Burial Insurance For Seniors Over 60: Essential Details

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Updated August 9, 2022

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

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

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

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Burial Insurance For Seniors Over 60

If you are in your 60s, burial life insurance 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.

No Medical Exam: 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 their funeral costs. There are no regulations on what the death benefit 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. It is common that the beneficiary uses the death benefit for the funeral, burial/cremation, legal fees, medical bills, and any other expenses that come up.

Life Insurance Quotes for Seniors Over 60

The average monthly price for seniors in their 60s is $40 – $60 for permanent whole life insurance. However, things such as health, amount of coverage, gender, and age play a significant role in the price you pay.

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.

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

What is the Best Life Insurance for Seniors Over 60?

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.

The good news is that buying life insurance after turning 60 is going to be less expensive than it will be in future years.

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.

What is the Cheapest Life Insurance for Seniors?

There are seemingly countless insurance companies to get a policy from after turning 60. The cheapest whole life insurance 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.

Plans to Avoid in your 60s

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

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 Senior Final Expense Program?

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 because 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 Willamette Life at 844-576-0019

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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 policy structure for your specific needs.