If you’re wondering how to pay for funerals and other things when someone’s older, burial insurance could be a good idea to look into. It’s also called final expense insurance, and it’s pretty simple. This type of insurance is for seniors who don’t need a ton of coverage, and not all insurance companies offer it.
Final expense insurance is a kind of whole-life insurance that doesn’t need a medical exam. It’s meant to pay for things like funerals and medical bills when someone passes away.
Even if seniors have health issues already, they can still get this kind of insurance. Typically, these plans cost between $50 to $100 a month.
Picking the best burial insurance is like picking a new phone! We check what each plan offers (like cool features), where you can get them (like where the phone works), and any extras (like a free case).
So, these burial insurance plans are there to help cover those final expenses when the time comes. And even if you have health problems, you can still get one. They cost around $50 to $100 a month. And our experts looked at lots of different plans to find the best ones out there.
Key Takeaways:
- Burial insurance is helpful for older people because it makes them feel safe about their money and gives them a calm feeling inside.
- When picking burial insurance, you gotta think about stuff like what it covers and if you can afford it.
- The top burial insurance companies give you good coverage, they make their customers happy, and they’re strong.
- When you’re checking out burial insurance, make sure they let you pay in different ways and accept everyone.
- When you apply for burial insurance, you need to know how to fill out the forms and get all the papers you need.
Best Burial & Final Expense Insurance for Seniors
| Companies | A.M Best Rating |
| Best for overall: Mutual of Omaha | A+ |
| Best for seniors over 50 & 60: Aflac | A+ |
| Best for seniors who use tobacco: American Amicable | A |
| Best for seniors over 80: Aetna (American Continental Insurance Company) | A |
| Best for seniors with diabetes: Royal Neighbors of America | A- |
Mutual of Omaha
Mutual of Omaha is a company that sells different kinds of money plans to help folks take care of their future. They have stuff like life insurance, extra insurance for Medicare, and insurance for when you need extra help later in life.
People like Mutual of Omaha because they’ve been around for a long time and have a good reputation for helping folks all over the country.
They want to make insurance easy for everyone, so they offer different plans that fit what you need and what you can afford.
Mutual of Omaha cares about making its customers happy. They want you to feel safe and secure about your money and your family’s future.
Face Amounts: $2,000 – $40,000 ($20,000 Graded Max)
Types:
- Level
- Graded
Payouts:
- Level – Immediate
- Graded – 2-year policy (Return of Premium plus 10%); Full payout for accidental death.
Pros
Mutual of Omaha is famous for being dependable and reliable. They offer different kinds of insurance to help with different needs.
People trust Mutual of Omaha because they’ve been around a long time and have a good reputation in the insurance world. This makes customers feel safe and secure.
Also, Mutual of Omaha is known for being financially strong. This means they can pay out claims quickly when people need it.
They have a special plan that doesn’t make you wait a long time to get benefits, but you have to meet certain conditions for it.
This plan gives you full benefits right away if you die naturally or in an accident. Plus, the cost stays the same for your whole life.
Coverage can go up to $50,000.
Cons
Even though lots of people think Mutual of Omaha is great, some folks have had problems getting their money when they needed it.
When it takes a long time or it’s hard to get your money from a claim, it can make people annoyed and unhappy with the company.
For the regular plan, you have to wait for 2 years before you can use it. And the modified plan costs more but still makes you wait the same amount of time.
The application must be made through licensed agents.
Why We Choose It:
We picked Mutual of Omaha because it’s known for being super reliable in the insurance world. They offer lots of different kinds of insurance and are good with money.
If you have insurance with Mutual of Omaha, you can trust them to cover your final expenses when you need it.
Choosing insurance can be tough. While Mutual of Omaha is a big company, some people have had trouble getting their money back in the past. This is important because you want an insurance company you can trust, like a reliable friend. So, it might be a good idea to check out other options before deciding, to make sure you find the best fit for you and your family!
Aflac
Mutual of Omaha is a company that sells different kinds of money plans to help folks take care of their future. They have stuff like life insurance, extra insurance for Medicare, and insurance for when you need extra help later in life.
People like Mutual of Omaha because they’ve been around for a long time and have a good reputation for helping folks all over the country.
They want to make insurance easy for everyone, so they offer different plans that fit what you need and what you can afford.
Mutual of Omaha cares about making its customers happy. They want you to feel safe and secure about your money and your family’s future.
Face Amounts: $2,000 – $40,000 ($20,000 Graded Max)
Types:
- Level
- Graded
Payouts:
- Level – Immediate
- Graded – 2-year policy (Return of Premium plus 10%); Full payout for accidental death.
Pros
Mutual of Omaha is famous for being dependable and reliable. They offer different kinds of insurance to help with different needs.
People trust Mutual of Omaha because they’ve been around a long time and have a good reputation in the insurance world. This makes customers feel safe and secure.
Also, Mutual of Omaha is known for being financially strong. This means they can pay out claims quickly when people need it.
They have a special plan that doesn’t make you wait a long time to get benefits, but you have to meet certain conditions for it.
This plan gives you full benefits right away if you die naturally or in an accident. Plus, the cost stays the same for your whole life.
Coverage can go up to $50,000.
Cons
Even though lots of people think Mutual of Omaha is great, some folks have had problems getting their money when they needed it.
When it takes a long time or it’s hard to get your money from a claim, it can make people annoyed and unhappy with the company.
For the regular plan, you have to wait for 2 years before you can use it. And the modified plan costs more but still makes you wait the same amount of time.
The application must be made through licensed agents.
Why We Choose It:
We picked Mutual of Omaha because it’s known for being super reliable in the insurance world. They offer lots of different kinds of insurance and are good with money.
If you have insurance with Mutual of Omaha, you can trust them to cover your final expenses when you need it.
Choosing insurance can be tough. While Mutual of Omaha is a big company, some people have had trouble getting their money back in the past. This is important because you want an insurance company you can trust, like a reliable friend. So, it might be a good idea to check out other options before deciding, to make sure you find the best fit for you and your family!
Aflac
Aflac’s burial insurance is one of the top choices in the USA because it’s affordable, provides good coverage, and doesn’t make you wait if you pass away from natural causes.
It’s like a special type of insurance that covers all the costs associated with your passing, like your funeral expenses. You don’t have to go through a medical exam to get it, but you do have to answer some health questions.
Aflac will also look at the medicines you’ve taken to understand your health better. If something happens to you, Aflac will give your family money, and they don’t have to pay taxes on it. They can use the money for anything, not just your funeral, and whatever’s left over is theirs to spend however they want.
Aflac’s burial insurance comes in three different levels, depending on your health history, to see if you qualify.
Face Amounts: $2,000 – &25,000
Types:
- Preferred
- Standard
- Modified
Payouts:
- Preferred – No waiting period (subject to underwriting approval)
- Standard – 2-year waiting period
- Modified – 2-year waiting period
- Accidental Death (2X the payout for accidental death)
Pros
Aflac stands out for its quick approval process, often providing coverage within a short timeframe.
Their flexibility in coverage options allows customers to tailor their policies to meet their specific needs and budget.
Additionally, Aflac’s policies typically do not require medical exams, making them accessible to applicants with various health conditions.
Their rates are competitive, and they offer first-day coverage for preferred and standard plans.
High coverage options are available.
Cons
While Aflac offers convenience and flexibility, some customers may find that their rates are higher compared to other insurance providers.
The cost of premiums may be a deterrent for some applicants, especially those seeking more affordable options for burial insurance.
To buy a policy, you must engage in a conversation with a licensed agent as online purchases are not available.
The modified plan is expensive and has a 2-year waiting period. Aflac may not always be the lowest-priced option .
Why We Chose It
Aflac was selected for its quick approval process and flexibility in coverage options.
The company’s ability to provide coverage without the need for medical exams makes it accessible to applicants with various health conditions.
It will ensure that more people can secure the coverage they need.
While rates may be slightly higher compared to other providers, Aflac’s convenience and accessibility make it a preferred choice for those seeking hassle-free burial insurance.
American Amicable
American Amicable final expense insurance provides seniors with whole life coverage primarily aimed at covering end-of-life expenses.
You won’t need to undergo a medical exam; instead, you’ll just need to answer some health questions.
Along with these questions, they’ll also check your past medications to better understand your overall health status.
Upon your passing, American Amicable will directly disburse the death benefit funds to your family or the funeral home.
Your loved ones will receive a tax-free cash payment, which they can use however they need, without any restrictions.
And any remaining money belongs entirely to them to use as they see fit.
Face Amounts: $2,500 – $50,000
Types:
- Level
- Graded
- ROP
Payouts:
- Level – Immediate
- Graded – 2-year waiting period (1st Year: 30% payout, 2nd Year: 70% payout)
- ROP – Have 2-year waiting period
Pros
American Amicable offers competitive rates and comprehensive coverage options, providing policyholders with peace of mind knowing their end-of-life expenses will be covered.
The company’s commitment to customer satisfaction is reflected in its responsive customer service and efficient claims processing.
Cons
Despite its strengths, some customers have experienced challenges with American Amicable’s customer service.
Delays in response times or difficulties in reaching representatives can impact the overall experience of policyholders, leading to frustration and dissatisfaction.
Why We Chose It:
American Amicable was chosen for its competitive rates and comprehensive coverage options.
With a commitment to customer satisfaction and efficient claims processing, American Amicable provides policyholders with peace of mind.
Knowing their end-of-life expenses will be covered.
Despite some reported challenges with customer service, American Amicable’s affordability and coverage options make it a preferred choice for burial insurance.
Aetna (American Continental Insurance Company)
The ACI/CLI Final Expense policy from American Continental, an Aetna company, is set up as a graded product.
This easy-to-get policy doesn’t need you to meet any specific height or weight requirements, and you don’t have to take any medical exams.
Instead, you just need to fill out an application and do a tele-interview. If you answer “Yes” to any health questions, though, you won’t be able to get this policy.
Unfortunately, if you have serious health issues like lung, heart, or mobility problems, you won’t qualify for this policy. You might have to check out other options instead.
Also, keep in mind the amount of coverage you can get. And, where you can get it might be limited depending on the state you live in.
So, it’s important to check if you qualify for this policy based on where you live.
Face Amounts: $3,000 – $35,000
Types:
- Level
- Graded
- Modified
Payouts:
- Level – Immediate
- Graded – 2 years (40% payout, 70% payout)
- Modified – 2 Years (Return of Premium + 10% interest first two years)
Pros
Aetna offers accessibility to seniors up to age 89, making their policies accessible to a broader demographic.
Their range of insurance products provides customers with options to find coverage that suits their unique circumstances.
Aetna is also known for its strong network of healthcare providers, ensuring that policyholders have access to quality care.
Aetna offers first-day coverage for their level benefit plan.
They accept diabetic complications for immediate coverage, and have no height-to-weight guidelines.
Cons
Despite its accessibility, Aetna’s customer reviews vary, with some policyholders expressing dissatisfaction with their experiences.
Issues such as delays in claims processing or difficulty reaching customer service representatives can impact the overall satisfaction of policyholders.
The graded plan has limited payouts during the first two years, and Aetna may not always have the most competitive pricing .
Aetna doesn’t offer guaranteed issue life insurance, so you need to qualify for their coverage by answering health questions.
It means there’s a chance you could be denied coverage, as they don’t currently have any guaranteed issue options available.
Why We Choose It:
We picked Aetna because it offers insurance to seniors up to age 89.
Aetna has many doctors and different insurance plans, so people can find what they need.
Though some customers might say different things, Aetna tries hard to give good care and coverage to everyone, making it a good choice for burial insurance.
You can easily apply for Aetna life insurance over the phone by speaking with a licensed Aetna agent. Often, you’ll find out if you’re approved or declined in under 15 minutes.
Royal Neighbors of America
Even though Royal Neighbors of America operates in only a select few states. Their Simplified Issue Whole Life and Graded Death Benefit Whole Life plans provide lifelong coverage.
With just a handful of straightforward health questions to answer. Even if you respond with a “Yes,” applicants aged 50 to 75 still have the option of the graded choice.
They don’t categorize applicants into preferred or sub-standard rates. Instead, they assess based on tobacco and non-tobacco ratings for each gender.
Face Amounts:
- Simplified Issue – $7,000 – $30,000
- Graded: $5,000 – $10,000
Types:
Simplified
Graded
Payouts:
- Simplified – Immediate
- Graded – 2 years (30% payout, 70% payout)
- Accidental death pays in full.
Pros
Royal Neighbors of America distinguishes itself with its focus on community involvement and philanthropy.
The company is committed to giving back to the community through various charitable initiatives, fostering a sense of social responsibility among its policyholders.
Additionally, Royal Neighbors of America offers a range of insurance products designed to meet the diverse needs of its members.
Royal Neighbors of America provides a first-day coverage plan.
They accept various health conditions for immediate coverage, and offer fraternal benefits for policyholders.
Cons
While Royal Neighbors of America promotes community engagement, their policies may have stricter eligibility criteria compared to other insurance providers.
It could potentially limit access to coverage for some applicants, particularly those with pre-existing health conditions.
Royal Neighbors of America tends to have higher prices for people in their 50s compared to other companies.
Its rates were similar to those charged by other insurers for individuals aged 60-65. If you’re under 60 and in good health, you may find better options elsewhere.
In addition, reaching Royal Neighbors of America via telephone can be frustrating. Callers often experience extremely long hold times, lasting between 15 to 30 minutes.
Why We Choose It:
Royal Neighbors of America caught our attention because they care a lot about helping the community.
They believe in giving back and helping others, which is something we really value.
Even though their rules for who can get insurance might be a bit strict. But their dedication to helping the community makes them a special choice for burial insurance.
How Much Does Burial Insurance for Seniors Cost?
Burial insurance for seniors typically costs between $50 to $200 per month. Policies with higher coverage amounts or additional features may have higher premiums.
Additionally, rates can vary based on individual circumstances and location.
Seniors should consider comparing quotes from various insurance companies. It will help them find the most suitable and affordable burial insurance policy for their needs.
For some examples of monthly costs, here’s a chart from Choice Mutual.
| Age & Gender | $5,000 | $10,000 | $25,000 |
| Female age 40 | $12 | $21 | $47 |
| Female age 45 | $13 | $23 | $52 |
| Female age 50 | $14 | $24 | $55 |
| Female age 55 | $15 | $28 | $64 |
| Female age 60 | $18 | $33 | $76 |
| Female age 65 | $22 | $41 | $97 |
| Female age 70 | $28 | $53 | $127 |
| Female age 75 | $37 | $71 | $172 |
| Female age 80 | $50 | $98 | $241 |
| Female age 85 | $70 | $136 | $335 |
| Female age 89 | $131 | $260 | $651 |
| Male age 40 | $14 | $25 | $57 |
| Male age 45 | $15 | $27 | $63 |
| Male age 50 | $17 | $31 | $71 |
| Male age 55 | $20 | $36 | $84 |
| Male age 60 | $23 | $43 | $103 |
| Male age 65 | $29 | $54 | $130 |
| Male age 70 | $37 | $70 | $169 |
| Male age 75 | $50 | $97 | $238 |
| Male age 80 | $69 | $135 | $332 |
| Male age 85 | $91 | $178 | $440 |
| Male age 89 | $180 | $357 | $888 |
Factors to Consider When Choosing Burial Insurance
When selecting burial insurance, seniors should take into account several important factors to ensure they make the right choice.
From coverage options to affordability, these considerations can make a significant difference in finding a policy that meets your needs.
Let’s explore some key factors to consider when choosing burial insurance:
- Coverage Amount: Determine the amount of coverage you need to cover funeral expenses, outstanding debts, and any other financial obligations.
Consider current and future expenses, and choose a policy that provides adequate coverage.
- Age Restrictions: Some burial insurance policies may have age restrictions, so it’s crucial to confirm the eligibility requirements.
Ensure that the policy you choose is available for your age group.
- Waiting Period: Understand if the policy has a waiting period before it provides full benefits.
This waiting period can vary between insurance providers, so be sure to inquire about the waiting period duration.
- Beneficiary Designation: Decide who will be the beneficiary of the burial insurance policy.
Making sure that they have the necessary information to access the benefits when the time comes.
- Flexibility of Payments: Consider the payment options available. Some policies offer flexible payment terms.
It will allow you to choose monthly, quarterly, or annual payments that fit your budget.
“Choosing the right burial insurance requires evaluating various factors such as coverage amount, age restrictions, waiting period, beneficiary designation, and flexibility of payments.”
To help you make an informed decision, it’s advisable to compare quotes from different insurance providers.
Consider their reputation, customer reviews, and financial stability.
Types of Burial Insurance Policies
When it comes to burial insurance, there are several policy types available that cater specifically to the needs of seniors.
Understanding these different options is crucial in making an informed decision that suits your requirements.
Here, we provide an overview of the various burial insurance policies and their coverage options:
1. Pre-need Funeral Insurance
Pre-need plan benefits are usually disbursed directly to the chosen funeral home. Loved ones obliquely collaborate with the predetermined service provider.
One major advantage of such plans is the opportunity to secure services at current rates, potentially saving on future expenses.
2. Final Expense Insurance
Final expense insurance, also known as burial insurance. It offers coverage to cover the expenses associated with end-of-life services.
Beneficiaries of these plans receive funds once the life insurance claim is approved following the passing of their loved one.
These funds can be utilized for all aspects of the deceased’s final arrangements, including:
- Memorial service
- Wake
- Funeral
- Burial or cremation (learn how cremation works)
- Casket or urn
- Headstone
The beneficiary receives the benefits directly, allowing them to freely select service providers without contractual obligations to specific entities.
This flexibility ensures they can utilize the funds according to their preferences and needs.
They can also choose to allocate these funds towards settling other debts or expenses associated with their loved one, including:
- Legal bills
- Hospital, hospice, assisted living, or nursing home bills
- Credit card bills
- Outstanding balances for a home, car, or personal loan
This policy provides a lump sum payment to beneficiaries, ensuring that they have the necessary funds to cover these expenses.
3. Guaranteed Issue Burial Insurance
Guaranteed issue burial insurance is a type of policy that does not require a medical exam or any health screenings.
It guarantees acceptance for seniors, regardless of their health conditions.
This policy offers a simplified underwriting process. It makes an accessible option for individuals who may have difficulty obtaining traditional life insurance coverage.
4. Simplified Issue Burial Insurance
Simplified issue burial insurance is similar to guaranteed issue burial insurance in terms of eligibility, as it also does not require a medical exam.
However, it usually involves answering a few health-related questions.
This policy is ideal for seniors who want a streamlined application process. They are still receiving coverage for their funeral and final expenses.
5. Term Burial Insurance
Term burial insurance provides coverage for a specified period, typically 10, 15, 20, or 30 years.
This policy allows you to choose the length of coverage that best aligns with your needs. It offers affordable premium rates.
It’s good for seniors who require temporary coverage.
| Policy Type | Coverage | Eligibility | Medical Exam |
| Pre-need Funeral Insurance | Funeral expenses | No age restrictions | May require medical questionnaire |
| Final Expense Insurance | Funeral and end-of-life expenses | No age restrictions | May require medical questionnaire |
| Guaranteed Issue Burial Insurance | Funeral and end-of-life expenses | Seniors with health conditions | No |
| Simplified Issue Burial Insurance | Funeral and end-of-life expenses | Seniors with health conditions | No |
| Term Burial Insurance | Funeral and end-of-life expenses | Seniors without major health issues | No |
These are just a few examples of the types of burial insurance policies available for seniors.
Planning for Burial Insurance
Funeral insurance is a crucial aspect of end-of-life planning for seniors, as final arrangements can impose significant financial strain on loved ones.
To ease this burden during a time of grief, it’s essential to include funeral insurance planning in your overall preparations.
It entails tasks like creating or updating your will, ensuring beneficiaries are updated or added to your financial accounts.
Managing the transfer of property or assets like homes or vehicles, and revising or establishing legal documents. Including power of attorney (POA), medical directives, and trust documents.
By incorporating funeral insurance planning into your to-do list alongside these essential tasks, you can help streamline the process for your loved ones.
In addition, for those with parent responsibilities, exploring options for purchasing life insurance for parents may be beneficial.
How to Apply for Burial Insurance
Reviewing Burial Insurance Quotes and Comparing Options
Seniors can effectively compare burial insurance policies. It’s by conducting thorough research on both standard and pre-need plans. As well as the companies providing them.
Seniors can effectively compare burial insurance policies by:
- Obtaining custom, free online burial insurance quotes from at least two or three companies.
- Contacting at least two or three companies directly by phone for personalized quotes.
- Enlisting the assistance of an experienced insurance agent who can compare policies and recommend the best options.
- Seeking insights from loved ones about their experiences with their current policy providers.
However, it’s essential to use these recommendations as a starting point and obtain quotes from any company under consideration.
Through understanding burial insurance policies and thorough comparisons, they can find reassurance knowing their final expenses will be covered.
Thus relieving loved ones of stress during a difficult period.
Final Thought
In navigating the realm of end-of-life planning, securing final expense insurance is paramount for ensuring peace of mind and financial preparedness.
With choices abound, connecting with our licensed insurance agent becomes your invaluable resource.
They can tailor a solution that perfectly aligns with your unique needs and preferences..
Let us guide you through the process, providing personalized assistance to safeguard your future. And offer solace to your loved ones during challenging times.
Connect with our experienced agent today for a seamless journey towards the best burial and final expense insurance tailored specifically for seniors.
FAQs: Best Burial & Final Expense Insurance for Seniors
What is the difference between burial and funeral insurance?
Burial and funeral insurance are synonymous terms. It is also known as final expense insurance.
Who qualifies for burial insurance for seniors?
Generally, individuals aged 45-85 are eligible for guaranteed acceptance policies.
However, it’s crucial to understand that all guaranteed issue policies entail a two-year waiting period.
In the event of death during this period, the insurer refunds only premiums plus interest.
Seniors are encouraged to apply for coverage with a health questionnaire. Its approved policies are typically more affordable and do not include a waiting period.
While options exist for individuals outside the 45-85 age range, they must medically qualify for coverage.
What is an Automatic Premium Loan (APL) provision?
An Automatic Premium Loan (APL) provision, an optional feature in burial insurance policies.
It enables the insurer to cover missed premium payments using the policy’s cash value, preventing it from lapsing.
Will the beneficiaries have to deal with taxes?
Final expense insurance provides beneficiaries with a tax-free cash benefit, which they can utilize according to their needs, with any remaining amount belonging to them.
There’s no tax liability for your loved ones associated with the policy payout.
How much does final expense insurance for seniors cost?
Final expense life insurance for seniors generally ranges from $50 to $150 per month for a death benefit of $10,000 to $15,000.
The rates fluctuate depending on factors such as gender, health status, and the chosen coverage amount.
What is the contestability period?
The contestability period is a timeframe during which the insurer can scrutinize and potentially reject a benefits claim.
It’s typically within the first one or two years of the policy’s inception. If a claim is denied, the insurer refunds all premiums paid by the deceased.
Do burial insurance companies charge hidden fees?
Final expense insurance purchases entail no hidden fees whatsoever.
Furthermore, there are no down payments required upon submitting your application. Your sole financial obligation is the monthly payment amount.
