Burial Insurance For Seniors Over 60: Essential Details

Burial Insurance For Seniors Over 60
Burial Insurance For Seniors Over 60: Essential Details

Once turning 60, many seniors start thinking about the next steps of life—retirement, grandchildren’s future, and their legacy that will be left behind.

The majority of seniors 60 and over do not have an excess amount of money sitting in a bank account to cover their final expenses or leave a financial gift to their children, grandchildren, or loved ones.

Fortunately, senior final expense insurance can help cover these final costs.

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Burial Insurance For Seniors Over 60

Having a financial plan once individuals reach their 60’s is very important for their family’s financial future.On average funeral expenses cost between $8,000 – $12,000. This can leave a major burden for loved ones if not prepared.

If you are in your 60s, this product is specifically designed for you. Regardless of your health, there will be a plan that you can qualify for. With a simple and affordable monthly payment, you’ll receive peace of mind knowing that you won’t leave this financial burden behind.

This product is a type of whole life insurance. Two key factors separate senior burial programs from larger traditional life policies.

Simplified Issue Underwriting: This underwriting process requires no medical exams and can be completed from the comfort of your own home. The process will take roughly 30 minutes to apply for final expense coverage and will require the applicant to answer a series of yes or no medical questions.

Affordable Coverage: The policy face amounts, also known as a death benefit, are much lower than a traditional whole life plan. Insurance coverage for seniors over 60 ranges from $2,000 – $40,000, making the monthly premium much more affordable while still offering valuable permanent benefits. In general, life insurance rates are higher for larger policies.

Whole Life Insurance Benefits

Three permanent benefits come with all whole life coverage, which includes senior burial insurance.

Price Lock: The insurance company will never increase your monthly premiums. Whether it is year one or year thirty of the policy, your price does not change. This is extremely important for senior citizens on a fixed income who need to know their monthly expenses down to the penny.

Coverage Lock: The coverage will never expire, decrease, or terminate. It is key for families’ financial security that the insurance policy is active when the insured passes away. Senior life insurance policies always will be.

Builds Cash Value: For each payment made, a portion will go towards the cash value. Over time this amount will accumulate and provide the opportunity for the insured senior to borrow from it.

What can the Death Benefit be Used for?

Senior burial programs were designed as an affordable and flexible way for people to prepare for these inevitable costs. When asking what does burial insurance cover, there are no rules or regulations on what the money must be used for. You’ll want to make sure that you list a trustworthy recipient with the insurance company to carry out your final wishes.

The typical items a beneficiary uses the death benefit for vary.

  • Funeral expenses
  • Burial or cremation costs
  • Legal expenses
  • Medical bills
  • Inheritance/charity donations
  • Remaining balance on a mortgage
  • Other final expenses

What is the Cost?

Typically the healthier you are, the less your final expense insurance quotes will be. The more complex your medical history, the more you will pay. This chart shows price ranges from the top burial insurance companies.


 Non-Smoking Monthly Premiums

Age $10,000 $15,000 $20,000
60 $33 – $54 $48 – $80 $63 – $119
61 $35 – $57 $50 – $85 $66 – $126
62 $36 – $60 $52 – $89 $69 – $133
63 $38 – $63 $55 – $93 $72 – $138
64 $39 – $65 $57 – $96 $76 – $143
65 $41 – $66 $60 – $99 $79 – $146
66 $43 – $70 $64 – $104 $84 – $154
67 $46 – $73 $67 – $108 $89 – $160
68 $48 – $75 $71 – $112 $93 – $166


Non-Smoking Monthly Premiums

Age $10,000 $15,000 $20,000
60 $44 – $68 $64 – $101 $84 – $149
61 $46 – $73 $68 – $108 $90 – $160
62 $49 – $78 $72 – $115 $95 – $171
63 $51 – $82 $75 – $122 $99 – $181
64 $54 – $87 $79 – $129 $104 – $190
65 $56 – $91 $83 – $135 $110 – $199
66 $60 – $95 $88 – $141 $117 – $208
67 $63 – $98 $93 – $146 $123 – $215
68 $67 – $101 $99 – $150 $130 – $222

How is the Price Calculated?

Each insurance company determines its pricing through four main factors causing the cost of funeral insurance to vary by provider.

Health: The medical history of the senior will heavily impact the monthly premiums. The more complex the medical history, the higher risk it is for the carrier to provide insurance coverage for seniors. Higher risk means higher cost.

Age: Once you secure coverage, your price will never change. However, the longer you wait and the older you get, the higher your price will be. An applicant looking for funeral insurance over 60 will pay less than elderly seniors in their 80s.

Gender: Statistically, females live four years longer than males do. This makes females a lower risk to insure, meaning they will pay less for final expense coverage.

Policy Amount: The more funeral insurance coverage taken out, the more seniors can expect to pay in life insurance rates.

two senior woman smiling

Waiting Period Vs. Immediate Coverage

There are four different plan tiers, and these different plans come with varying policy structures. Fortunately, every applicant will qualify for at least one of these plan options, regardless of medical history.

Plan Tiers

Level: This final expense life plan is designated for the healthiest of applicants and is the only tier that has no waiting period. If you qualify for this plan, you will receive the lowest rates for burial insurance with no waiting period.

Graded: Offering lenient underwriting, the graded plan is meant for individuals with a health history that may cause concern for the provider. With more lenient underwriting comes partial coverage within the first two years. During this 2-year waiting period, the death benefit gradually increases each year, with full coverage implemented after year two.

Modified: This funeral insurance plan is a hybrid between a graded and guaranteed issue policy. Unfortunately, it is not extremely useful due to the two-year waiting period coupled with some of the highest premiums on the market. If this is the only plan your agent can qualify you for, the best option might be to move forward with a highly rated and lower-cost guaranteed issue plan instead.

Guaranteed Issue: Asking no medical questions, this plan should be intended for individuals with terminal illnesses or who do not want to answer medical questions. It is always in the senior citizen’s best interest to go through the medical question process. Due to the non-existent underwriting, a minimum two-year waiting period is always assessed with guaranteed issue plans.

smiling man sitting at computer

Frequently Asked Questions From Seniors Over 60

Here are some of the most common questions seniors in their 60s ask when going through the application process.

What is the Cheapest Life Insurance for Seniors?

There are seemingly countless insurance companies to get a policy from after turning 60. The cheapest options will be different for everybody, depending on what they can qualify for. Some of the best funeral insurance companies that offer low-cost policies for seniors are Mutual of Omaha, Aetna, and AIG. However, your best option for funeral insurance over 60 could be from a different provider due to your health status.

What is the Best Life Insurance for Seniors Over 60?

If families have no money set aside for final expenses, funeral insurance is essential. For a simple and affordable monthly payment, families will be assured they have the resources needed to lay them to rest when the time comes.

Permanent whole life insurance policies are designed to cover funeral costs and are the best life insurance for seniors over 60. Final expense insurance comes with no medical exam, locked-in coverage, and a guarantee that your price will never increase.

Life insurance after turning 60 is going to be less expensive than it will be in future years.

Is Burial Insurance a Smart Purchase?

Burial and funeral insurance is worth it for many seniors and their families. However, it should be considered on a case-to-case basis to make sure it is truly the best option for your specific financial situation.

Is Final Expense Insurance as Seen on TV a Good Deal?

An insurance policy, as seen on TV, is not usually the cheapest option. Some of the most popular are AARP burial insurance, Colonial Penn, and Lincoln Heritage. These final expense insurance policies are a good idea for some seniors. However, applicants should closely study the high prices and policy structures.

Similarly, many seniors over 60 receive a lot of mail about state-regulated life insurance programs. Advertising agencies mail these postcards as a way of generating potential leads for life insurance agents. The verbiage used is a sneaky way to pique seniors’ interest in life insurance and may not be the best option to cover burial expenses.

How do I get Funeral Insurance Coverage?

The first step is by working with an agent that has access to many different plans. Each insurance company has different underwriting standards. This means one company may deny you for a past medical condition, and another company will approve you.

Work with Willamette Life to find the best final expense insurance for seniors over 60.

Call us at 844-576-0019

Baby Boomer

Final Thoughts

a. Finding burial insurance for seniors over 60 is simple and easy. This product is specifically designed for seniors 50 – 85. With an affordable monthly payment, your family will be taken care of after you are gone.

b. Depending on your health, age, gender, and the coverage amount, the plan and price you qualify for will be unique.

c. Work with an agent that has access to many different plans. This will allow you to receive the lowest price and best plan structure for your specific needs.

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