Best Burial Insurance for Seniors
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Depending on the type of memorial service you’d like, burial and funeral fees can be costly. Cemetery plots, service and wake fees, caskets, embalming, and headstones all add up to a hefty total that can burden surviving family members. That’s why it’s a prudent idea to invest in burial insurance.
Most burial insurance may be purchased without a medical exam, removing barriers that may keep some individuals from purchasing other life insurance products. They also act as a supplement to other life insurance products so you can make sure your loved ones are covered.
What Is Burial Insurance?
Burial insurance –– sometimes called funeral insurance or final expense insurance –– is a type of permanent life insurance policy with coverage that ranges anywhere from $2,000 to over $25,000. Individuals purchase a policy and pay monthly premiums so their beneficiaries may receive a death benefit or a lump sum of cash.
Individuals purchase this policy in order to cover funeral services. The death benefit may also cover end-of-life costs such as medical bills, unpaid debts, or other expenses. Unlike other forms of life insurance, burial insurance does not typically require a medical exam or health-related questions. Most policies have guaranteed approval for all individuals within the policy’s age range. Fact: According to the National Funeral Directors Association, the median cost for a funeral is $7,640.
How We Chose the Best Burial Insurance Providers
When ranking the top burial insurance providers, we looked for the following criteria:
- Affordable premiums: We chose providers with monthly premiums of under $100 per month.
- Coverage limits: Each provider offers at least $2,000 in coverage and goes up to $40,000, so you’re covered no matter what your budget is.
- No medical exams: Every provider has at least one burial insurance option that does not require medical exams so individuals with health conditions may purchase a policy.
- Quick quotes: These providers either offer an online quote process or have local agents available nationwide to help you purchase a policy.
- AM Best ratings: These insurance companies all have excellent AM Best ratings so you can rest assured your death benefit will be paid out.
The Best Burial Insurance Companies of 2023
- Mutual of Omaha : Best for Low Premiums
- AARP : Best for AARP Members
- State Farm : Best Customer Service
- Fidelity Life : Best for Quick Approval
- Gerber : Best for Guaranteed Acceptance
Company
Premium Estimate
Coverage Limit
Quoting Process
Mutual of Omaha
$68.50 per month
$10,000
Online
AARP
$91 per month
$10,000
Online
State Farm
$70.28 per month
$10,000
Contact a local agent
Fidelity Life
$67.65 per month
$10,000
Online
Gerber Life
$85.16 per month
$10,000
Online
*Quote for a 65-year-old man in Texas
1. Mutual of Omaha - Best for Low Premiums
What We Like Most:
Affordable rates
No medical exam or health questionnaire required
Medication Refill Service
No waiting period
of Pill
No premium increases
Overview
Policies Offered: Guaranteed Acceptance Life Insurance, Level Benefit Plan
Issue Ages: 45-85 for all states except New York (50-75)
Monthly Premium: $68.50 per month for a $10,000 death benefit
Overview: Mutual of Omaha is a nationwide insurance company that offers whole life insurance policies that provide a death benefit for end-of-life expenses. There are two types of burial insurance available:
- Guaranteed Acceptance Life Insurance: Coverage amounts range from $2,000 to $25,000, and premiums are locked in so they never increase. Plus, individuals within the age range are automatically approved. The website even provides a handy funeral expense calculator so you can determine what coverage to purchase. This policy, like most burial insurance policies, has a two-year waiting period before beneficiaries may receive a full benefit. If the individual passes away before the waiting period is up, beneficiaries receive the total of premiums paid into the policy plus 10 percent. After two years, the full death benefit is available.
- Level Benefit Plan: Mutual of Omaha also offers a level benefit plan for death benefits that range from $2,000 to $40,000. This includes an accelerated death benefit for terminal illnesses so individuals may receive the full death benefit without the typical two-year waiting period. This may require more expensive monthly premiums but is perfect for those who need burial insurance immediately.
Claims are typically fulfilled within 24 hours of filing the proper documentation. Additionally, the cash value of the death benefit (premiums paid so far) may also be accessed while the individual is still alive to cover emergency expenses.
Mutual of Omaha has low premiums and allows individuals to purchase small policies (as little as $2,000) so this may be a good option for those on a tight budget or already hold Mutual of Omaha Medicare Supplement Plan. The only drawback is individuals typically have to talk to an agent to purchase a plan and the buying process can be long.
Pros
Affordable rates
No waiting period
No medical exam or health questionnaire required
No premium increases
Funds are accessible before death in case of an emergency
Policies are available for individuals up to 85 years of age
Cons
The purchase process can be slow
2. AARP - Best for AARP Members
What We Like Most:
Smart FeaturesSmart Features
Easy online application
Guaranteed acceptance
Policies available up to $50,000
Overview
Policies Offered: Guaranteed Acceptance Life Insurance, Permanent Life Insurance
Issue Ages: 50-80 for individuals and spouses 45-80, except New York (50-75)
Monthly Premium: $91 per month for a $10,000 death benefit
Overview: AARP offers life insurance policies through the New York Life Insurance Company. Coverage is available up to $50,000. They offer two products that cover end-of-life expenses:
- Guaranteed Acceptance Life Insurance: This insurance policy provides a death benefit of up to $25,000. There is no medical exam or health questionnaire required. Acceptance is guaranteed and premium rates will never increase. Like most policies, this does have a two-year limited benefit period where beneficiaries will only receive 10% of paid premiums. This policy is perfect for those with health issues who need affordable burial insurance without any medical exam.
- Permanent Life Insurance: This insurance policy provides a death benefit of up to $50,000. Unlike the guaranteed policy, this policy requires a health questionnaire but no medical exam. Monthly premiums tend to be lower with this policy; however, there is no guaranteed acceptance. This policy is perfect for those with a clean bill of health who require a large policy.
The only downside to AARP is that there is limited nationwide availability. There are different rates and coverage depending on the state you live in, and monthly premiums for each policy end at age 95.
To learn more about AARP and its benefits, be sure to read our guide: Is AARP Worth It?
3. State Farm - Best Customer Service
What We Like Most:
Available in 45 states
Competitive pricing
Over 19,000 local agents for personalized service
Medication
Bundled savings
Options
Overview
Policies Offered: Final Expense Life Insurance
Issue Ages: 50-80 for individuals and spouses 45-80, except New York (50-75)
Monthly Premium: $70.28 per month for a $10,000 death benefit
Overview: State Farm offers nationwide insurance policies (except for Rhode Island and Massachusetts) and is known for its exceptional customer service. State Farm is a mutual insurance company, which means that burial insurance policies can accumulate in value or pay out dividends. A brief health questionnaire is required and smokers may receive a higher monthly premium. The great thing about State Farm is that there is a large network of local agents to talk you through all the details of insurance before you make a purchase.
4. Fidelity Life - Best for Quick Approval
What We Like Most:
Easy to sign up
Quick approval
No waiting periods
High coverage limits
Overview
Policies Offered: Simplified Issue Final Expense Insurance, Guaranteed Issue Final Expense Insurance
Issue Ages: 50-85
Monthly Premium: $67.65 per month for a $10,000 death benefit
Overview: Fidelity offers final expense life insurance policies with death benefits that range from $5,000 to $35,000. Fidelity prides itself on providing an easy-to-use website to purchase a plan quickly. The insurance lasts your entire life as long as you keep making payments. Beneficiaries receive the death benefit on a tax-free basis.
Fidelity offers two products:
- Simplified Issue Final Expense Insurance: This policy includes a health questionnaire with coverage that extends to $35,000.
- Guaranteed Issue Final Expense Insurance: This policy requires no health questionnaire or medical exam and anybody who meets the basic requirements is approved. Coverage extends to $25,000.
The benefit may be used for funeral expenses but also for medical bills and leftover debts. Individuals may also make a funeral home their beneficiary so that the benefit goes straight to the organization planning your funeral. This policy is perfect for younger individuals with no health conditions, as premiums can get pricey for older individuals.
Pros
Easy to sign up
Quick approval
No waiting periods
No premium increases
High coverage limits
Cons
Premiums can get pricey depending on how old you are
5. Gerber - Best for Guaranteed Acceptance
Premiums can get pricey depending on how old you are
What We Like Most:
Guaranteed approval
Discounts available for enrolling in automatic payments
No medical exam or health questionnaire required
Individuals can borrow from the policy during life
Overview
Policies Offered: Guaranteed Life Insurance Plan
Issue Ages: 50-80
Monthly Premium: $85.16 per month for a $10,000 death benefit
Overview: The Gerber Guaranteed Life Insurance policy provides a death benefit ranging between $5,000 and $25,000. As long as you fall within the age parameters, acceptance is guaranteed with no medical exam or health questionnaires. A portion of your monthly premium is set aside and is available as a loan during life if you need it. The application and approval process is easy and can be done online or via telephone. Individuals can also save up to 8% on monthly premiums by signing up for automatic payment deduction. If you ever decide to cancel your insurance, the individual receives the cash value of the death benefit so far.
Pros
Easy to sign up
Discounts available for enrolling in automatic payments
No medical exam or health questionnaire required
Individuals can borrow from the policy during life
Cons
Pricey premiums for high coverage amounts
According to the Bureau of Labor Statistics, funeral costs rose by over 95%. This includes costs for embalming, caskets, cremation, memorial services, and other funeral expenses. Depending on the type of service you want, these costs can add up. Funerals or other end-of-life expenses can be a hefty cost to leave for your bereaved loved ones. When determining what life insurance products you would like to purchase, these costs are critical to keep in mind.
To learn more about life insurance and end-of-life care, be sure to read our helpful guides:
Frequently Asked Questions
If you’re 65 years old, then you can still get term life insurance for 10, 15, or 20 years from most major providers.
Burial insurance (sometimes called final expense or end-of-life expense insurance) is designed to cover funeral expenses. They often supplement more comprehensive life insurance policies. Individuals may purchase plans directly through an insurance provider or through a funeral home.
With some providers, it is possible to get a $900 death benefit for $9.95 per month.
Burial insurance covers typical funeral expenses like the price of a casket, burial plot, cremation, and memorial service fees. Many providers also allow you to use the death benefit for medical bills, unpaid debts, and other expenses. Some providers even allow burial insurance benefits to be used as an inheritance or charitable donation.
Social Security provides a death benefit of $255 for eligible individuals.
