Burial Insurance For Seniors Over 60

Burial Insurance For Seniors Over 60

So here’s the thing, the average funeral in America can cost from anywhere between $7,000 right up to $12,000 – so it is important now more than ever before to make sure that you work out how to cover your funeral expenses.

In fact, one way which you can make sure that you are prepared for these expenses is to invest in a burial insurance plan.

Burial insurance plans can also be referred to as final expense insurance, or they can be referred to as funeral insurance, and they will make sure that your beneficiaries will have enough funds in order to pay for the cost of your arrangements.

Also, this will ensure that your beneficiaries will have enough money to pay off any debts that you leave behind.

There are a lot of options out there when it comes to picking a burial insurance provider, so knowing where to start can feel near impossible.

However, here we will walk through all the different options that you have, and you can decide exactly what works best for you. So, let’s begin.

What Is Burial Insurance For Seniors Over 60?

This might be a notion that is particularly new to you, or that you might not have even given a second thought. To put it simply, burial insurance for seniors is a form of life insurance that is intended to cover the cost of your financial expenses.

An extra benefit to burial insurance is that it will help ease the financial burden that your loved ones might face after you have passed away.

When it comes to burial insurance policies, they have a tendency to be a lot smaller in comparison to whole life and also in comparison to term life insurance policies.

However, you will be pleased to know that burial insurance policies are significantly easier to qualify for with absolutely no medical exams required.

How Much Does Burial Insurance For Seniors Over 60 Cost?

Here’s the thing, it is difficult to determine an exact cost for burial insurance because there are a lot of factors that must be taken into consideration. But we can say that burial insurance will cost approximately $50.

The factors that will determine how much your premium costs are your age along with your gender and where you are living. Naturally, your health is also taken into account when the cost of your insurance premium is totaled up.

Your overall health along with your height and your weight are also important aspects that have to be taken into consideration.

When a price for your premium is being worked out, pre-existing health conditions are also vitally important for the insurance company to take into account. Another factor that also has an implication on the cost of your insurance policy is whether or not you smoke.

It is important to mention that the policy along with the amount which you pick, and also the provider which you select will also have an impact on the price that your insurance premium will cost.

Mutual Of Omaha

Founded in 1909, Mutual of Omaha has a very impressive track record and they are recognized for their exemplary customer service. In terms of their application process, this is something that is very easy to understand and to work your way through.

And, the best part is that you do not need to undertake some sort of health exam in order to be accepted.

Mutual of Omaha has between $2,000 to $40,000 benefit amounts along with guaranteed premiums. What’s more is that their policy never expires and they even have cash value available.

This will be perfect for you if you are looking to name multiple beneficiaries as part of your burial insurance plan, as Mutual of Omaha allows you to do this.

Additionally, you will also see that Mutual of Omaha will accept a wide range of conditions that are pre-existing. Some examples of these conditions can be type 2 diabetes, or Crohn’s disease, or even high blood pressure.

These factors combined with the fact that Mutual of Omaha offers lower than average premiums, so it is a very wise and extremely affordable choice for you.

Royal Neighbors

Having been in business since 1895, Royal Neighbors is the best for liberal underwriting although they are not an extremely recognized name in terms of burial insurance.

The reason why they are rated as being the best for liberal underwriting is because they have a great policy. Called the Simplified Issue Whole Life Policy, this policy works really well for people with pre-existing health conditions such as diabetes.

Royal Neighbors should also be praised for having coverage which never expires, alongside an option to have immediate coverage.

Additionally, Royal Neighbors have guaranteed premiums – and as an extra bonus, Royal Neighbors offers policyholders benefits such as dental discounts, and also vision discounts.

They also offer the extra bonus of prescription drug savings along with retail benefits which will not stand at any extra charge.

It is true that these features are all pretty uncommon when it comes to features of burial insurance, so it totally depends on what you are looking for in your burial insurance plan.

American Amicable

When it comes to burial insurance, there is a stand-out reason why applicants are denied a burial insurance policy, or alternatively, there is a reason as to why applicants are forced to pay extortionately high premiums.

This stand-out reason is pre-existing health conditions. However, American Amicable will accept pre-existing health conditions – and these pre-existing conditions include tobacco use, or bipolar disorder, or schizophrenia, and also depression.

The best part? They accept these while also keeping premiums at a comparatively low price point.

Additionally, American Amicable have a lot of other benefits within their insurance policies. These benefits include guaranteed premiums along with coverage that never expires.

American Amicable also ensures that their application process is extremely simple to navigate along with you not having to complete any kind of health exam.

American Amicable also has a lot of optional riders which work to enhance your policy greatly, and these optional riders include accidental death benefits as well as a nursing home waiver.


This is the best burial insurance to opt for if you have to factor in high-risk health conditions.

For instance, if you have a health condition that is of high risk such as COPD, then Americo is actually part of a minority in that they will offer you a policy that gives you coverage from the very day that your policy starts.

Additionally, Americo will also allow other conditions that are high risk, and these conditions include heart attacks, strokes, or even seizures.

In fact, there are more benefits that come with selecting a policy with Americo, and these include guaranteed premiums along with a policy that never expires.

Additionally, Americo has a pretty quick approval time and it also does not need you to undertake any kind of medical exam.

Americo also takes into account tobacco users in the price of premiums that they offer. They are recognized for actually offering tobacco users much lower premiums in comparison to those who do not smoke.


So, when it comes to looking for guaranteed issue policies then you should look no further than AIG. If you are someone who is trying to find a guaranteed issue policy that will best suit you then AIG will end up being your best option for sure.

They have an application process that is especially easy to navigate and it also does not require you to undertake any kind of medical exam. Additionally, the company will not ask you any intrusive questions in relation to your own health history.

It is also important to note that despite a lot of insurance policies coming with especially high premiums, AIG actually gives you rates that are much more competitive.

AIG is definitely worth some consideration if you are looking for an insurance company that offers you guaranteed premiums along with a policy which never expires.

Alternatively, AIG allows you to borrow against the value of cash and it also has a very fast approval time.

Can You Get Final Expense Insurance Without A Waiting Period?

Well, a lot of insurance companies do offer burial insurance for seniors who are over 60 years old without any kind of waiting period. No waiting period means that your beneficiary can get access to the full benefit amount as soon as the policy is completed.

The thing with policies is that the ones that do not have any kind of waiting period usually need you to complete some sort of health assessment or health exam before you are approved.

This is because the completion of a medical exam lets the insurance company evaluate the level of risk that you are at.

So, if you are not someone who has serious health conditions such as cancer, or such as HIV or AIDS, and if you subsequently end up passing the medical exam then ultimately your approval for a policy with no waiting period is much more probable.

Here’s the thing, if you do not end up qualifying for a policy that has no waiting period outright, then you can still have a chance of paying a much higher premium, but as a result of this the waiting period will be reduced.

What Types Of Burial And Funeral Insurance Coverage Are There?

When it comes to selecting an insurance premium, it is important to take into consideration the variety of policies that are offered by the insurance companies.

The policies that you need to take into consideration are standard and also pre-need. You may now be wondering what the difference between these two policy types are.

Well, standard policies can provide your beneficiaries with a cash benefit when the policyholder has passed away. This money will be able to provide for the policy holder’s last expenses, and this includes the cost of the funeral along with other debts.

These other debts might include credit cards, or this might include loans, or this can even include mortgages or car payments.

When it comes to pre-need policies, these actually allow you to pre-plan for your final arrangements. When it comes to considering the benefit from these policies, well, this is relatively straightforward.

Ultimately, when it comes to pre-need policies the benefit will actually go straight to the funeral home that will be taking care of your funeral instead of a beneficiary.

Should You Get Burial Insurance?

There are a lot of different aspects to take into account when you are trying to decide whether or not you should take out burial insurance.

The process of working out the advantages and the disadvantages of taking out burial insurance is a key stage that you must work through before you commit yourself to purchasing a premium.

Here’s the thing, we know that policies and the coverage that they offer you will vary from each company, but you need to take some pros and cons into consideration before selecting a burial insurance premium.

The difficulties that can arise with burial insurance is that paying monthly premium prices can be tricky for seniors who are on an especially tight budget.

It is also important to take into consideration that the benefit amounts are much lower than the other types of life insurance that you can take out. Additionally, it is important to remember that the guaranteed acceptance policies have much higher rates.

However, there are some advantages of taking out burial insurance premiums that you need to bear in mind. Taking out burial insurance premiums will ensure that you leave your loved ones with the most financial security that you can.

Additionally, when it comes to burial insurance premiums there is cash value available and it can also be easy to get approved for a burial insurance premium. In fact, in most cases, you will not even need to take a health exam.

What do you need to take into account when you are comparing policies for burial insurance for seniors over 60?

So, now you have reached the slightly more mind-boggling stage of picking out your burial insurance policy.

This is the point where you need to start comparing all of the burial insurance policies, and the best way for you to do this is to work out exactly what you need from them.

You should take into consideration whether or not you need to complete a medical exam to be accepted, and whether or not you opt for a policy that allows this will depend on your own circumstances.

You also need to take into consideration whether or not there are any additional benefits such as riders that are available to further enhance your policy.

You also need to take into account the situation with administrative or annual fees, as this might impact your decision on the company that you opt for.

You also need to take into account the waiting period that the company has, for instance, some companies have a mandatory waiting period, or your beneficiary might be able to get the full benefit straight away.

You also need to establish whether or not the company locks in your premium price, or if this premium price will increase as you get older. You should also try and find out if there are any discounts that can be applied to your premium too.


Lastly, you also need to work out if there are any qualifying factors which you must meet. What we mean by this is age requirements, because there are a variety of burial insurance companies that do not actually offer burial insurance to seniors who are over a certain age.

So, you need to be especially careful when you are trying to work this out.

Now we have worked our way through not just the different burial insurance policies, but the different aspects that are factored into determining the cost of your premium then you can now work out which one is best suited to you.

Burial insurance does not come as a ‘one size fits all’ sort of thing, you need to take out time to work out what policy is the best one for you and this will ensure that you make a decision that is as well-informed as possible.

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