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Best Burial and Life Insurance for Seniors over 70 and 75 for 2024
By Matt Schmidt
Discover affordable life insurance options for seniors over 70 and 75, such as burial insurance, term life, whole life, or universal life. This guide helps you choose the right policy type and estimates coverage costs. We know first hand that many families will benefit from owning a burial insurance, or life insurance policy in their later years.
Burial insurance is a convenient whole-life policy that covers end-of-life expenses like cremation or burial costs. NO matter the age of a person, a policy like this tends to make financial sense. With coverage up to $50,000, no medical exam is required. Insurance companies will simply ask you a list of YES and NO health questions, and will also perform a prescription drug background review to determine your eligibility.
Insider Tip:Burial insurance, referred to as “funeral insurance” or “final expense insurance,” is essentially the same regardless of the label used. These are marketing terms given to smaller amounts of life insurance. |
These types of policies offer a guaranteed death benefit, and insurance premiums that won’t change or expire, ensuring quick tax-free cash payouts within 48 hours of claim approval. You can designate beneficiaries or a funeral home. It’s perfect for individuals seeking coverage solely for funeral expenses.
Mutual of Omaha’s burial insurance, known as “Living Promise,” is often the most cost-effective option for seniors over 70. With coverage of up to $40,000, beneficiaries can use the funds for funeral expenses, medical bills, or other needs.
The table below presents sample monthly premiums ranging from $10,000 to $40,000. Utilize our free online tool to compare quotes from multiple funeral insurance providers, including AARP life insurance, Sentinel Security Life, Senior Life Insurance, Colonial Penn, and more.
Premiums Stay the Same Forever: Yes, rates do not increase
A guaranteed issue policy offers whole-life insurance coverage without health or lifestyle inquiries, ensuring approval regardless of past health issues. Everyone is guaranteed to be approved.
These policies, however, always include a 2 year waiting period, and any non-accidental death within that time results in a refund of premiums plus minimal interest. We would like to note that only people in poor health should apply for plans like these. Guaranteed acceptance plans are a person’s last resort.
Please do not purchase a policy like this if you’re in average to above average health. Why? Because your premiums will be higher, and we prefer for people to hold onto their hard earned money. Not to mention you could be approved for policies that pay a day 1, immediate death benefit product.
Regarding guaranteed acceptance coverage for seniors, Gerber Life stands out as one of the best options in terms of pricing. What sets them apart is their unique policy of refunding 110% of premiums during the two-year waiting period, and their easy application process.
Gerber Life’s combination of competitive rates and significantly higher interest rates make them the clear winner for anyone seeking a guaranteed acceptance life insurance policy.
Whole life insurance provides guaranteed fixed premiums, constant coverage, and lifelong protection. It also builds cash value, serving as an asset based policy that can be accessed in the future. With each payment, the cash value grows, offering flexibility for withdrawals. Some policies even provide dividends or increased value.
Whole life insurance is perfect for estate planning, covering funeral expenses, cremation expenses, or leaving a financial legacy for a surviving spouse. Enjoy the peace of mind and long-term benefits of whole-life insurance tailored for seniors over 70. Trust us, almost everyone at this age needs a policy like these.
Foresters Financial offers an exceptional participating policy named “Advantage Plus.” This policy stands out by aggressively accumulating cash value, surpassing other providers’ offerings. Their certificate of insurance will offer a death benefit that increases over time as well.
With over 140 years of experience, Foresters Financial boasts impeccable financial ratings, instilling confidence in its services. We feel very strongly about Foresters offerings, products, and high level of customer service. Their whole life insurance product is also favorable to diabetics.
Term life insurance offers temporary coverage for a period, usually 5-15 years, or until a specific age. Due to the risk of outliving a policy, we do not recommend term life insurance. AARP burial insurance lasts until age 80 and a person can outlive their product. Premiums are lower because it expects policyholders to outlive the term. It’s best for temporary needs, like debts, not permanent expenses like funerals.
Midland National is the top choice for seniors due to low rates and inclusive underwriting, accepting applicants with cardiac issues. They offer a ten-year and 15 year term for 70-year-olds, while those above 70 have the ten-year option.
Guaranteed Universal Life Insurance (GUL) offers seniors a permanent policy with a fixed price and death benefit. Unlike whole life insurance, GUL has limited cash value growth. It serves as a more affordable option for seniors over 70. However, many insurance providers only offer coverage at $25,000 or higher. Finding smaller GUL plans is difficult and may not be an option for you.
For many people, a whole life policy from Senior Life Insurance Company, or Mutual of Omaha may be a better fit. Because of this, we strongly recommend a person to contact us, and to have a quick conversation to determine what plans are best for your financial situation.
American National provides a competitively priced guaranteed universal life plan featuring a complimentary terminal illness benefit rider. They accept new policy applications from older adults up to 80 years old.
To obtain life insurance coverage without a waiting period, qualifying for underwritten policies is essential. This means you need to complete an application process that includes answering health questions without needing a medical exam. Insurance companies will also do a MIB ( medical information bureau ) review and a prescription drug background check.
Insider Tip:Individuals can generally secure immediate first-day coverage except for severe health issues, as most conditions are eligible. Finding an insurance provider that approves plans without a waiting period is feasible for most people. Don’t think health issues will prevent you from getting approved. |
The cost of life insurance for seniors over 70 can range from $40 to $250 per month, depending on several factors. See below:
To provide an overview, here are tables featuring sample prices for seniors in their 70s. Considering these factors when seeking life insurance coverage is crucial to ensure accurate pricing and suitable options.
| Policy Type | $10,000 | $25,000 | $50,000 | $100,000 |
|---|---|---|---|---|
| Final Expense Whole Life | F: $50-$69 M: $66-$95 | F: $121-$165 M: $164-$226 | F: $247-$322 M: $331-$443 | F: $478-$638 M: $661-$891 |
| Traditional Whole Life | N/A | F: $140-$191 M: $151-$210 | F: $271-$370 M: $300-$420 | F: $550-$732 M: $600-$825 |
| Guaranteed Acceptance | F: $40-$76 M: $96-$100 | F: $172-$206 M: $214-$238 | N/A | N/A |
| Term Life-10 Years | N/A | F: $29-$53 M: $51-$86 | F: $100-$100 M: $108-$170 | F: $110-$211 M: $210-$341 |
| Universal Life | N/A | F: $104-$114 M: $123-$135 | F: $194-$221 M: $231-$257 | F: $381-$440 M: $468-$519 |
| Policy Type | $10,000 | $25,000 | $50,000 | $100,000 |
|---|---|---|---|---|
| Final Expense Whole Life | F: $60-$91 M: $95-$127 | F: $168-$225 M: $234-$310 | F: $338-$443 M: $464-$624 | F: $664-$900 M: $941-$1160 |
| Traditional Whole Life | N/A | F: $198-$224 M: $220-$242 | F: $390-$447 M: $445-$504 | F: $774-$904 M: $863-$1000 |
| Guaranteed Acceptance | F: $78-$100 M: $110-$115 | F: $219-$229 M: $260-$271 | N/A | N/A |
| Term Life-10 Years | N/A | F: $60-$81 M: $86-$120 | F: $111-$160 M: $183-$250 | F: $231-$330 M: $375-$511 |
| Universal Life | N/A | F: $108-$118 M: $129-$150 | F: $221-$256 M: $264-$300 | F: $447-$510 M: $533-$600 |
In today’s market, life insurance companies provide coverage without requiring a medical exam, applicable across all age groups and policy types. Even for seniors over 80, there are ample no-exam options available.
Insider Tip:Differentiate between “no exam” and “no health questions.” “No exam” means no nurse visits for blood samples, while policies without exams still have health questions to answer. NO EXAM does NOT mean guaranteed acceptance |
Carriers have coverage limits without exams, and the available no-exam coverage decreases as you age. For example, at age 78, you can find no-exam options for $150,000 or lower, but exceeding that usually requires an exam and review of your recent health records.
When purchasing life insurance, comparing offers from multiple insurers is crucial. Remember that the best life insurance companies typically don’t sell directly to customers through licensed agents. Working with an independent insurance agent is recommended to avoid higher premiums.
Please avoid any company that does mailers and day time tv commercials. Colonial Penn, NY Life, and Globe Life tend to offer very expensive policies. Simply stated there are much better options for you than those companies.
Insider Tip:Insurance companies selling coverage directly to consumers often offer inferior options with drawbacks like waiting periods, strict underwriting, or higher premiums. Globe Life Insurance is an example of such a company. Working with an agent provides access to better choices. |
Independent agents represent multiple insurers, finding the best deal for you. They don’t charge fees and can secure lower life insurance costs by sourcing reasonable offers. Benefit from their expertise for optimal coverage. For the record, our organization consists of several independent agents, who are more than happy to make suitable recommendations.
Final expense insurance is ideal for covering burial expenses, while term life is suitable if you have other debts or financial responsibilities. Most people at this age would benefit from a permanent form of life insurance coverage, that could not outlive.
It can cover end-of-life expenses or leave a financial legacy for loved ones, so in our opinion YES. Life or burial insurance for people at age 75 or older is definitely worth it.
Yes, as long as the policy is active at the time of death, regardless of age. For whatever reason, many people have this misconception. Life insurance policies will payout the full death benefit, assuming your policy is in force.
It depends on financial burdens and legacy goals. Life insurance can cover final expenses, medical bills, debts, the costs of funerals or support dependents. Many people can stand to benefit from owning some form of life insurance in their later years.
Our team is here to help out families like yours. Please do not hesitate to call us at 844-334-6143 and let us assist you. A licensed agent would be more than happy to learn more about your situation, and to help you find the best policy possible.