Burial Insurance For Seniors Over 70: Premiere Advice

Written by

Reviewed by
Updated August 9, 2022

Once seniors reach their golden years, it is a significant milestone in their life. A major financial item that needs to be planned for is funeral expenses.

Funeral costs can be anywhere from $8,000 – $12,000. This can be a significant financial shock for loved ones trying to grieve and honor the deceased’s life.

Fortunately, burial life insurance is a product that can help seniors plan for these future costs.

Quick Links

Burial Insurance For Seniors Over 70

What is burial insurance? This coverage is also known as final expense and funeral insurance. For a simple and affordable monthly payment, burial life insurance provides financial support to your family and helps with final wishes. Specifically designed for senior citizens, there is a plan for every person who applies for burial insurance coverage.

This product is a type of whole life insurance, but two important factors separate funeral insurance from a traditional whole life plan.

No Medical Exams: Simplified issue underwriting is the process that the application goes through, meaning that there is no medical exam. All that is required is to answer a series of simple yes or no medical questions to qualify for immediate coverage.

Lower Coverage Amounts: The policy amounts typically range from $2,000 – $40,000. This makes the monthly premiums much more affordable than more extensive insurance coverage options but still includes the valuable permanent benefits of whole life.

Whole Life Benefits

Burial life insurance for senior citizens comes with three essential plan features, validating why final expense insurance is worth it for so many.

Price Never Increases: Once you take out a policy, the price is locked in and will never increase. This is important for seniors on a fixed income knowing there will never be a price increase regardless of how old you get.

Coverage Never Terminates: Once you take out a funeral expense policy, the coverage will never decrease or terminate. This product is permanent and will be there for your family when it is needed the most. Other insurance policies on the market, like term life from AARP, are marketed to the elderly and will terminate, but whole life never will.

Builds Cash Value: This plan will create a cash value over time. For each payment made, a portion will be set aside that the policyholder can borrow from in future years.

What can the Funeral Insurance Death Benefit be Used for?

There are no rules on what the beneficiary must use the death benefit for. However, there are several traditional items for which the beneficiary commonly uses the money, including the funeral, burial, cremation, medical bills, legal expenses, and other final expenses.

What is the Average Cost of Life Insurance for Seniors Over 70?

The average monthly cost of life insurance for a 70-year-old senior is $53 – $106. However, price is affected by health, age, gender, and the amount of coverage, so the price you pay could be more or less than the average.

The chart below shows estimated final expense life insurance quotes for seniors over 70.

The more complex the applicant’s medical history, the higher price they can expect their life insurance quotes to be. The more simple medical history someone has, the less they can expect to pay.


Non-Smoking Monthly Premiums
Age $10,000 $15,000 $20,000
70 $53 – $80 $78 – $120 $103 – $177
71 $56 – $88  $83 – $132  $109 – $194
72 $58 – $96 $86 – $143 $114 – $200
73  $64 – $103  $94 – $154  $124 – $226
74 $68 – $110 $100 – $164 $132 – $241
75  $72 – $116  $107 – $173  $142 – $254
76 $78 – $133 $116 – $198 $153 – $291
77  $84 – $148  $124 – $222  $164 – $325
78 $88 – $163 $131 – $244 $174 – $358


Non-Smoking Monthly Premiums
Age $10,000 $15,000 $20,000
70 $73 – $106 $108 – $158 $143 – $233
71  $79 – $116  $117 – $173  $154 – $254
72 $84 – $119 $124 – $187 $165 – $275
73  $89 – $134  $133 – $200  $176 – $294
74 $95 – $143 $141 – $213 $187 – $312
75  $100 – $150  $148 – $223  $197 – $328
76 $107 – $175 $159 – $261 $211 – $383
77  $114 – $199  $170 – $298  $225 – $414
78 $122 – $206 $182 – $308 $241 – $415

What Is The Best Life Insurance For Seniors Over 70?

For seniors over 70, final expense insurance is a leading option because there is no medical exam and includes simplified issue underwriting. Mutual of Omaha, Aetna, and AIG are three top insurance companies that provide coverage for a wide range of health conditions. However, the best final expense insurance for seniors over 70 is going to vary based on health.

Best Burial Insurance Companies for Seniors Over 70

Each policy has different price points and structures. Seniors over 70 can qualify with at least one of these carriers. Qualifying for funeral insurance over 70 largely depends on health. Healthy seniors will not be required to have a waiting period. However, every insurance company sets its own underwriting standards. Thus, qualifying will vary between providers.

Mutual of Omaha

Mutual of Omaha has the best life insurance to cover funeral expenses. With low rates, immediate coverage, and a highly respected brand name, the Living Promise Level plan is the best burial insurance for healthy seniors over 70.

  • Plan Name: Living Promise Level
  • Age Eligibility: 45 – 85
  • Death Benefit Size: $2,000 – $40,000
  • Health Questions: Yes
  • Waiting Period for Benefits: No
  • States Covered: 49 states & DC (excluding NY)
  • A.M. Best Company Rating: A+ (superior)
  • Full Mutual of Omaha Review

Aetna (CVS Health)

Aetna has excellent senior products. There are two categories within their final expense insurance level plan allowing for some flexibility in underwriting to qualify for immediate coverage. Some of the conditions they accept are liver disease, mental health diagnoses, diabetes, obesity, certain heart conditions, and lupus.

  • Plan Name: Accendo Level
  • Age Eligibility: 40 – 89
  • Death Benefit Size: $2,000 – $50,000 (depending on age)
  • Health Questions: Yes
  • Waiting Period for Benefits: No
  • States Covered: 49 states & DC (excluding NY)
  • A.M. Best Company Rating: A (excellent)
  • Full CVS/Aetna Review


AIG has a top-notch guaranteed acceptance product. While we do not recommend immediately moving forwards with a no-questions-asked policy. This is a good option for seniors with a very complicated medical history who cannot qualify for immediate coverage. Seniors over 70 should only take out a guaranteed issue policy if they have AIDS, certain types of cancer, congestive heart failure, using oxygen, or are confined to a wheelchair.

  • Plan Name: Guaranteed Issue
  • Age Eligibility: 50 – 80
  • Death Benefit Size: $5,000 – $25,000
  • Health Questions: No
  • Waiting Period for Benefits: 2-years
  • States Covered: 49 states & DC (excluding NY)
  • A.M. Best Company Rating: A (excellent)
  • Full AIG Review

elderly man in 70s on computer

Final Expense Insurance For Seniors Over 70 Q & A

Here are some of the most frequently asked questions about burial life insurance for seniors over 70.

What is the Cost of a Traditional Burial Service?

The average price for a traditional burial service with viewing is $7,643 or $6,280 with cremation. There are many decisions made throughout the process that will dictate this price. The cost of a headstone, burial plot or columbarium is not included in these price estimates.

Does Social Security Help with Funeral Costs?

Social Security will give a death benefit up to $255. This is not in the ballpark of what is needed to lay someone to rest honorably. Do not use this option to cover your funeral costs; instead, use burial insurance for seniors over 70.

What Funeral Insurance Plan can I Qualify for?

Every provider has a different underwriting standard. This means one insurance plan may accept a specific medical condition, and a different insurance plan will deny the applicant with the same condition. Working with an agent with access to many insurance policies will help you find the best plan at the lowest price.

Most plans you see advertised are guaranteed acceptance. While this is not altogether bad, most seniors in their 70s can qualify for a better plan.

Willamette Life specializes in senior burial insurance and can help you find the best plan for you.

Call us at 844-576-0019 

elderly couple sitting in grass

Final Thoughts On Life Insurance Over 70

a. Funeral insurance for seniors over 70 is a simple and affordable option to cover the necessary expenses that come with the end of life.

b. There is a plan that can fit anyone’s budget. Depending on your medical history, policies with and without a waiting period are available.

c. Work with an insurance agency that has access to several policies to find the best burial plan at the lowest possible price.