get than most life insurance plans, especially for seniors in poor healthLower benefits than most life insurance plansBeneficiary can work with any service provider(s) they wishBeneficiary may not carry out your final arrangement plans as you’d wishedFunds can be used by beneficiary for expenses other than funeral costsThere’s no guarantee the funds will be used to cover funeral costs

Pre-need Coverage

ProsConsFunds dispersed to funeral homeLoved ones can only work with funeral home receiving the benefitEasier to get than most life insurance plans, especially for seniors in poor healthLower benefits than most life insurance plansLoved ones have minimal planning to doLoved ones have little control over style of funeral, items used, or services performedCan save money by paying for services that are cheaper now than in the futureMay end up overpaying for funeral items

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