8 Best Funeral Insurance for seniors in 2022

Funeral Insurance for seniors

Funeral insurance for seniors is one of the easiest life policies to access and qualify for. The policies of this type of whole life insurance are usually processed faster and do not have medical qualifications.

That said, if you are a senior planning to defray your end-of-life expenses, the good news is that there are many companies offering funeral insurance for seniors.

This is no surprise considering that many providers of funeral insurance policies usually target seniors when marketing their products. For the most part, it means you have to be a senior to qualify for a funeral insurance policy; otherwise, you are likely to be covered under a rider.

If you are in the market for a final expense insurance policy, this post will cover everything you need to know about funeral insurance for seniors and recommend some of the best carriers in the funeral insurance space.

What is funeral insurance for seniors?

Burial insurance for seniors is essentially no-medical exam whole life insurance with lenient underwriting terms. Because applicants don’t take any in-person medical exams, seniors will, in most cases, qualify for cover even when they have high-risk ailments, including heart diseases, lung and kidney diseases, and cancer.

As the name suggests, the payouts of funeral insurance policies are meant to cover part or all funeral costs and other closely related expenses. Seniors can purchase this type of coverage to keep their families and friends from experiencing unneeded stress and financial crisis when grieving.

In most cases, when buying a policy from a reputable life insurance company, seniors can obtain coverage with face amounts ranging from $2,000 to $50,000, with premiums ranging from $50 to $150. The actual price varies depending on a number of factors, including age, gender, coverage amount, and tobacco usage.

Notably, funeral insurance for seniors is also referred to as burial insurance, final expense, and, in rare cases, cremation insurance for seniors. Whichever the term your provider uses, the names mean the same referring to the same or nearly identical products. Just make sure the insurer doesn’t use a unique name to make you pay more.

The biggest advantage of funeral insurance for seniors is that it is usually less complicated. All the monthly premiums are fixed from the day of approval through the last premiums. With most policies, there is no reason whatsoever that can lead to an increase in the premiums. The coverage amount will also stay the same unless the insured uses the accumulated cash value of their policy as collateral for a loan.

Another exciting thing about burial insurance for seniors is that beneficiaries receive tax-free payouts in the event of the insured’s death. And better, the payouts of funeral insurance policies are not restricted to burial expenses, meaning they can be used to fund anything.

Best providers of burial insurance for seniors

Literally, all companies that offer life coverage also sell burial insurance for seniors. If you need to buy one, it is imperative to identify a company that will give the best services. Here are some of the best burial insurance for seniors.

  1. Mutual of Omaha

Mutual of Omaha is arguably the overall best provider of life insurance policies for seniors. It came into business existence in 1909 and has committed its efforts to serve people who need insurance since then. Mutual of Omaha has flexible policy provisions that qualify it to rank high when it comes to customer satisfaction.

In terms of financial stability, it has been ranked by A.M Best as a superior (A+) superior grade rating. This means that they are financially stable and will pay the death benefits to designated beneficiaries when a policyholder dies.

Mutual of Omaha has excellent customer support. First off, the company’s website is user-friendly, allowing policyholders an easy time when choosing policy or beneficiaries when filing claims. For those who experience issues, there is an option to call the Mutual of Omaha customer support through a telephone line. Clients can also meet an agent to get help concerning applications and claiming benefits.

The company has gained enough trust from its customers due to its diligence and commitment to service delivery.

As one of the best companies, Mutual of Omaha offers a wide range of products from which customers can choose. Depending on the policy you buy, you can obtain a face amount ranging from $2,000 to $25,000.

With Mutual of Omaha, the age limit for first-time applicants is 85 years. There is no medical exam, but depending on which type of policy you are purchasing, you may need to answer health-related questions before applying for coverage, so seniors with chronic health conditions are likely to qualify.

Mutual of Omaha has some of the lowest premium rates, which makes their policies quite affordable for many citizens.

The Living Promise Level benefit for seniors offered by Mutual of Omaha has the lowest rates compared to similar offerings from other companies. The plan doesn’t have a two-year waiting period, meaning it becomes effective immediately after the underwriting has been approved. Even so, to qualify for a policy, you need to be in pristine health.

Generally, if you have not suffered chronic conditions like heart disease, stroke, heart attack, cancer, or other chronic diseases, you can confidently apply for this Living Promise Level Benefit by Mutual of Omaha and secure immediate coverage.

Overall, Mutual of Omaha is a very reliable provider of funeral insurance policies, with great offers for senior services. Their products are available to people above 85 years, which is one reason why it is considered best for seniors.

Mutual of Omaha offers in-person support through agents, great online support, and phone customer service. This perfect combination of proper pricing, improved customer service, and special customer-based benefits makes the company not miss any list of the best insurance companies for seniors.


  • Customer service ratings are excellent
  • Good price rates
  • Has a wide range of policies to choose from
  • Guaranteed coverage up to the age of 85 years
  • Excellent financial stability



  • Policies are purchased via agents
  1. AIG

AIG is a reputable and financially stable life insurance company with an excellent (A) rating by the A.M. Best. Since its inception in 1919, the company has offered its customers quality and reliable life insurance coverages.

For the burial insurance for seniors option, the face amount ranges from $5,000 to $25,000, which is enough to cover funeral costs. Interestingly, seniors can buy policies, even when they are 80 years old.

The AIG’s final expense policy for seniors is a guaranteed issue plan; therefore, there are no health questions asked. However, there is a two-year waiting period for all the guaranteed acceptance policies.

If the insured suffers an accidental death within the waiting period, the company pays a 110% refund of the entire premiums paid. Otherwise, the policyholder will be fully insured after the waiting period, meaning if death occurs, the full coverage amount will be paid out without considering the actual cause of death.

A great advantage of AIG is that the accelerated death or terminal illness riders are available at no additional cost.

The policy gives an additional sense of security to customers because they are allowed to access the policy benefits in the event of a chronic or terminal illness. Up to 50% of the total policy value can be paid to the policyholder or beneficiaries to facilitate the payment of medical bills and other costs incurred during hospitalization or treatment.

AIG also offers a free-living benefit rider offered by this company, making it a more favorable option relative to the other companies, which charge an additional fee for all riders.

Despite the fact that AIG has great products, it has a considerably low rating from customers. A life insurance study shows most customers rate this company negatively, meaning their initial customers do not find the services they get satisfying. Some customers also claim that the company charges expensive premiums compared to the coverage they offer.

Overall, AIG is a great final expense insurance provider offering great products for seniors. They offer an incredible balance in terms of reasonable pricing, a great extension in age limit, no-medical exams, and the free-living benefit advantage. Although the guaranteed issue plan is not the best product overall, it is a great product for seniors with some devastating health issues.

Pros of AIG

  • Coverage amounts of up to $25,000
  • Accelerated death benefits are offered freely.
  • Guaranteed acceptance for up to 80 years


  • A two-year waiting period disadvantages many applicants.
  • Potential poor customer service
  1. Royal Neighbors of America

Royal Neighbors of America is yet another great life insurance company that started business in 1895 and is one of the renowned insurance companies with an excellent financial rating of (A) from A.M. Best. It may be worth noting that the company started as a woman-based company and is up to date led by women.

Importantly, even though Royal Neighbors of America is commonly associated with women, the company has sold its insurance policies to both males and females. Their products are reasonably priced, enabling financially unstable citizens to buy a policy.

Royal Neighbors of America life insurance policies are both term and whole life policies. Seniors have the freedom to choose which fits their needs best.

To gain membership to Royal Neighbors of America, you need to buy an insurance policy or pay $20 annually, where each type of membership has its benefits. At the bare minimum, being a member qualifies a policyholder to benefit from the scholarships and charity programs that the company offers back to society.

As for burial insurance for seniors, there is no waiting period, meaning policies become effective immediately after the insured pays their first premium. The face amount for this policy is within the range of $7,000 to $30,000, accessible by applicants whose age falls between 50 years to 80 years.

Having been in the insurance business for over a century, Royal Neighbors of America is not like any other name you can see amidst television shows. Instead, it is an established life insurance company with great financial strength

Seniors with health issues like diabetes, past cancer instances, past heart failure issues, and other risky health conditions are warmly received and led through the application process. If your past health conditions disqualify you for insurance from other related companies, then you can confidently seek coverage from Royal Neighbors Of America.


  • Simple and quick coverage
  • The prices are appropriate
  • Multiple insurance products
  • Additional riders and member benefits


  • A wide range of coverage options
  • Lower brand recognition
  1. Aetna

Established in 1853, Aetna is a reputable life insurance company that offers great final expenses insurance products for seniors.  It has the sixth greatest share in the United States insurance market and the third-largest membership. The company is rated A (Excellent) by A.M. Best  (A), meaning it is financially stable.

While Aetna is known for selling a variety of health, vision, and dental insurance policies, it is worth noting that the company also established its presence in the death care sector. Precisely, Aetna offers burial insurance policies, which are marketed and sold out to seniors aged 40 to 89 years.

For those considering Aetna’s final expenses products, be aware that the company offers its burial insurance products through the American Continental Insurance Company – a financially stable insurance provider owned by Aetna.

Aetna has three distinct plans, level death plan, modified plan, and graded plan. Their level death plan is competitively priced and offers solid coverage to those who qualify.

The most interesting aspect of this policy is that seniors aged 86 to 89 can qualify as long as they have a good medical history. Generally, the level death benefit plan by Aetna is the only plan that makes perfect sense to individuals who wish to buy a funeral insurance policy here.

Relative to comparable products from other providers, Aetna’s modified plan is somewhat expensive, but individuals with poor health can still buy it.

They also sell the graded plan, which is disadvantageous because of the limited payout benefits. With the graded plan, you won’t be fully covered until the end of the waiting period.

The coverage ranges from $2,000 to $50,000, which is enough to cover all standard burial costs.

Overall, the company’s level death plan is the best product seniors can buy. It has no waiting period and lenient underwriting, favorable to seniors with serious medical problems like diabetes, COPD,  Parkinson’s, and other critical conditions.


  • Accepts to cover new applicants of age 89
  • Has no waiting period for level death plan
  • Competitive pricing


  • Sells burial policies through another company
  1. Foresters Financial

Foresters Financial is known for its good and wide range of coverages despite the fact that their prices aren’t most competitive. With an A (Excellent) rating from A.M. Best, the company has a stable financial strength. Having been in the funeral insurance industry for over 145 years, Foresters Financial promises reliable and great offerings to all prospects.

A single coverage can go up to 121 years, and thus, it is a good option for the elderly who live longer. All premiums are fixed and won’t be affected by economic factors, including inflation.

When you buy a policy, depending on the coverage you obtain, you may get up to three additional riders at no cost. The coverage amount ranges from $5,000 to $35,000, which is enough for those looking to defray just their end-of-life expenses.

With Foresters Financial, the most common riders are the accelerated death benefit which is usually paid out in case of death caused by terminal illness, family health benefit, and the accidental death rider, which gives extra coverage for any natural disaster that may affect your family. Even for raiders that cause death benefits to double, Foresters Financial will pay everything in accordance with the policy terms.

Notably, the price is quite high, with women in the 50 years old bracket paying $60 while the men in the same age group paying $75 monthly premiums. For those aged 75 years, men pay $252 while women pay $182. These premiums are clearly not the cheapest.

When applying, you will need to find an agent to help you through the process of getting a quote (not available online) and buying coverage. In certain circumstances, the agent may mislead you to buy policies that are too expensive.

Foresters Financial products are not available in some states like Oregon.


  • Covers people who are above 100 years
  • Free riders


  • Relatively expensive
  • Not available in all states
  • Application is through an agent
  1. Transamerica

Established in 1904, Transamerica is one of the oldest life insurance companies in San Francisco, California. The company is

rated A (Excellent) by A.M. Best, implying financial stability.

While the age limit for most companies remains to be 70 to 80 years, Transamerica offers whole life issue coverage to people aged 85 years, making it one of the best providers of funeral insurance for seniors. If you want a term policy, be aware that Transamerica admits new applicants up to 80 years for a term life policy. This is not bad, considering that most companies close it at 75 years.

Transamerica life insurance policies have no waiting period – a policy becomes effective immediately after it has been approved and the first premium paid. Interestingly, the final expense life insurance policies offered by Transamerica have higher death benefits. At 56 to 65 years, you can qualify for $40,000 of coverage and $30,000 for ages 66 to 75 years. If you are 76 years to 75 years old, you qualify for $25,000.

To get a quote, you will need to go through an agent for almost all policies. Even though the company has a website, with the website’s limited functionality, it is not user-friendly. Their customer service is poorly rated by JD Power and falls below the industry average.

Overall, Transamerica is considered one of the best providers of funeral insurance policies for seniors because it offers coverage for elderly people who may not qualify elsewhere because of their old age. It does not only favor the elderly in whole life insurance but also sells term life coverage for seniors aged 80 years, which makes it a stand-out company.


  • Wide range of policies
  • Covers elderly people of over 85 years


  • Available through agents
  • Limited website functionality
  • Poor customer care rating
  1. Prudential

Founded in 1857, Prudential is a life insurance company based in Newark, New Jersey. It is a stable company offering over ten products that constitute both term and whole life insurance covers.

In terms of Financial stability, Prudential has been rated A+ (Superior) by AM Best.

This carrier is considered best for seniors because of the many policies it offers, plus an assortment of riders. The most common rider for senior clients is the accelerated death benefit, commonly known as living benefits.

With Prudential policies, you can obtain a relatively higher face amount to keep relatives from experiencing unnecessary pressure.

To add on, Prudential offers riders for multiple “ordinary” illnesses and also disability riders for both term and whole life policies. This allows policyholders to obtain more coverage for enhanced protection.

If a policyholder has been admitted to a nursing home for more than six months and has fewer chances of leaving the nursing home, they can qualify for the accelerated death rider. In case you are diagnosed with a terminal illness, and the doctor says that you have less than six months to live, you will also qualify for the living benefit coverage.

Prudential treats its customers decently when it comes to the living benefits payout. Unlike most companies that can only pay up to 50% of the entire premiums paid, prudential pays up to 100% of the total benefits to be paid out depending on the actual illness status.

However, this policy add-on must be purchased together with the main insurance policy, and only those who are 80 years and below are eligible.


  • Accelerated death benefits paid up to 100% of the total coverage
  • Competitive pricing wide range of policies.
  • 24/7 customer care service


  • There are a high number of customer complaints
  1. American Amicable

The company started business in Waco, Texas, in 1910 as Amicable Life Insurance. Later in 1965, this company changed its name to American Amicable.

Through its existence, American Amicable has offered several life insurance policies from the time it started a business and has grown greatly to serve a large number of seniors seeking life insurance.  It is financially stable with an A rating from the A.M. Best financial rating company.

American amicable is a great insurance company, especially for those who really need coverage but do not qualify elsewhere. For instance, the company has great offers for tobacco users. Considering that tobacco usage is a great obstacle when one is seeking coverage, American Amicable is a great option for smokers with less than perfect health.

As with many providers, pricing is based on an individual’s lifestyle, general health, gender, and tobacco usage, where tobacco users usually pay higher. This is no surprise, considering that many carriers usually treat tobacco as a separate risk because of the effects it can cause to a body. In most cases, these effects can cause premature death.

However, if you are an occasional smoker, American Amicable will lower your premium rates such that you will be paying a little less than those who smoke throughout the year.

Their riders are cheaper than other companies. These riders are usually considered valuable by many elderly people because they can literally benefit from their coverage while still alive, and this is only possible through riders.

Some of the riders offered by American Amicable include an accidental death benefit, grandchildren and children term cover, and a nursing home waiver. The accidental death benefit is where your beneficiaries will be paid out a certain percentage of the total coverage in an event where you meet your death sooner and accidentally.

The nursing home waiver is a rider that allows you to get paid after having stayed in a nursing home for a specified period of time, usually six months or more.

The children/grandchildren add-on is where you are allowed to buy a policy in the name of your child or grandchild and later on allow them to continue paying the premiums.

When it comes to the underwriting and application process, American Amicable does it in a similar way with other insurers. The company will ask a few health questions during the application process.

Typically, there are some serious diseases that can prevent you from getting a cover. However, if you are a smoker and you don’t have any other critically underlying condition, you qualify for coverage.

To get started, you can simply find a quote online and start the application process. The entire procedure can be carried out through the phone.

Pricing of the insurance policies for the seniors is fairly competitive. For coverage of $20,000, the death benefit for 75 years old men is $214 while that of the female is $160. This pricing does not differ greatly from other companies.

Precisely, American Amicable is a good option for all seniors seeking life insurance but more favorable to seniors who smoke or have a history of smoking.


  • Smoker friendly
  • Additional riders available
  • Easy application process


  • It is expensive
  • Height and weight can disqualify you from getting a coverage

How to get funeral insurance for seniors with no waiting period

For seniors looking to get coverage immediately, there are many companies that offer no-waiting period policies for seniors. However, to get this type of coverage, you must qualify.

While you won’t need to take an in-person medical exam, you will need to answer certain health and lifestyle questions, which is more or less of an underwriting process. In many cases, you need to be in pristine health to qualify. Precisely, you are less likely to be approved for a no-waiting period policy if you have been diagnosed with or treated for a chronic health problem.

Some companies offer immediate coverage to smokers, but the policyholder may have to pay more.

If you have excellent health, you can give these policies a try. Usually, no-waiting period policies are relatively cheaper than simplified and guaranteed issue whole life insurance policies.

In a nutshell, there are no shortcuts to getting a no-waiting period funeral insurance policy. You need to be in good health and have clean health records to qualify. The qualifying criteria may differ from one carrier to another.

When applying for a no waiting period insurance policy, keep in mind that your insurer may have some age limit for this policy. To ensure you are safe and making the best decision, make sure to read the terms of your policy before signing the contract papers.

Coverage for elderly parents

If your parents depend on you for their financial needs, buying funeral insurance for them is a great idea. Thankfully, it is entirely possible. Just make sure you understand the terms and conditions an insurer offers for such policies. In most cases, the policy won’t be different from purchasing coverage for yourself.

When it comes to purchasing for your aged parents, it is a good idea to discuss the plan with your parents before investing in the policy. They must accept the terms of the policy being issued so that they give you consent to go ahead and apply for the policy on their behalf.

If you need a policy that has no waiting period, you should have a complete idea of the health status of your parents, then work with an agent to find a carrier with affordable products and favorable terms. A licensed agent should be able to use the information you provide about your parents to find a company that can approve your parents and offers an immediate coverage plan.

Knowledgeable agents can help you understand the procedure and help you analyze quotes from reputable providers.

Finding the best insurance for the elderly

Finding the best funeral insurance company is by no means an easy task. With companies providing seemingly similar products and at varying prices, the entire process and doing comparison can be overwhelming.

First off, you need to first compare quotes of different companies before deciding to commit funds. Thankfully, most providers of life insurance companies allow you to request quotes online. Others have tables of quotes readily available on their websites. This helps you get a grasp of how much policy will cost.

After obtaining quotes from several providers, you will likely need to find an agent to help you make a comparison and complete the application process. You will need to select an agent to work with, and here is a criterion for selecting one.

  • Licensing:

This is arguably the most important factor to consider when selecting an agent. The best agents are licensed to operate in their area. Finding a licensed agent will help minimize the chances of being scammed.

  • Independence:

Working with an independent agency is preferred to a tied agent. An independent agent will help you compare quotes from different companies and select from the best. This is unlike working with an agent that works for a specific insurance company.

  • Reputation:

Check the agency’s online reputation to ensure their past customers were satisfied, and you too will be satisfied. A bad online reputation normally indicates incompetence or lousy.

  • Expertise:

Find out an area where the agency specializes in funeral insurance for seniors.

Working with an agency gives you access to the lowest rates and policies available in the market.


If you are a senior planning to buy a funeral insurance cover, it is advisable to work with a qualified and independent agent. Hopefully, this article post will help you land a better offer when buying a policy.

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