Best Burial Insurance for Seniors [Top 15 Insurers]

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  • Post last modified:August 6, 2021

There are many types of life insurance, but one of the most affordable is burial insurance for seniors.

In this article, we will tackle the most pressing questions regarding burial insurance.

You will learn the differences, if any, between burial & life insurance, the types of policies, which is the best for you as well as how to get a quote for the best policy available to you.

You will also learn about which are the best burial insurance companies and the average pricing of the policy.

But before anything else, let’s first familiarize ourselves with what burial or final expense insurance is.

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What is Burial Insurance for Seniors?

In its most basic form, a burial insurance policy is nothing more than a small permanent life insurance policy. It is known by other names – final expense insurance, senior life insurance, or funeral insurance.

Whatever it is called, its purpose remains the same: to provide coverage for a person’s funeral costs (which may include medical debt, burial, or cremation costs).

However, the beneficiaries can use the death benefit for any purpose they see fit.

The policy is a form of permanent life insurance marketed as something crucial to help protect loved ones from huge expenses upon your death.

Because of the small death benefit, the premiums are a lot more affordable compared to a regular permanent policy. It’s also very easy to qualify.

As wonderful as it sounds, the plan has its drawbacks. One example is that it doesn’t offer as much value per premium dollar as larger life insurance policies.

This means that what you pay in premiums when taken proportionately to the payout upon your death, is larger compared to other insurance policies with bigger coverage.

To understand whether a burial insurance policy is the best option for you, keep on reading!

Life Insurance vs Burial Insurance

burial vs life insurance

In terms of function, burial insurance is exactly similar to permanent life insurance coverage.

However, the differences are in the pricing, benefits, and qualifying process.

As was already discussed, funeral insurance coverage is a lot cheaper than a permanent life policy.

This is due to the full death benefit your beneficiary will receive when you pass away.

The policy usually pays out a lump sum between $5,000 to $50,000 while permanent life insurance policies rarely pay out anything less than $100,000 (usually averaging to around $160,000).

In terms of the qualifying process, it’s a lot easier to qualify for burial insurance than a regular whole life insurance policy.

For one, most life insurance companies that sell funeral insurance don’t require a medical exam to apply (more on this later).

Another point of difference is the waiting period between the two types of policies.

For burial insurance, the waiting period can last years. This allows the policy to accumulate value before the payout.

If you die during the waiting period, your beneficiary will only receive the premiums you’ve paid on that point.

If a permanent life insurance policy has a waiting period, it can be from 90 days to 2 years, depending on how you bought the policy.

Burial vs Funeral vs Final Expense Insurance

all are same

Burial insurance comes in many names including funeral and final expense policy. In essence, the three names are very much interchangeable.

However, when insurance sellers talk about these three, they may be referring to slightly different things.

Final expense life insurance is designed to cover burial costs. This includes the casket, cemetery plot, headstone, etc.

When insurers say “funeral insurance,” they may be referring to something less specific. This may include the coverage of the service, flowers, and viewing.

Final expense is a more general term that still refers to mostly end-of-life expenses.

However, burial expenses may also include medical bills at the end of the insured’s life.

Mostly, seniors over 90 years opt for burial insurance as they have very limited options.

15 Best Burial Life Insurance Companies for Seniors

There are a lot of options when it comes to life insurance companies that sell burial policies. This is one of the reasons why it’s fairly easy to qualify – it’s highly accessible.

However, you have better chances of getting a stellar policy with bigger companies.

For one, bigger companies tend to have better stability. This stability is important since you’re putting your family’s financial future in that company’s hands.

Here’s our list of the TOP 15 companies that provide the best burial insurance policies.

#1. Globe Life

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Offering burial insurance with tons of choices and flexibility, Globe Life has one of the most affordable prices on the market.

The death benefits you can choose from range from as low as $5,000 to $100,000, which is unique for burial policies.

You can purchase insurance for both adults and children, both without the need for a medical exam and with no waiting period.

Premiums for a $20,000 coverage for seniors can be as low as $26.34 and $18.65 for men and women, respectively.

Do all these sound too good to be true?

Don’t worry about the quality of this carrier. Globe Life has an A rating for its financial stability from AM Best. It also has an A+ rating from the Business Better Bureau (BBB).

For its affordability and flexibility, Globe Life is perhaps the best option for a lot of seniors who want final expense insurance.

If it is the lowest price that you value the most in a policy, Globe Life is the best option for you.

#2. Mutual of Omaha

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Mutual of Omaha is well known for its transparency with its insurance rates.

You can get a quote online by providing minimal information. Aside from that, you can also see the average prices boldly displayed on their website. The prices are estimated by age and gender.

You don’t need to answer medical questions in the underwriting process. You also don’t have to pass a medical exam.

Benefits range from $2,000 to $25,000 and are never reduced due to any age or health concerns. Benefits are also paid within 24 hours of the beneficiaries’ claims.

As long as you’re between the age of 45 to 85, you are eligible for a guaranteed acceptance life insurance plan. Most companies stop at age 80 but this company offers life insurance for seniors over 80. This is one of the strengths of Mutual of Omaha.

They have one of the friendliest policies for seniors. Prices are not as affordable as other choices, but they are not as expensive as other carriers as well.

AM Best gave Mutual of Omaha an A+ rating for its financial strength.

The only downside with Mutual of Omaha is the limited benefits for the first couple of years of the policy.

But this is understandable considering the affordability and chances of acceptance.

#3. Colonial Penn

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In terms of value, very few insurance companies compare to Colonial Penn.

Though mostly known for their TV advertisements, Colonial Penn actually has high-quality offers on the burial insurance plan.

Seniors up to age 85 years old are eligible for a policy. And the company won’t deny your application due to a health condition.

You won’t have to pass a medical exam to qualify and you can get a quote online for free. It is possible to purchase life insurance online as well.

You have the option to pay your premiums either on a monthly, quarterly (every 3 months), semi-annually (twice a year), or annual basis.

And your premium is fixed for life. It won’t change, no matter how old you become or whatever health problems arise.

Acceptance is guaranteed with no medical exam needed. And the cost per unit rate is $9.95 – no matter how old you are.

The downside of Colonial Penn burial insurance is the limited benefits for the first couple of years and maximum coverage has limits.

Also, you have to apply to see how much death benefit you can qualify for.

Nevertheless, if you need guaranteed acceptance for the lowest rates, Colonial Penn is the answer.

Just don’t expect the biggest coverage.

#4. Foresters Financial

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Foresters Financial doesn’t have the best prices, but it does have the best coverage types.

For one, coverage lasts up to age 121, and premiums are fixed. For another, three additional riders can be enjoyed at no additional costs.

These three riders include an accelerated death benefit for any terminal illness, a family health benefit, and an accidental death rider.

All of these will give you extra coverage for any natural disasters that come your way.

If you’re concerned about whether this carrier can give away these riders and not be financially stable, you should know that AM Best rates it as an A for its financial strength.

Also, the company has been in the insurance business for about 147 years now.

The downsides with this insurer are you have to work with an agent to get a quote, it’s not available in the state of Oregon, and premiums are not the cheapest.

Premiums for a man and woman in their 50s are around $75 and $60, respectively. Those prices go up to $252 and $182 for 75-year-old men and women.

Overall, the three additional riders are what sell this insurer to seniors.

#5. AARP

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If you don’t want a weak insurance policy for protection, you can’t go wrong with AARP Easy Acceptance Life Insurance.

This carrier is well known for its financial strength with an A++ rating from AM Best. It is backed by New York Life.

Acceptance is easy, as the name suggests. A medical exam is not necessary, and seniors up to age 85 are eligible for their burial insurance policies.

You can qualify for a burial policy with a death benefit of $25,000 which comes with fixed rates.

Another great thing about this insurer is once you reach age 95, your policy will have been paid in full.

If you prefer to have a policy from a reputable insurance company, AARP is one of the best options.

#6. Gerber Life Insurance

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Although best known for their life insurance policies for children, Gerber Life Insurance also has outstanding burial policies for seniors.

Acceptance is guaranteed as long as you’re between 50 to 80 years old – with no need for a medical exam or answering pages of health questions.

The online application can be finished in minutes. Coverage range from $5,000 to $25,000. Premiums will never increase and the policy cannot be canceled.

However, there’s only a limited amount of coverage for the first two years of the policy.

Another drawback with Gerber Life insurance is the lack of sample free quotes online. You would have to apply for a policy to know how much you would have to pay.

However, our research shows the average prices for 75-year-olds. The prices are not affordable.

For a 75-year-old man, premiums are around $350. For women, prices play around $270.

Gerber Life Insurance only works for those who need a quick, guaranteed acceptance policy with no questions asked.

#7. Fidelity Life

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A waiting period is often seen as a disadvantage. Fidelity Life doesn’t have that disadvantage.

Fidelity Life doesn’t require you to take a medical exam to qualify for immediate coverage. It’s easy to apply for – you can get a free quote and apply for a policy online.

Anyone from age 50 to 85 can qualify for final expense insurance with death benefits ranging from $5,000 to $35,000.

As soon as your policy is approved, coverage begins. The caveat is, you have to answer a health questionnaire. And the answers to the questions affect the price of the monthly premiums.

The premiums will never change. But its price depends on age, gender, and other factors.

Sample quotes say that a $10,000 coverage for 75-year-olds cost around $110 for men and $85 for women.

The prices are not as affordable as other options, yes, but keep in mind that immediate coverage comes at a price.

#8. AAA Life Insurance Company

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With the AAA Life Insurance Company, anyone between the ages of 45 and 85 is guaranteed acceptance.

Aside from that, acceptance is made easy by the fact that you don’t have to pass a medical exam and answer tons of medical questions.

The maximum coverage is $25,000. Though you can purchase a policy with a death benefit smaller than that.

Coverage is lifelong as long as you pay until age 100, at which point you no longer have to pay but the coverage is still in force.

One of the cons is that there is a two-year waiting period. Also, there is an annual $60 fee for non-members.

Members are eligible for discounts if they purchase bundles on multipolicy premiums.

In terms of how easy it is to apply, AAA Life does a pretty good job. You can get free sample quotes online.

For 75-year-old men and women, the prices are around $108 and $84, respectively.

#9. Transamerica

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Transamerica Immediate Solution is another good option for seniors who don’t want a waiting period on their funeral insurance policy.

If you are within the age range of 45 to 85 years old, you can easily qualify for a policy. Coverage amounts are as low as $1,000 and as high as $50,000.

One downside is that the maximum coverage available to you is determined by age. This means that the older you are, the smaller the death benefit may be.

However, prices are very competitive for those who want coverage quickly.

You can get a free quote online, and the application isn’t a grueling affair. Also, you have the option to add on riders.

Riders include accelerated death benefits, accidental death benefits, and children’s/grandchildren’s benefits for up to nine individuals.

Must Read: Transamerica living benefits review.

#10. AIG Direct

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AIG Direct’s Guaranteed Issue Whole Life Insurance not only covers your funeral and other final expenses but also provides coverage for chronic and terminal illnesses.

If you already qualified for the policy, then are diagnosed with a chronic disease that diminishes your quality of living, AIG will return the premiums you’ve paid, but only up to 25% of the policy’s face value.

If you’ve been diagnosed with a terminal illness, however, AIG allows you to use up to 50% of your death benefit to pay for medical bills and other expenses.

Even though you have to pay an administrative fee to avail of those options, it’s good to have those options available to you should you suffer medical conditions later in life.

You can get a quote online and acceptance is guaranteed between the ages 50 and 80 years old.

Application is easy. No medical exam is needed. No medical questions are asked. Coverage ranges from $5,000 to $25,000. Premiums are fixed.

#11. State Farm

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If it is customer convenience and service that you value most in an insurance company, State Farm is your best friend, quite literally.

Since 1929, this company developed very strong customer service, with about 19,000 agents scattered across the United States.

Payments for a final expense insurance policy are flexible. You can choose to pay monthly or annually, with a possible discount on annual payments. You also have the choice of making payments online.

Getting a quote isn’t as easy as the other options in this list. You have to talk to an agent to get a quote.

Eligible ages are between 5080 years. There’s no need to pass a medical exam, however, you’d have to answer health questions.

Death benefit size is $10,000. there is no waiting period, and the policy matures once you reach 100 years old.

There are downsides to this policy, though. One is they are not available nationwide. Two is a yes to any of their health questions will get you disqualified for their policy.

However, they are extremely favorable, in terms of prices, for men in ages 78, 79, and 80 who smoke or chew tobacco.

But if you are in excellent health, State Farm offers some of the best prices. Premiums can be as low as $28 a month.

#12. Royal Neighbors of America

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Royal Neighbors of America has one of the most outstanding histories among insurance policies.

Since 1895, this insurance carrier has grown into one of the financially strongest companies there is.

Boasting an A rating from AM Best and an A+ from the Better Business Bureau, Royal Neighbors remains one of the most trusted insurers.

Although a medical exam is not required, acceptance is not guaranteed. There are health questions in the underwriting process, and a 2-year waiting period is also possible.

However, they do accept a lot of health issues, so you can there’s a high chance you can qualify. They accept applicants from 50 to 85 years old.

Application is easy enough. You can apply through licensed agencies, and you can know whether you’ve been approved within 20 minutes.

There is no application fee, no down payment, and you decide when to make the payment of the first premium.

The premiums are fixed, and developing health conditions after approval doesn’t affect the policy.

One downside is it’s not available in AK, AL, HI, LA, MA, NH, and NY.

But among the top insurers, the Royal Neighbors of America has the most lenient funeral policy towards diabetics.

#13. Prosperity Life Insurance Group

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Prosperity Life Insurance Group has a funeral policy that is very similar to other major insurance companies, at least by some appearances.

However, they have a unique feature: an accidental death optional rider can be part of the policy.

This rider automatically doubles the payout if the policyholder suffers death due to an accident.

Aside from that, this company looks a lot similar to the Royal Neighbors of America in terms of features.

You have to apply through agencies.

You don’t need to pass a medical exam, but have to answer medical questions. If everything favors you, you may get immediate coverage (subject to the underwriting process).

Coverage ranges from $1,500 to $35,000. Anyone from 50 to 80 years old can apply. Premiums are fixed. The policy never expires.

And health issues after the policy is approved don’t cancel the policy. Like the Royal Neighbors of America, it’s also not available in all states.

You may not be familiar with this company, but Prosperity Life Insurance Group is the superior choice for tobacco or nicotine users who don’t smoke.

They also accept a lot of high-risk health issues.

#14. American Amicable

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American Amicable is not for everyone. It works only for select individuals, and those individuals will have it no other way.

Such individuals include tobacco users and cigarette smokers. American Amicable is a great option for such people because the rates are significantly lower for them.

This is such a big deal because smoking is a separate risk factor on its own in the eyes of insurance companies.

Another great thing about American Amicable is that they are willing to offer non-smoker rates to occasional smokers.

Also part of their policy terms is the option to add riders for a minimal additional fee. Some of their customers really see the value in these riders and think that they are a great feature.

The riders include accidental death benefit; children and grandchildren term; and a nursing home waiver.

As for the application and underwriting process, American Amicable is not so different from most insurance sellers.

They do ask health questions during the application process. And there are diseases that they may decline. But for smoking, they have a relaxed policy.

For a death benefit of $20,000, premiums cost around $214 and $160 for 75-year-old men and women, respectively. It’s not as expensive as other companies.

At the end of the day, American Amicable is not for everyone. But for a few people, American Amicable is the best choice.

#15. Aetna

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If you are buying final expense life insurance in very old age, Aetna may be the best option for you. For one, they are very senior-friendly. Applicants as old as 89 years old are not immediately declined.

Their underwriting process is also unique from other companies. They offer partial coverage for people who had congestive heart failure (CHF) and cancer survivors who had at least a year of no cancer.

Aside from all this, they also offer coverage despite severe health issues other insurers will instantly decline.

Despite the many health risks they accept, Aetna still has very competitive pricing for its policy. Coverage ranges from $3,000 to $35,000.

Premiums are fixed and can be as low as $86 and $109 for 75-year-old men and women, respectively.

How to Get Quotes Real Quick?

Funeral insurance plans are easy to qualify for, and it is also easy to get a quote – real quick.

A lot of insurance companies that sell this type of life insurance have a free online quote that also allows you to quickly sign up on their website.

We on this site provide free quotes. You can easily request one from our quotes page.

When shopping for the funeral policy that best suits your needs, it’s advisable to get quotes from multiple insurers so you can compare your options.

The prices and the coverages differ from one another. Signing up for the cheapest plan you find might end up being the least favorable to your family upon your death.

It’s easy to get a quote online. You’d only need to fill out a form with your details.

Usually, the form requires your name, address, phone number, email address, date of birth (to gauge your age), sex, as well as whether you are a smoker or a non-smoker.

You will also have to input the type of insurance you want, in this case, burial life insurance.

Then you have to choose the coverage you want among the options.

What About Cremation Insurance?

There is another type of final expense insurance called cremation insurance.

Cremation insurance is specifically designed to cover the costs of cremation and other final expenses.

In the past, cremation was more affordable than a traditional burial. Since the popularity of cremation increased over the years, funeral homes adjusted their prices on this service.

Today, cremation costs closely rival the prices of traditional burials.

In terms of how it works, cremation insurance is exactly like a standard plan, except for how your beneficiaries will use the death benefit.

You can buy a burial insurance policy, and your family can still use the payout to have a cremation instead of burial if that is your wish.

Or, you can purchase cremation insurance and have your family use it for your burial.

Either way, the payout can’t be touched by taxes, and the beneficiaries can use it for whatever they want.

Quick Burial Insurance with No Waiting Period & Medical Exam

no medical exam

It was mentioned above that a funeral insurance policy has a waiting period that can last years. But there are also policies that have no waiting period and need no medical exam to qualify.

In this type of policy, your beneficiary can receive the entire death benefit even if you have only paid one payment in the policy. The policy will be immediately effective.

The only problem is, it can be quite hard to find an insurance carrier that sells this kind of policy.

To get a policy like this, you would have to work with a broker that has access to all of the major insurance agents, like – Seniors Life Insurance Finder.

Working with such a broker can help you pinpoint which company has underwriting that will accept your age and whatever medical condition you have with no waiting period.

When applying with a company that sells affordable burial insurance with no waiting period, you will have to answer medical questions.

This is not the same as a medical exam, as your blood pressure or other medical tests won’t be required.

The best way to get approved for a policy with no waiting period is with a company that doesn’t ask about your specific medical conditions.

If they don’t ask about it, it means that they don’t care whether you have the condition or not.

If they ask about a particular condition that you have, it doesn’t necessarily mean that you will not qualify for a no-waiting-period policy.

But it can mean paying a higher premium. In some cases, you can get a partial waiting period with only a slightly higher premium.

Sample Burial Insurance Rates for Seniors

What are the average rates for final expenses insurance policy?

Well, it depends on a lot of factors.

Each insurance company has different rates, they also assign rates using different factors.

Most consider age to be a big factor, while others only base the rates on the diseases the applicants have.

Another point of consideration is the type you’re buying.

  • Simplified Issue Life Insurance: upon application, the company will ask few health questionnaires. Questions may include your use of tobacco, current health issues, and whether you’re living in a nursing home. Your answers may get your application declined or maybe you’d get higher rates.
  • Guaranteed Issue: there will be no health questions asked. But since the company is taking a risk by accepting you without knowledge of your health issues, the policy might include a waiting period and the rates will be high.

Another factor you have to consider is the size of the death benefit. Since this depends on the insurance carrier, we can’t tackle every detail accurately.

But for the sake of reference, here are sample rates.

Keep in mind, these are average estimates. They do not reflect all prices from specific insurers.

$5000 Death Benefits Burial Insurance

(No Tobacco)
(Tobacco User)
(No Tobacco)
(Tobacco User)

Final Expense Insurance Costs: $10,000

(No Tobacco)
(Tobacco User)
(No Tobacco)
(Tobacco User)

These prices reflect the rates you’d get if you apply at the age displayed.

For most insurers, the price you get when you apply will be fixed. Application is only valid for people between 50-85 years old, on average.

Best Alternatives to Burial Insurance

As many benefits as burial insurance may have, it’s not the best option for everyone. There are types of life insurance that may suit you better.

  • Permanent Life Insurance
  • Term Life Insurance
  • Universal Life Insurance
  • Variable Life Insurance

Frequently Asked Questions

Is it hard to qualify for a burial insurance policy?

The short answer is no. Burial insurance is one of the easiest types of life insurance you can qualify for.

You don’t need to pass a medical exam to have coverage.

As far as your health goes, you’d only need to answer a few medical questions during the qualification process.

How is burial insurance different from prepaid burial (preneed) insurance?

You can purchase burial insurance from insurance companies. On the other hand, prepaid burial insurance is something you buy directly from funeral homes.

You set a deal with a funeral home, discuss arrangements and prices, then pay the burial costs either at once or in installments.

Do I need burial insurance?

Covering funeral expenses is a huge burden without a plan in place. Burial insurance protects you from such a burden.

If you only need a small coverage upon your death, then you need it.

If your family doesn’t need a large fortune upon your death, the small benefit a burial policy pays out is the best option.

How much burial insurance coverage do I need?

This entirely depends on the cost of the funeral you’re anticipating. You can anticipate the costs of your funeral online.

And if you expect outstanding debts upon your death, you can include this in your calculation of how much coverage you need.

How much will burial insurance cost me?

This is a matter of circumstance. Older and less healthy individuals are likelier to pay higher premiums. To get a more precise price, request a quote.

You will have no obligation and can see whether you can afford the policy. We offer free quotes on our website.

Final Word

Burial insurance is the best option for people who aren’t exactly in the best of health and can’t find other affordable options.

It is cheaper, and acceptance is likely. Get insured today. Buy burial insurance for seniors, and save your family from more pain.

Linda Chavez

I'm a burial & senior life insurance expert, independent agent, Founder & CEO of Seniors Life Insurance Finder. I have been working in this sector since 2004 and established my own company in 2014. I have a team of seven members, and we are trying hard to share the knowledge we've gathered. We know how difficult often it is to find an affordable policy. Hence, we are doing our best to help you.